Buyers and sellers took a breath but activity remains steady

M&A activity moderated but remained steady in Q1 2021

• While deal volume declined on a sequential QoQ basis, activity remained in line with a year ago
• Total middle market deal value continued to climb in Q1 2021, setting a record for any first quarter
• Valuation multiples eased as more sellers looked to exit ahead of anticipated tax hikes in 2022

M&A Quarterly Review — 3rd Quarter 2021

M&A activity hit new highs in Q2 2021

• Deal volume increased sharply in Q2 2021 driven by liquidity, low borrowing costs and seller interest
• Total middle market deal value continued to climb, making Q2 2021 a record quarter
• Valuation multiples rebounded in Q2 2021, returning to levels seen before the pandemic