M&A perspectives

US middle market food and beverage M&A activity moderated in February, with announced deal volume declining approximately 23% month-over-month, while aggregate disclosed enterprise value increased, driven by a limited number of larger strategic transactions.

The US aerospace and defense sector gained momentum in February, fueled by strategic M&A, increased federal funding and rising global demand.

January closed with strong momentum in Aerospace & Defense M&A, led by headline transactions and a sizable shift in U.S. defense policy.

US middle market M&A activity across food, beverage, and agribusiness opened 2026 with renewed momentum.

December closed out calendar year 2025 with a surge in strategic dealmaking across the U.S. Aerospace & Defense sector, underscoring investor confidence in high-tech capabilities and resilient supply chains.

December marked the close of a transitional year for middle market Food, Beverage & Agribusiness M&A. Activity slowed sequentially, as expected, but not from lack of interest.

November marked a meaningful step-up in sector activity, with deal flow improving and several larger transactions returning to market.

October marked a constructive month for food, beverage and agribusiness M&A.

The IT Services M&A market remains robust across all segments. Key drivers include advancements in artificial intelligence, system modernization and heightened cybersecurity demands, with managed security service providers leading the charge.

After years of relying on SPACs and private funding, the aerospace and space technology sectors are seeing a resurgence in traditional IPO activity. In 2025, several high-profile listings have signaled renewed investor appetite and confidence in the industry’s long-term growth.

There were 28 announced transactions (US targets) in September, down 9% from August, marking a modest pullback following several active months.

Deal activity in August reflected a continuation of 2025's broader themes: fewer transactions overall, but skewing larger as buyers prioritized scale, margin visibility, and supply chain resilience.

M&A activity in the food, beverage and agribusiness industry marked another consecutive month of elevated volume, led by a continued wave of strategic buyers pursuing scale, category leadership and synergistic add-ons.

The Public Safety / First Responder Technology & Services M&A market is experiencing resilient transaction volumes in the first half of 2025

M&A activity remained strong in June, with 36 announced transactions, edging out May and sustaining the elevated pace in recent months.

M&A activity remained steady in May with 33 announced transactions, slightly ahead of April, marking another month of elevated deal flow.

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Transaction volume held steady in April, driven by sustained buyer appetite across the food industry, particularly in categories with strong consumer relevance and margin visibility.

Despite ongoing market volatility in March, the food & beverage M&A landscape remained resilient.

February 2025 was another active month for M&A in the food, beverage, and agribusiness industry, as companies leveraged early-year momentum to refine their portfolios.

The food and beverage M&A landscape experienced mixed signals in January as geopolitical tensions and new tariffs introduced heightened uncertainty.

In-depth evaluation of Specialty Distribution M&A trends and transactions in 2024 and 2025 outlook

December ended the year on solid footing for food, beverage and agribusiness M&A, with momentum expected to carry into 2025.

The Public Safety / First Responder Technology & Services M&A market is experiencing resilient transaction volumes in 2024 as investors continue to value emerging technologies that reduce costs, increase efficiency and improve service quality.

With post-election uncertainty beginning to subside, the food, beverage, and agribusiness M&A market is gaining momentum.

October deal activity implies the market is on track with 2022 levels in terms of number of deals. Dollar volume in 2024 has notably outpaced 2023 levels, driven by the resurgence of mega-deals.

The HCM Technology M&A market is experiencing resilient transaction volumes in 2024 following a drop off in 2023 due to improvements in macro-economic conditions including unemployment and inflation rates that affected public markets across the globe.

In this report, our investment bankers cover market drivers, provide an outlook for 2025 and offer a deep dive into emerging applications across the flow control sector.

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