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2022 Debt Market Year in Review
2022 Recap and whats ahead for 2023 This year has certainly been a tumultuous one Between rising inflation falling stock prices and most importantly for the debt markets rising rates 2022 was not for the faint of heart As we look ahead to 2023 most are expecting a bumpy start but all is certainly not lost This piece walks through our outlook and expectations for the year ahead The Fed (driven by…
2022 Mid Year Sector Report: Healthcare
2022 Mid-year update, Healthcare Services M&A activity in the first half of 2022 has backed off 2021’s torrid pace This does not come as a surprise given today’s landscape compared to the red hot M&A market in 2021 that was fueled by a backlog of delayed transactions created by COVID a healthy stock market the availability of cheap debt low interest rates upbeat forecasts and dealmakers hurrying to complete…
2022 Mid-year Sector Report: Aerospace & Defense
2022 Mid-year update At the beginning of 2022 Aerospace & Defense (A&D sector participants and observers were focused on the return of commercial travel along with the Russian-Ukrainian war The latest data indicates that both commercial and business travel continue to propel the Aerospace industry while increased military spending by governments boost the Defense industry In the Space…
2022 Mid-Year Sector Report: Food, Beverage & Agribusiness
MARKET OBSERVATIONS Appetite for M&A remains strong despite economic headwinds US food beverage and agribusiness (“FB&A” M&A volume peaked in 2021 (by number of announced deals according to S&P Capital IQ and while deal flow during the 1H of 2022 declined from 269 to 220 transactions the market continues to be resilient and arguably more balanced throughout the value chain Dollar…
2022 Mid-Year Sector Report: Industrials
Test & measurement and industrial automation sector update Sector trading multiples below 3-year average Equity returns and valuations across the test & measurement and industrial automation (TM&IA sector have outperformed the broader market since the early-pandemic trough However equity valuations across the sector had declined from late 2021 highs • The sector average EV/NTM*…
2022 Mid-Year Sector Report: Packaging Perspectives
2022 Mid-year review While packaging M&A activity in the first half of 2022 has backed off 2021s torrid pace the Packaging M&A market remains robust The modest slowdown from the record M&A Market in 2021 does not come as a surprise as activity in 2021 was fueled by a backlog of delayed transactions created by COVID a healthy stock market the availability of inexpensive debt and…
2022 Mid-Year Sector Report: Technology
Travel Tech sector update TRAVEL TECH INDUSTRY POISED FOR A STRONG RECOVERY The pandemic impacted the travel and tourism sector more than almost any other industry However with COVID mitigation efforts largely behind us we believe that the industry is poised for a strong recovery as consumers and businesses alike are experiencing the strong desire to resume travel CURRENT STATE OF THE INDUSTRY…
2022 Sustainability Report
Mesirow Equity Management, Sustainable equity investment strategies, Engagement with companies identifies transformations in both policies and business models which drive successful outcomes for sustainable investing, Many critics of sustainable-focused investing believe it limits the universe of investible companies and therefore sacrifices higher potential returns for the sake of better sustainable metrics However we do not believe these outcomes are mutually exclusive In fact we believe active engagement with company management surrounding environmental social and governance (ESG issues can expand the…
2022 Year-End Sector Report: Aerospace & Defense
2022 Year-end update The number of Aerospace & Defense (A&D deals launched to market slowed in the second half of 2022 which coincided with growing global recession fears However improving fundamentals and industry-specific tailwinds helped create an encouraging mergers and acquisitions (M&A market for many A&D businesses In the commercial aerospace sector pilot shortages strained…
2022 Year-End Sector Report: Distribution & Supply Chain
2022 Review Overview of M&A and private market performance Multiple macro factors have driven uncertainty and volatility in the public markets over the last year inflation concerns supply-chain issues fueled by lingering effects of the pandemic slowing growth a challenging interest rate environment and the Russia-Ukraine conflict All of these factors have put pressure on valuations and the…