The Source

Your weekly dose of deal sourcing insights, market intelligence and data techniques.

Source Talks ep. 47

Source Talks is a series where we discuss deal origination with PE and M&A pros, in collaboration with David M. Toll.

In this episode, we speak with Braden Eddy, Senior Vice President of Business Development at Hastings Equity Partners about the firm’s strategic focus within industrial service businesses. Braden also touches on the importance of consistency in building relationships and how different technological tools have augmented their deal sourcing efforts.

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After a Dim 2023, Indicators of Light Ahead for Healthcare M&A

According to research from SPS by Bain & Co., healthcare M&A was already declining from heady levels of 1,534 deals in 2021 before the Federal Reserve started increasing interest rates to counter inflation last year. The total number of healthcare deals in 2023 was 1,060, a 15% decline from 2022, albeit only a slight decrease from pre-pandemic deal volume in the sector.

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Stranded Assets or Diamonds in the Rough?

Diminishing deal flow requires firms to innovate in their sourcing approach. A recent SPS analysis concluded that PE portfolio companies are being held for an above-average period – which may reveal a treasure trove of attractive hidden deals for scrappier sponsors.

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Q4 2023 Mezzanine Market Perspective

In Q3 2023, 82 deals including mezzanine debt closed, a 13% decrease from the 94 mezzanine deals closed in Q2 2023. Mezzanine activity through the first three quarters of the year increased approximately 9% YoY from 268 deals in 2022, to 293 deals in 2023. Despite the increase in mezzanine deal activity, private equity deal volume for the same time period decreased 18% from 4,487 deals in 2022, to 3,679 deals in 2023. Out of the 82 mezzanine deals that closed in Q3 2023, 33 deals were buyouts, 27 were minority financings, and 22 were sponsor-backed add-ons. The most common industries in total M&A activity for the quarter were Technology, Industrials, Business Services, and Healthcare, respectively.

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