Middle-Market M&A: Crowded at the Top

After the flurry of deal activity in 2010, deal volume continues to be strong through the third quarter of 2011 and was projected to also be strong through the fourth quarter. Deal volume is on pace to continue below the peak of 2007, but significantly above 2009 and nearing 2008’s level. Continued uncertainty in world markets has tempered the rebound in deal activity.  All eyes have been on Europe the past few weeks as the summit works on member fiscal policies.

On the U.S. front, economic indicators continue to be somewhat mixed. The Institute for Supply Management’s manufacturing index showed sector growth in November above expectations. The U.S. unemployment rate dropped to its lowest level in November since March 2009. This is likely a result of seasonal hiring, but is still considered a sign of recovery.

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