Industry Reports

Market Rebound and Issuance Trends The leveraged finance market witnessed a significant recovery in Q4 2023, with US institutional loan issuance reaching approximately $60 billion in December, the highest monthly level since 2021. This resurgence helped mitigate the overall decline in 2023 volumes, which were down 17.3% year-over-year in the US and 10.2% in Europe.…

Rising Demand and Regulatory Challenges Growing demand for Professional Employer Organization (“PEO”) services is particularly evident among small and medium-sized businesses (“SMBs”) that seek to outsource their HR and administrative functions. This surge is driven by the increasing complexity of managing HR tasks in-house, along with the benefits PEOs offer in terms of cost savings,…

Industry Recovery and Market Growth The industrial distribution sector is showing resilience as it continues to recover from the disruptions caused by the COVID-19 pandemic. By mid-2023, industrial production levels had largely rebounded to pre-pandemic standards, highlighting the sector’s adaptability in the face of global challenges. The global industrial distribution market, which was valued at…

Market Growth and Consumer Spending The pet industry has experienced robust growth, driven by increased pet adoption rates during the pandemic and a surge in consumer spending on pet care and products. In 2023, the industry saw significant expansion, with total spending on pet supplies, food, and services reaching record levels. This trend is expected…

Navigating Middle Market Economic Headwinds The Middle Market private equity space faced significant challenges in 3Q 2023 as rising interest rates and limited access to debt created bottlenecks in deal-making. Despite these hurdles, the sector still managed to close deals, though at lower multiples and valuations. A notable trend was the increased activity in founder-owned…

Selective Thirst Leads to Strategic M&A The craft brewery and alcoholic beverage industry saw continued consolidation in 4Q23, driven by strategic buyers aiming to expand geographic reach, diversify product portfolios, and enhance production capabilities. Large and regional brewers, as well as non-craft businesses like Tilray and Bayou City Hemp, are entering the craft market, signaling…

Market Performance and Lending Trends The third quarter of 2023 witnessed a notable rebound in the US leveraged loan market, despite looming economic challenges such as a narrowly avoided government shutdown and ongoing labor strikes. Leveraged loan volumes surged to $27.8 billion, nearly doubling the figures from the same period last year. This resurgence marked…

Market Shifts and Economic Dynamics The glass manufacturing sector is facing significant changes as it navigates post-pandemic economic fluctuations. In the wake of declining commercial construction and high-interest rates, the demand for glass products has shifted towards renovation and remodeling. With consumer confidence waning and new construction projects slowing down, the focus has turned to…

Performance Highlights and Market Shifts The second quarter of 2023 presented a complex landscape for middle market private equity (PE) transactions. Defined by deal sizes ranging from $10 million to $1 billion, the middle market comprises the Lower Middle Market (LMM), Core Middle Market (CMM), and Upper Middle Market (UMM). Despite economic headwinds, the middle…

Market Dynamics and Consumer Trends The meat processing industry is navigating a complex landscape influenced by economic fluctuations and evolving consumer behavior. During the pandemic, a decline in demand from restaurants and food services was offset by increased consumer spending on premium meat products at home. As disposable incomes rose, consumers turned to higher-quality beef,…