Mezzanine activity for the LTM period ending March 31st decreased approximately 3% YoY from 401 deals to 387 deals. Compared to Q1 2022, deals including mezzanine debt increased 39%, from 74 to 103 in Q1 2023. Despite the increase in mezzanine deal activity, private equity deal volume declined 22% from 1,518 deals in Q1 2022 to 1,183 deals in Q1 2023. Out of the 103 mezzanine deals that closed in Q1 2023, 38 deals were buyouts, 44 were minority financings, 19 were sponsor-backed add-ons, and 2 were recapitalizations. The most common industries in total M&A activity for the quarter were Technology, Industrials, Business Services, and Consumer, respectively.
