2022 Mid-year update At the beginning of 2022 Aerospace & Defense (A&D sector participants and observers were focused on the return of commercial travel along with the Russian-Ukrainian war The latest data indicates that both commercial and business travel continue to propel the Aerospace industry while increased military spending by governments boost the Defense industry In the Space…

MARKET OBSERVATIONS Appetite for M&A remains strong despite economic headwinds US food beverage and agribusiness (“FB&A” M&A volume peaked in 2021 (by number of announced deals according to S&P Capital IQ and while deal flow during the 1H of 2022 declined from 269 to 220 transactions the market continues to be resilient and arguably more balanced throughout the value chain Dollar…

Test & measurement and industrial automation sector update Sector trading multiples below 3-year average  Equity returns and valuations across the test & measurement and industrial automation (TM&IA sector have outperformed the broader market since the early-pandemic trough However equity valuations across the sector had declined from late 2021 highs •    The sector average EV/NTM*…

2022 Mid-year review While packaging M&A activity in the first half of 2022 has backed off 2021s torrid pace the Packaging M&A market remains robust The modest slowdown from the record M&A Market in 2021 does not come as a surprise as activity in 2021 was fueled by a backlog of delayed transactions created by COVID a healthy stock market the availability of inexpensive debt and…

Travel Tech sector update TRAVEL TECH INDUSTRY POISED FOR A STRONG RECOVERY The pandemic impacted the travel and tourism sector more than almost any other industry However with COVID mitigation efforts largely behind us we believe that the industry is poised for a strong recovery as consumers and businesses alike are experiencing the strong desire to resume travel CURRENT STATE OF THE INDUSTRY…

2022 Year-end update The number of Aerospace & Defense (A&D deals launched to market slowed in the second half of 2022 which coincided with growing global recession fears However improving fundamentals and industry-specific tailwinds helped create an encouraging mergers and acquisitions (M&A market for many A&D businesses In the commercial aerospace sector pilot shortages strained…

2022 Review Overview of M&A and private market performance Multiple macro factors have driven uncertainty and volatility in the public markets over the last year inflation concerns supply-chain issues fueled by lingering effects of the pandemic slowing growth a challenging interest rate environment and the Russia-Ukraine conflict All of these factors have put pressure on valuations and the…

M&A market summary US food beverage and agribusiness M&A volume held relatively strong in 2022 with a total of 403 announced control transactions Although volume was down 21% (in terms of number of deals from a record-breaking 2021 it was in line with the average number of deals announced in preceding years $1+ billion mega deals increased for the fourth consecutive year with YoY volume…

2022 Year-end update The number of healthcare services M&A transactions declined by 24% in 2022 when compared to 2021’s record year as investors continued evaluating COVID and its effect on the marketplace and concerns grew about higher interest rates rising inflation and slowing economic growth Despite this decline the number of transactions was far from weak when compared with the average…

2022 Year-end update The tm&ia sector continued to outperform the broader market The uncertain macroeconomic backdrop continues to weigh on equity performance as investors evaluate the depth and duration of a recession Valuations for the Test & Measurement and Industrial Automation (TM&IA sector continued to outperform the broader market However current valuations remaining below the…