M&A and Capital Markets Update Q3 2013

US middle market deal volume remained slow in the third quarter. The pattern of low deal count with high dollar volume transactions trending throughout the year continued into the third quarter. Valuations remain high, prompted by increased demand and low supply of quality companies when combined with improved access to debt at historically low rates, it suggests pent up deal flow going into Q4 and FY 2014. Despite disruptions caused by Congress and central bankers arising from the debt-ceiling crisis, capital markets enjoyed positive growth through Q3 as all three major indexes (Dow Jones, Standard & Poor’s 500, and Nasdaq) posted quarterly gains between 4 percent and 6 percent.

US middle-market M&A activity2,198 deals

2013 M&A and capital markets metrics

US middle-market M&A enterprise value8.4x
Cash and short-term investments of S&P 500$1,262 billion
Private equity capital raised$14 billion

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