Small Business Exits: Deal Data From 292 Recently Closed Transactions

Welcome to the latest issue of Small Business Exits, the quarterly publication featuring fully anonymized deal data from a selection of recently closed lower middle market deals that were brought to market via Axial.

This edition highlights key data points from the transactions, including deal headline, industry, revenue, EBITDA, and the number of Axial buyer matches. It also provides a broader breakdown of deal activity by industry, along with a regional heat map of business locations.

We’ve also selected a handful of closed deals to showcase in more detail, offering additional context and insights into both the businesses acquired and the transactions themselves.

All data is fully anonymized to protect the confidentiality of Axial members and transactions.

Q1 2026 Deal Data

Average & Median Revenue By Industry

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Average & Median EBITDA By Industry

For additional context on how deal size compares across the market, our Deal Flow Intelligence Dashboard tracks deal activity on the Axial platform by industry, geography, and deal size. The dashboard offers a real-time view into shifting market conditions and buyer behavior across the lower middle market.

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Average Pursuit Rate By Industry

Pursuit Rate: The deal “Pursuit Rate” is defined as the number of times a particular deal is pursued by unique buyside members (i.e., the buyer shows explicit interest in exploring the deal) divided by the total number of buyside firms invited to evaluate the deal.

While higher pursuit rates point to strong buyer interest, they don’t always translate into closed deals. As highlighted in the Dead Deal Report on broken LOIs in 2025, many transactions still fall apart during diligence or renegotiation, even after reaching advanced stages.

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Q1 Small Business Exits By Location

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Featured Deals

Health Subscription Business

This nearly decade-old business operates a remote regenerative medicine platform that offers hormone therapy, weight-loss, and hair-loss treatments to patients nationwide. Built on a telehealth model, the company leverages a large physician network to maintain compliance across jurisdictions while serving a growing patient base seeking non-invasive, affordable care alternatives.

The business is supported by a team of 50+ employees, including executive leadership, an advisory board, and both onshore and offshore staff. Growth has accelerated in recent years, with gross sales increasing more than 400% since 2022, driven by competitive pricing and strong patient demand.

Ownership pursued a transaction to transition away from day-to-day operations, offering a turnkey platform with established infrastructure, including a newly built, fully compliant compounding pharmacy to support continued growth.

For additional perspective on trends in this space, check out this Axial member industry report by Peakstone, which covers healthcare M&A activity and valuation insights from Q1 2026.

Golf & Utility Vehicle Dealer

Founded in the early 1970s, this business provides golf, recreational, and utility vehicles across the Mid-Atlantic region. The company serves golf courses, universities, and residential communities through a mix of new and used sales, leasing, rentals, and parts and service.

The business operates with a lean team of ~15 employees across leadership, sales, service, parts, and logistics. This structure supports a full-service model, from distribution and assembly to maintenance and delivery, enabling the company to serve a broad territory while maintaining strong customer relationships and operational consistency.

After decades of ownership and second-generation leadership, the sellers pursued a transaction as part of a planned retirement. Having operated and grown the business since the 1990s, they prioritized a transition that would preserve the company’s legacy, support employees, and ensure continuity for its long-standing customer base.

Online Education Platform

Founded in 2010, this accredited online education provider delivers secondary school courses to students globally through a flexible, self-paced model. The platform offers more than 150 courses and serves more than 30,000 active students across 100+ countries.

The business is supported by a large network of educators and administrative staff, as well as an experienced management team. Its proprietary learning management system supports course delivery, student engagement, and operations.

The sellers pursued a transaction after a period of strong growth and global expansion. Ownership positioned the business for a transition to support continued scale while maintaining academic quality and outcomes.

For more on M&A activity in this sector, visit Axial’s Education industry page, one of 20+ industry hubs featuring active dealmakers, recent transactions, and market trends.

Business Intelligence Software

Founded in the late 1980s, this business develops decision intelligence software that enables enterprise users to build predictive and prescriptive analytics models within familiar tools like Excel and cloud-based platforms. The company serves over 1,000 global customers across a range of industries and benefits from long-standing integrations and a large installed user base.

The business generates approximately $5.7 million in recurring revenue through a subscription model with minimal churn. Ownership pursued a transaction to partner with a buyer capable of accelerating growth in an expanding analytics software market.

The opportunity generated 150 buyer matches; however, the advisor ran a limited process, sharing the deal with only three buyers. Two pursued the transaction, resulting in a 66.67% pursuit rate. This type of targeted approach can sometimes help streamline execution. It also reflects the kind of process effectiveness associated with some of the advisors recognized in the Axial Advisor 100 (2026), which highlights the buyside’s most referred M&A advisors.

Roofing Contractor

Founded in the early 1990s, this family-owned contractor provides residential and commercial roofing and exterior services across the Midwest. The company offers roofing, siding, gutters, windows, and storm restoration services to both insurance and retail customers.

The business operates seven locations using a hub-and-spoke model, supporting efficient crew deployment and local coverage. It has completed more than 20,000 projects and maintains strong relationships with insurance carriers, driving steady project flow.

Ownership pursued a transaction to partner with a strategic buyer, and support continued growth while remaining involved through a partial rollover and transition period. 

Businesses like this, especially in home services, tend to continue drawing steady interest from buyers. Similar companies have appeared in Axial’s annual Advisor Industry Awards, which highlight notable transactions and the advisors who represented them.

292 Small Business Exits From Q1 2026

Closing Thoughts

The 292 small business exits from Q1 point to a steady start to the year, with consistent buyer interest across a range of industries.

For a look at what dealmakers are expecting in the months ahead, see Axial’s recent 2026 M&A Outlook Report, where many participants describe a more stable market, though alignment on valuation and deal terms still plays an important role. Together, the data and commentary offer a useful snapshot of what may shape deal activity through the rest of 2026.

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