Market Commentary

Published on: 03/18/2021
Capstone expects a significant level of pent-up merger and acquisition (M&A) demand to come to market in the near term. Favorable market dynamics include an increasing availability of capital, historic levels of dry powder, and a surplus of sellers motivated to transact in the current favorable tax environment ahead of potential negative capital gains treatment under the new presidential administration.
Published on: 12/03/2020
Middle market merger and acquisition (M&A) activity demonstrated a strong rebound from the prior quarter, rising 28.1%.  Deal volume likely reached its trough in Q2 and buyers have leveraged greater visibility to reengage in M&A activity, whether capitalizing on distressed businesses or acquiring COVID-resistant assets to bolster defensibility.
Published on: 08/28/2020
Middle market M&A activity has declined significantly through Q2 as COVID-19 severely impacted the number of acquisitions. In our Q2 Capital Markets M&A Update, we take a comprehensive look into key trends and statistics for the recently closed quarter and provide an outlook for the remainder of 2020.  Key Takeaways:
Published on: 06/11/2020
Middle market merger and acquisition activity has slowed towards the end of Q1, as buyers and sellers adopt a wait-and-see approach amid the COVID-19 induced market volatility.  In our latest Capital Markets M&A Update, we take a comprehensive look into key trends and statistics for the recently closed quarter.  Included in this update:
Published on: 03/10/2019
As we enter the final month of Q1 2020, the Coronavirus outbreak has served as a catalyst for market instability in a fear-based environment, threatening to accelerate the slowdown of global growth and wreaking havoc on supply chains.  Despite recent turbulence and an expected temporary near term dip in new deal launches, the middle market remains robust and is poised for a strong rebound in activity. 
Published on: 12/09/2019
Middle-market M&A activity remains strong through Q3 2019, with the FinTech vertical contributing a significant percentage of total M&A volume. Looking at FinTech holistically, financing markets are on pace to have the most active year-to-date in terms of total volume of financings.
Published on: 10/01/2019
By conventional wisdom, transportation leads other segments as a forward-looking indicator of economic cycles. If that holds true this go-around, the news is not good. In fact, a quick skim through transportation trade publications is downright worrisome.
Published on: 06/06/2019
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.
Published on: 03/14/2019
The humming economy in 2018 saw impressive gains, driving 3.1% GDP growth, bringing the unemployment rate down to a near 50-year low of 3.7%, and accelerating job creation to 2.6 million.
Published on: 11/28/2018
With all of this talk of tuck-ins, you’d think that private equity pros across the middle market were obsessive bed-makers. In the past two years, private equity firms have taken advantage of a period of elevated valuations to harvest investments made following the financial crisis of 2008-2009, selling companies at a faster rate than they are buying. Of course, many of these sales are to other financial sponsors.