2023年一季度全球并购报告

Hedgeyour risk All deal-makers need dedicatedpartners. We speak your languageand work at your tempo. Contents Overview4 PitchBook Data, Inc. John GabbertFounder, CEONizar TarhuniVice President, Institutional Research and EditorialDylan Cox, CFAHead of Private Markets Research Deal metrics7 Valuation metrics8 European M&A9 Institutional Research Group North American M&A10 Analysis A word from Liberty GTS11 Tim ClarkeLead Analyst, Private Equitytim.clarke@pitchbook.com B2B13 B2C15 Jinny ChoiAnalyst, Private Equityjinny.choi@pitchbook.com Energy17 Financial services Kyle Walters Associate Analyst, PrivateEquitykyle.walters@pitchbook.com Healthcare 21 IT 23 Nicolas Moura, CFAAnalyst, EMEA Private Capitalnicolas.moura@pitchbook.com Materials & resources 25 Rebecca Springer, Ph.D.Senior Analyst, HealthcareLeadrebecca.springer@pitchbook.com Data TJ MeiData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byJenna O’Malley Published on April 26, 2023 Clickherefor PitchBook’s report methodologies. Overview M&A activity to dominate the sub-$100 million segment. As these twosegments—founder-owned businesses and sub-$100 millioncompanies—make up more of M&A transactions, theyare exerting downward pressure on the median purchaseprice multiple. Tim Clarke Lead Analyst, Private Equity Global M&A faltered in Q1 2023. Deal value retraced Q42022’s modest gain and is now down 32.2% from the Q4 2021peak. The harsh macroeconomic backdrop that drove thedecline in 2022 persisted in the new year, joined by a nearcrisis in banking. Still, dealmakers managed to overcomethose challenges and post another quarter in which deal valuewas just shy of $1 trillion. The downward pressure can be seen very recently in PE-leddeals. While corporate-led deals have been in full correctionmode for some time, declining by 24.3% from 2021’s peak,PE deal multiples have held firm at 2.5x revenue in 2021and 2.4x in 2022. In 2023, however, multiples have finallycollapsed. The median multiple on PE deals now stands at1.7x revenue, with nearly half of those deals coming from thesub-$100 million segment and primarily involving founder-owned targets. Heavily discounted prices helped support this activity,especially in the sub-$100 million size range. This segmentcomprises the cheapest part of the market by far, with amedian enterprise value (EV) to revenue multiple of 1.1xbased on the last 12 months of deal flow, a 31.3% discount. Forcomparison, the median (TTM) revenue multiple for globalM&A overall was 1.6x. Lower valuations now available to PE and corporate buyershave helped prop up deal flow and avoid an even steeperdecline. Q1 2023 deal value declined by 10.0%, pushing belowa sluggish Q3 2022. Quarterly deal flow is now on par withpre-COVID-19 levels (up 37.9% by count), which we define asthe 12 quarters spanning 2017 through 2019. At the time, thesewere considered very good quarters and years for M&A. As PE firms balked at selling portfolio companies at lowerprices—M&A exits by PE declined by 25.2% in the US in2022—founder-owned businesses stepped in to fill the void.These private owners have always been the largest blockof sellers in the M&A market, and in 2023 their share hasstepped up to 85.3%, an all-time high. They also happen North American M&A deal activity withnon-North American acquirer On the surface, PE buyers appear to pay higher purchaseprice multiples than corporate buyers. However, looks canbe deceiving. PE has a disproportionately higher disclosurerate on pricier deals of $5 billion or more in size. For the mostpart, these are take-privates of public companies wherepurchase price multiples are readily discernable. Surprisingly,PE buyers have paid less for these larger targets than theirstrategic counterparts, especially on an EBITDA basis wherethe discount exceeded 50% in the 12 months ending Q1 2023.That said, PE has consistently paid up for middle-marketcompanies: The median multiple on PE deals below $1 billionin the last year was 2.0x. That compares to 1.3x for corporate-led deals in the middle market. one in 10 European M&A deals and 21.3% of value. Sincethen, however, the pace of cross-border activity betweenNorth America and Europe has slowed by 38.4% and 45.7%,respectively. The net flow of M&A capital to Europe hasevaporated for now. The near-banking-crisis in the US and Europe did not disruptthe M&A market. Indirectly, it changed the outlook on interestrates, with markets now expecting easier monetary policiesbefore the year is out. At the same time, however, turbulencein the sector put downward pressure on leveraged loans thatmany big banks are seeking to offload. This has slowed there-opening of the bank-led syndicated loan market, which hadbeen picking up speed until recently. Cross-border M&A has slowed significantly so far in 2023.After climbing to a 20-year high in 2022, the US dollar hasretreated by more than 10%, reducing the purchasing powerfor No