Mezzanine Market Perspective

The perspective focuses on market trends and transaction in the mezzanine space and is released quarterly. It also provides data pertaining to transaction activity on a quarter-by-quarter basis going back to Q1 2012.

Q2 2022

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.

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Q2 2022

Mezzanine activity for the LTM period ending March 31st increased approximately 54% YoY from 241 deals to 371 deals. Compared to the previous quarter

Q1 2022

Mezzanine activity for the LTM period ending December 31st increased approximately 58% YoY from 244 deals to 385 deals. Compared to the previous quarter

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.

Q4 2021

Mezzanine activity for the LTM period ending September 30th increased approximately 22% YoY from 252 deals to 307 deals. Compared to the previous quarter

Mezzanine activity for the LTM period ending September 30th increased approximately 22% YoY from 252 deals to 307 deals. Compared to the previous quarter (Q2 2021), deals including mezzanine debt decreased from 91 to 75 in Q3 2021.

Q3 2021

Mezzanine activity for the LTM period ending June 30th increased just under 3% YoY from 276 deals to 283 deals. Compared to the previous

Mezzanine activity for the LTM period ending June 30th increased just under 3% YoY from 276 deals to 283 deals. Compared to the previous quarter (Q1 2021), deals including mezzanine debt increased from…

Q2 2021

Mezzanine activity for the LTM period ending March 31st decreased 30.3% YoY from 323 deals to 225 deals. Compared to the previous quarter (Q4

Mezzanine activity for the LTM period ending March 31st decreased 30.3% YoY from 323 deals to 225 deals. Compared to the previous quarter (Q4 2020), deals including mezzanine debt increased to 67 from…

Q1 2021

Mezzanine activity decreased 28% YoY in 2020 from 322 deals to 233 deals. Compared to the previous quarter (Q3 2020), however, deals including mezzanine

Mezzanine activity decreased 28% YoY in 2020 from 322 deals to 233 deals. Compared to the previous quarter (Q3 2020), however, deals including mezzanine debt increased 20% from 55 to 66 in Q4 2020.

Q4 2020

Mezzanine activity for the LTM period ending September 30th decreased 29% YoY from 338 deals to 241 deals. Compared to the previous quarter (Q2

Mezzanine activity for the LTM period ending September 30th decreased 29% YoY from 338 deals to 241 deals. Compared to the previous quarter (Q2 2020), deals including mezzanine debt increased 57% from…

Q3 2020

Mezzanine activity for the LTM period ending June 30th decreased 28% YoY from 425 deals to 305 deals. Compared to the previous quarter (Q1

Mezzanine activity for the LTM period ending June 30th decreased 28% YoY from 425 deals to 305 deals. Compared to the previous quarter (Q1 2020), deals including mezzanine debt decreased 61% from 89 to 33 in Q2 2020.

Q2 2020

Mezzanine activity for the LTM period ending March 31st decreased 14.6% YoY from 357 deals to 305 deals. Compared to the previous quarter (Q4’19),

Mezzanine activity for the LTM period ending March 31st decreased 14.6% YoY from 357 deals to 305 deals. Compared to the previous quarter (Q4’19), deals including mezzanine debt decreased about…

Q1 2020

Mezzanine activity for the LTM period ending December 31st declined 20.1% YoY from 388 to 310 deals. Comparing Q3 ’19 to Q4’19, deals including

Mezzanine activity for the LTM period ending December 31st declined 20.1% YoY from 388 to 310 deals. Comparing Q3 ’19 to Q4’19, deals including mezzanine debt fell from 82 deals to 69, a drop of about 15.6%.

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