MIDDLE-MARKET M&A TRANSACTION UPDATE - Q2 2025

TRENDS & NEWS IMPACTING NORTH AMERICAN MIDDLE-MARKET M&A TRANSACTIONS

Key Takeaways

• Transaction volumes were unchanged in Q2 2025 compared to the prior quarter but were up 8% from Q2 2024

• Deal multiples continued to rise with an average EV / EBITDA multiple of 7.4x in Q2 2025 vs. 6.8x in Q1 2025

• LBO loan volumes declined sharply in Q2 2025 from the prior quarter

• Debt pricing improved in July 2025 as compared to a year ago for senior, unitranche, and junior debt financing

• Inflation remains below 3%

• Interest rates have remained flat

• Consumer spending increased at a 1.4% annual rate in Q2 2025 versus 1.8% during the prior quarter

Download full report here:

Angle Advisors Q2 2025 M&A Newsletter_vF.pdf

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