March data points to a market that is active but highly concentrated, both in who is buying and where capital is going.
On the surface, not much moved. 26 announced transactions vs. 27 in February and strategics accounting for more than 90% of deals are both consistent with prior months. That level of concentration isn’t just a mix; it reflects a market where corporates are the primary source of execution, while sponsor activity remains selective.
Where March does stand out is dispersion. At the top end, Sysco Corporation’s acquisition of Jetro Cash & Carry drives essentially all reported value ($29.4bn; 13.0x EV/EBITDA, synergy-adjusted). At the same time, the remaining 25 transactions (U.S. targets) collectively represent a much smaller, typical range of deal sizes. That gap between the largest transaction and everything else is the defining feature of the month, not just that there was a large deal, but how little else moved the aggregate.
Mesirow Financial, Inc., member FINRA, SIPC.