IMAP Annual Review 2023 and M&A Outlook 2024

Global Results

IMAP closed 231 M&A transactions worth over $9 billion in 2023.

Mid-market M&A activity was down globally in 2023 but continued to outperform the broader M&A market. IMAP partners registered a strong performance in 2023 with an uptick of activity in the second half of the year as expectations of a recession waned with reduced inflationary pressure and interest rates normalising.

Key M&A highlights from our international IMAP partners include: 

• Succession was a major source of transaction activity, followed by horizontal consolidation and owners seeking liquidity opportunities. 

•  Appetite from banks and debt funds to finance deals showed signs of returning in late 2023, albeit with persistent scrutiny on business models and cash flows. 

•  Mismatched valuation expectations proved to be a hindrance to deal closings  but this has led to the formulation of creative earn-out solutions by our dealmakers to bridge these valuation gaps.

• Private Equity firms postponed many exits due to lower valuations. The record amounts of unspent private capital continuing to build on the sidelines combined with public companies’ strong balance sheets could lead to an uptick in transaction activity in 2024.

Read the full Annual Review 2023 report below, including IMAP partner global M&A perspectives and forecasts for 2024.