The SPS Research Team published the Q3 2023 Mezzanine Market Perspective in November 2023. The report focuses on market trends and transactions in the mezzanine space.
At a Glance
In Q2 2023 91 deals including mezzanine debt closed, a 20% decrease from the 113 mezzanine deals closed in Q1 2023. 1H mezzanine activity increased approximately 21% YoY from 168 deals in 2022, to 204 deals in 2023. Despite the increase in mezzanine deal activity, private equity deal volume for the same time period decreased 18% from 2,950 deals in 2022, to 2,412 deals in 2023. Out of the 91 mezzanine deals that closed in Q2 2023, 38 deals were buyouts, 27 were minority financings, and 26 were sponsor-backed add-ons. The most common industries in total M&A activity for the quarter were Technology, Industrials, Consumer, and Healthcare, respectively.