In our 2022 Year-End Update we highlighted the slowing deal activity in the second half of 2022 for Aerospace & Defense (A&D deals launched to market Throughout 2023 that trend persisted In fact 2023 was one of the slowest years for M&A activity in the past decade and the A&D sector was not exception to that slowdown Moreover stubborn fundamental challenges persist throughout the…

2023 Review Overview of M&A and private market performance, The overall M&A market in 2023 was negatively impacted by many factors including lingering inflation interest rate uncertainty and cloudy economic visibility These factors caused both strategic and financial buyers to carefully evaluate where they spent their acquisition efforts and also forced buyers to refine their views on valuation and transaction structuring Consequently total…

Although peaking in 2022 global inflation remained a dominant factor in FX markets in 2023 as central banks grappled with high levels remaining above targets Following a strong move up on the back of hawkish Fed policy the US Dollar Index dropped in 2023 marking only its fourth downward year since 2009 As the Russia-Ukraine crisis remains unresolved and the Israel-Hamas conflict raises concerns…, Inflation – Declining while maintaining high levels, With high inflation spanning the globe over the past few years consumers welcomed falling levels in 2023 as CPI levels dropped globally with only a few emerging and frontier countries experiencing a higher inflation rate now vs a year prior (Chart 1 Chart 1 CPI YoY BY COUNTRY JANUARY 2023 VS JANUARY 2024 Source Bloomberg Mesirow Past performance is not necessarily indicative of future results…

2024 Recap, In 2024 M&A activity across the specialty distribution sector surpassed the total annual volume recorded in 2023 and 2022 The increase in completed deals was driven by several key factors including strong public equity market performance easing inflation an improved financing environment and a substantial amount of private equity capital under significant deployment pressure The distribution…

The TM&IA sector continued to outperform the broader market, Valuations in the Test & Measurement and Industrial Automation (TM&IA sector have rebounded along with the broader market since the Liberation Day sell off However each of the indices are trading below the three-year average EV/EBTIDA multiple by approximately 05x compared to +17x for the S&P 500  The TM&IA sector has held its own from a valuation standpoint Chart 1 Valuation…

It’s often hard to tell the difference between relevant market information and noise That’s why every quarter our Market Observations newsletter lets you know what articles our advisors are using to form ideas and shape opinions Take a look at what caught our eye this quarter, WGN Radio, As part of a new partnership with WGN Radio senior professionals from Mesirow will be regularly joining Jon Hansen on his WGN Radio show Your Money Matters to discuss the economy markets and how investors can navigate the current environment In June Leo Harmon joined Hansen to discuss the Feds 75% interest rate increase and importance of independence in investment management In July Bob Martin…, MORNINGSTAR, Did the June CPI Report Mark Peak Inflation, US stocks finished 2021 near record highs as the S&P 500 Index posted its third consecutive year of double digit gains It was an uneven market however as bonds posted weaker returns and performance varied significantly by sector Broadly large stocks outperformed small stocks during 2021 although small value stocks actually outperformed every other category while small growth stocks posted…, The Wall Street Journal, What Smart Investors Do in Bear Markets, Part of investing is accepting that bear markets can and will happen and that they wont always happen when or how we expect An important component of long-term investment success is derived from how an investor reacts to these market declines In this  Wall Street Journal  commentary columnist Jason Zweig debunks some of the myths of how bear markets have to end while also suggesting ways that…, Bloomberg Business Week, ESPN, ’, s NHL Deal Shows Broadcasters a New Way to Profit from Sports Rights, Much to ESPNs delight the NHLs first season after signing a multi-year deal with its new broadcast partner ended with a thrilling post-season and Stanley Cup Final as well as higher ratings The networks approach to broadcasting hockey games this past season included not just placing games on traditional networks like ESPN and ABC but also complimenting the network broadcasts with robust steaming…, Published July 28 2022, *Past performance is not indicative of future results