IMAP & Capstone Partners - Global Trends in M&A Report 2022-2023

IMAP, in conjunction with its U.S. partner Capstone Partners, released its annual Trends in Global M&A 2022-2023 Report

The report combines Capstone's in-depth investment banking knowledge with proprietary data obtained from 133 IMAP M&A advisors across 37 countries in November 2022. It captures sentiment at a pivotal moment in the global middle market M&A, providing insight into M&A market activity throughout 2022 and forecasts for deal making conditions in 2023.

Key Findings: 

  • Advisors remain optimistic regarding M&A volume growth for 2023, with 52.7% of advisors surveyed expecting deal volume this year to increase or remain the same, demonstrating continued confidence in the M&A market amid global economic turmoil.

  • More than 70% of advisors in each industry forecasted an increase or consistent amount of private equity activity in their respective industries, illustrating the strength of the sponsor community across a variety of markets.

  • M&A purchase multiples are expected to further moderate in 2023, with 46.6% of advisors surveyed anticipating a modest decline in valuations compared to 2022. In addition, 38.3% of advisors projected M&A multiples will experience little to no change in 2023.

  • More than half of advisors projected businesses owner retirement to continue to be the driving force behind sell-side mandates in 2023, followed by an owner seeking liquidity.

The report also tracks notable impacts on the global M&A market, looks at the current economic environment, expectations on pricing trends and regional risks and opportunities in 2023, as well as analysis on sell-side M&A considerations for middle-market business owners.

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