MIDDLE-MARKET M&A TRANSACTION UPDATE - Q3 2025
- Kevin Marsh
- Dec 10
- 1 min read
TRENDS & NEWS IMPACTING NORTH AMERICAN MIDDLE-MARKET M&A TRANSACTIONS
Key Takeaways
Transaction volumes in Q3 2025 were up 19% compared to the prior quarter but down 1% from Q3 2024
Deal multiples remained strong with an average EV / EBITDA multiple of 7.4x in Q3 2025
Loan volumes grew slightly in Q3 2025 from the prior quarter
Debt pricing continued to improve in November 2025 as compared to a year ago for senior, unitranche, and junior debt financing
Inflation has ticked back up to 3%
Interest rates have steadily decreased from earlier in the year
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