Annual M&A Review 2022

IMAP partners around the world closed 238 M&A deals worth more than $26 billion in 2022. Total deal volume for IMAP in 2022 was down from the record high set in 2021, but beat expectations as the mid-market M&A environment held strong despite challenging macroeconomic conditions. Persistently high inflation, rising interest rates, stock market volatility and geopolitical spillovers fueled uncertainty throughout the year. Moreover, constricted availability of financing and diminished valuations put a damper on the rate of M&A transactions closed.

And yet, there was ongoing demand for high quality assets, particularly those in the mid-market sector with defensive growth models that proved resilient in a slowdown environment.

Industrials, Technology, Healthcare, Business Services, Transportation & Logistics, and Food & Beverage were the most active sectors for IMAP in 2020, accounting for almost 70% of total deal volume. Roughly 26% of IMAP’s transactions in 2022 were cross-border, which is marginally lower than previous periods and likely reflects growing investor uncertainty surrounding the international environment.

PE buyers became more reluctant to make moves as 2022 progressed but wellcapitalized strategics continued to pursue buy-and-build transactions. The greater degree of scrutiny from buyers and an
overall more discerning approach to M&A observed in recent months will continue this year.

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