News & Knowledge

(Charlotte, NC – August 7, 2019) U.S. PE Buyout Multiples (four-quarter rolling median) Source: 2Q 2019 U.S. PE Breakdown Report (Pitchbook) How Lots of Small M&A Deals Add Up to Big Value (McKinsey) Data from a recent McKinsey study reveals a surprising answer to the critical management question: What type of M&A strategy creates the… Continue Reading

While few mergers or acquisitions can be considered routine, there are some instances in which the ownership structure of a target company can impact an acquiror’s approach to diligence and ultimately closing. An ownership structure unfamiliar to a buyer can initially create confusion or presumed unwillingness to transact but addressing such issues early in the diligence… Continue Reading

While Berkshire Hathaway has invested permanent capital for decades, several large PE firms, including CVC, Carlyle and Blackstone, have been launching buyout funds with longer lives. Blackstone raised $5BN for a fund with expected holding periods roughly double those of the traditional buyout fund. Two first-time funds, Core Equity and Cove Hill, also raised more than $1BN… Continue Reading

(Charlotte, NC — June 11th, 2019) U.S. Private Equity Exit Activity Slows in 2019 Source: Pitchbook, *As of March 31, 2019 20 Questions for More Successful M&A (Darden School of Business) For many senior executives, acquisitions are viewed as a quick way to achieve growth. However, 65-85% of mergers and acquisitions fail to create shareholder… Continue Reading

(Charlotte, NC — April 23rd, 2019) Median Size of U.S. Secondary Buyouts (SBOs) Has Nearly Doubled Since 2015 Source: Pitchbook What We’re Reading Below are links to recent articles we found interesting (no partnerships expressed or implied). Big Banks Reach for Small Deals as Merger Boom Slows (WSJ) Investment bankers across Wall Street are tripping… Continue Reading