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.

Mezzanine activity during 2022 decreased approximately 8% YoY from 396 deals to 366 deals. Compared to the previous quarter (Q3 2022), deals including mezzanine debt increased, from 93 to 97 in Q4 2022. The increase in mezzanine deal activity inversely correlates with the decrease of private equity sponsored deal volume, which decreased 2% from 1,573 deals in Q3 2022 to 1,536 deals in Q4 2022. Out of the 97 mezzanine deals that closed in Q4 2022, 45 deals were buyouts, 27 were minority financings, 20 were sponsor-backed add-ons, and 5 were recapitalizations. The most common industries in total M&A activity for the quarter were Technology, Industrials, Business Services, and Consumer, respectively.

Mezzanine activity for the LTM period ending September 30th increased approximately 12% YoY from 335 deals to 375 deals. Compared to the previous quarter (Q2 2022), deals including mezzanine debt slightly increased, from 86 to 87 in Q3 2022. The slight increase in mezzanine deal activity correlates with the slight increase of private equity sponsored deal volume, which increased 3% from 1,329 deals in Q2 2022 to 1,368 deals in Q3 2022. Out of the 87 mezzanine deals that closed in Q3 2022, 43 deals were buyouts, 26 were minority financings, 16 were sponsor-backed add-ons, and 2 were recapitalizations. The most common industries in total M&A activity for the quarter were Services, IT, Healthcare, and Industrial, respectively.

Mezzanine activity for the LTM period ending March 31st increased approximately 54% YoY from 241 deals to 371 deals. Compared to the previous quarter (Q4 2021), deals including mezzanine debt decreased from 129 to 59 in Q1 2022. Mezzanine activity for the LTM period ending June 30th increased approximately 19% YoY from 304 deals to 363 deals. Compared to the previous quarter (Q1 2022), deals including mezzanine debt increased from 65 to 78 in Q2 2022. The increase in mezzanine deal activity inversely correlates with the decrease of private equity sponsored deal volume, which decreased nearly 11% from 1,412 deals in Q1 2022 to 1,259 deals in Q2 2022. Out of the 78 mezzanine deals that closed in Q2 2022, 46 deals were buyouts, 14 were minority financings, 14 were sponsor-backed add-ons, and 4 were recapitalizations. The most common industries in total M&A activity for the quarter were IT, Services, Healthcare, and Financial, respectively.

Mezzanine activity for the LTM period ending March 31st increased approximately 54% YoY from 241 deals to 371 deals. Compared to the previous quarter (Q4 2021), deals including mezzanine debt decreased from 129 to 59 in Q1 2022. The decrease in mezzanine deal activity correlates with the decrease of private equity sponsored deal volume, which decreased nearly 26% from 1,840 deals in Q4 2021 to 1,366 deals in Q1 2022. Out of the 59 mezzanine deals that closed in Q1 2022, 28 deals were sponsored buyouts, 12 were minority financings, 15 were sponsor-backed add-ons, and 4 were recapitalizations. The most common industries in total M&A activity for the quarter were IT, Services, Healthcare, and Financial, respectively.

Mezzanine activity for the LTM period ending December 31st increased approximately 58% YoY from 244 deals to 385 deals. Compared to the previous quarter (Q3 2021), deals including mezzanine debt increased from 87 to 128 in Q4 2021. The increase in mezzanine deal activity correlates with the increase of private equity sponsored deal volume, which increased nearly 19% from 1,500 deals in Q3 2021 to 1,781 deals in Q4 2021. Out of the 128 mezzanine deals that closed in Q4 2021, 73 deals were sponsored buyouts, 22 were minority financings, 26 were sponsor-backed add-ons, and 7 were recapitalizations. The most common industries in total M&A activity for the quarter were IT, Services, Healthcare, and Financial, respectively.