M&A activity for middle market companies remained robust in Q1 of 2019 as transaction volume increased slightly over the prior year. The record level of private equity fundraising over the last few years is a driving force in the M&A market as private equity buyer activity continues to set new highs. This unprecedented level of private equity buyer activity coupled with very healthy strategic buyer activity has driven more competition for deal targets and lead to multiple expansion. For example, EBITDA multiples for transactions in the $100-250M range increased from 9.6x in 2018 to 11.8x in Q1 of 2019. While economic, trade tariff and political uncertainty appears to be increasing, the data suggests that the seller favorable M&A window remains wide open.