Target: Visu-Sewer, Inc ..read more

TKO Miller Debt Capital Market Analysis  Leverage multiples have pulled back significantly in M&A transactions from their 2021 peaks due to a tightening of the lending environment, Sr. Debt / EBITDA, decreased from 4.0x in 2021 to 3.5x in Q2 of 2023 (as shown in the below graph). As a result, transactions have required an increase in equity contributions in response to both the rising cost and difficulty of obtaining debt, signaling that lenders have increased their borrowing criteria. Debt remains most available in the lower middle market sector. Total Debt/EBITDA Multiples  ..read more

Packaging Trends  Q2 M&A Update U.S. middle market valuation multiples and deal volume are down slightly through Q2 of 2023. The S&P 500 Index is up 16.5% this year through June 2023, but middle market valuations are down approximately 8% based on the TKO Miller analysis. The best performing sectors year-to-date have been 1) technology, 2) business services, and 3) industrial maintenance. An 8% decrease in overall middle market valuations is a relatively small drop given buyers’ limited access to debt, increasing interest rates, and persistent inflation. Maintaining something ev ..read more

TKO Miller Market Analysis  Industrial and Construction Services  ..read more

Selling a business can be tricky enough, and the process is made even more complicated if the company is losing money. But is it possible to sell a business that’s losing money? The short answer is yes—but there are caveats. Let’s take a closer look ..read more

Having attended my fifth Global Pouch Forum, I can report that the packaging industry is full of energy and optimism for continued growth, specifically in flexible products. At the same time, there are still several key issues that are affecting converters, printers, suppliers, CPGs, and brand owners alike. Here are my three takeaways from the 2023 Global Pouch Forum ..read more

Acquirer: Nascco, Inc ..read more

I sit on a non-profit Board of Directors.  This organization is very conservative.  They have a line of credit they have never used and they have no long-term debt.  The CFO of this organization is so busy preparing manual reports for the audit she is unable to produce statements on time.  Forget about any analysis or special reports -- those are also manual and time consuming.  The organization has fairly sophisticated software, but has an accounting system that is so old and unorganized that it cannot be used.  The CFO is good -- great even, but is frustra ..read more

It would be fun to write an aggressive "stick it to the man" article, but this will not be that.  Instead, I will be exploring the much more common scenario where a manager, or group of managers who run a business for an absentee owner think to themselves, "we are doing all the work and creating all the value, why don't we buy all or part of this company?" - which happens a lot more frequently than you might think.   ..read more

As an M&A professional, I am often met with the stigma from others that I can only be useful to a business owner when they are looking to sell a business;  that a relationship with me is come-and-go as needed, call me when the time is right ..read more