Silent Defaults

Impact of SOFR Rate Changes on Portfolio Companies' Fixed Charge Coverage Ratios

November 2024
With SOFR at 5%, around 40% of the companies that Lincoln values have an FCCR of one or less. Despite rates coming down, over 30% of companies will still have an FCCR of one or less, but M&A is poised to accelerate.

Fed's Surprise Rate Cut: Balancing Economic Slowdown and Inflation Risks

November 2024
In response to a slowing economy, the Fed's unexpected 50 basis point rate cut raises questions about timing and potential inflation resurgence, as concerns linger over whether the cuts are too late or too rapid amidst rising goods prices and economic uncertainty.

Dynamics Driving the Chemicals Market

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Specialty Chemicals Transformation

August 2024
Specialty chemical providers are thriving, driven by a focus on technology, product differentiation and high-growth markets. However, to stay competitive, companies must prioritize commercial innovation and robust R&D.
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Traditional Oil and Gas Companies Leading Charge Toward Sustainability

August 2024
Traditional oil and gas companies are leading in green tech innovation. Downstream chemical companies must align with this shift, crafting strong ESG narratives to demonstrate how their goals contribute to sustainability.
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European Energy Crunch

August 2024
The European energy crunch highlights a shift in the global chemical industry. With less gas from Russia, the U.S. and Asia have a competitive advantage, creating opportunities for companies that effectively navigate this landscape.
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Growing Activity in Oil Field Chemicals

August 2024
The oil field chemicals sector is experiencing a surge in interest. As a critical component in supporting energy and feedstock needs for a growing global population, this industry is poised for further consolidation.
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Takeaways from the Specialty & Ag Chemicals SOCMA Show

August 2024
We are seeing strong interest in chemicals sectors that are resilient to changing consumer preferences, particularly water treatment, cleaning and adhesives. These high-value areas offer consolidation and growth opportunities.

The State of M&A

Potential 2024 Black Swan Events

June 2024
Several factors—such as a potential interest rate cut, a black swan event, and the U.S. election—may impact deal flow in 2024.

What Will Cause Further Acceleration of Deal Flow?

June 2024
In the past year, we've witnessed deal flow, yet there have been fewer closed transactions. This creates a dynamic where sellers struggle to align their expectations with market realities.

When Will Deal Flow Return in Earnest?

June 2024
As deal flow reemerges, it’s partially driven by private equity feeling pressure from their limited partners. After 18 to 24 months without capital returns, LPs are now advocating for liquidity events and distributions, a concept commonly referred to as DPI.

The Current State of the Deal Market

June 2024
Market activity is returning with cautious optimism. Several deals put on hold in 2023 are going to market in 2024.

Pulse on the Transportation and Logistics Market

Strategic Nearshoring is Essential for Supply Chain Resilience

June 2024
Mexico has emerged as America's primary trading partner, surpassing China for the first time in decades. This shifting dynamic underscores the urgency for transportation and logistics providers to scale capabilities.

Which Segments of the Logistics Industry are Most Ripe for M&A Activity?

June 2024
There is great interest in logistics subsectors, such as pharma and healthcare, cold chain, and e-commerce. These industries have long-term demand, regardless of economic conditions.

What Factors are Driving M&A Activity in the T&L Sector

June 2024
While transportation and logistics mergers and acquisitions slowed from its peak in 2021 and 2022, signs indicate activity is trending up. In Q1, 2024 deal activity surged by over 15% compared to the same period last year.

Previous Releases

 

Lincoln's Latest Vet Part 02

Vet Trends - Part Two

February 2024
Part one of our Lincoln's Latest: Vet series. Matt Lee, Managing Director in our Healthcare Group, shares the current staffing, financial and regulatory dynamics in the European vet market.

Vet Trends - Part One

February 2024
Part one of our Lincoln's Latest: Vet series. Matt Lee, Managing Director in our Healthcare Group, shares the current staffing, financial and regulatory dynamics in the European vet market.
Electric Vehicle Trends

Electric Vehicle Trends

August 2023
Lincoln’s automotive and mobility technology professionals share some top trends that are playing a key role in the electric vehicle market’s momentum.
Energy, Power and Infrastructure - Trends Part OneEnergy, Power and Infrastructure - Trends Part Three

Energy, Power & Infrastructure Trends - Part Three

August 2023
Part three of our energy, power and infrastructure (EP&I) series! Lincoln’s professionals share themes within the product, outsourced service provider and software technology subsectors.
Energy, Power and Infrastructure - Trends Part OneEnergy, Power and Infrastructure - Trends Part Two

Energy, Power & Infrastructure Trends - Part Two

August 2023
Part two of our EP&I series! Lincoln’s professionals explore energy storage, renewable energy and trends specific to Europe.
Energy, Power and Infrastructure - Trends Part One

Energy, Power & Infrastructure Trends - Part One

July 2023
Part one of our EP&I series! Lincoln’s experts reveal some of the top 2023 global EP&I mega themes impacting the sector.
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Cybersecurity Dynamics

April 2023
Lincoln’s cybersecurity experts reveal some of the top 2023 cybersecurity themes.
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Education Trends

March 2023
Lincoln’s education, technology and services professionals share some of the top trends that are leading the education market in 2023.
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Succeeding in the Beauty Market

Nov 2022
Lincoln’s beauty experts offer brands advice on how to succeed in today’s beauty market.
Q3 2022 Valuation Insights

Q3 2022 Valuation Insights

Nov 2022
Lincoln’s Valuations & Opinions Group shares insights into Q3 2022 valuations, including private company enterprise value multiples, third-party M&A buyouts and European revenue, EBITDA growth and margins.
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ESG Trends

Nov 2022
Lincoln’s environmental, social and governance (ESG) experts share key ESG insights for investors or companies that are looking to buy or sell.
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Trends in the Financial Institutions Market

Sep 2022
Lincoln's Financial Institutions Group offers a perspective on the key trends that are playing a role in the financial institutions market.
Healthcare Thumbnail Q4 2021

Overview of Pharmaceutical Outsourced Market

Nov 2021
James West, Director in Lincoln’s Healthcare Group, gives an overview of the pharmaceutical outsourced market, including global drivers and trends, response from private equity firms and attractive assets for investors within the sector.

Resilient Pet Sector Attracts Increasing Investor Interest Underpinned by Changing Consumer Habits

Apr 2021
Listen as members of Lincoln's Consumer Group share their thoughts on the resilient pet sector; identifying the latest trends in investor appetite and key strategies for growth for pet businesses in 2021.

Q1 Valuation Insights and 2021 Forecasts

Mar 2021
With over 2,400 portfolio #valuations performed globally by Lincoln International last quarter, our global Valuations & Opinions Group shares insights from this data on EV multiples, EBITDA performance and their forecasts for private company valuations in 2021.

Resilient TMT Sector Drives Increasing Competition and Diversified Investment Strategies

Mar 2021
Our TMT colleagues from around the world share insights into trends including artificial intelligence and cybersecurity, as well the latest updates on mergers and acquisitions activity in the sector.

Accelerated Trends in Industrials

Jan 2021
Listen to perspectives on various aspects within the Industrials industry, from the safety and survivability in the specialty vehicle market in a COVID and post-COVID world to outbound mergers and acquisitions trends in China.

Accelerated Trends in Debt Advisory

2020
Hear perspectives on the debt advisory landscape.

Accelerated Trends in Consumer

2020
Hear perspectives on the changing global consumer landscape from opportunities in home living and e-commerce to the evolution of retailers in the face of increasing competition from Amazon.

Accelerated Trends in Business Services

2020
Listen to perspectives on key considerations for mergers and acquisitions in business services, including global distribution and supply chain, talent and staffing in the UK and engineering services in the Nordics.

Accelerated Trends in Valuations & Opinions

2020
Discover proprietary insights into the impact of COVID-19 on private company valuations to date as well as initial Q4 predictions.

Accelerated Trends in Technology, Media & Telecom

2020
Hear insights on navigating rising competition as digital strategies accelerate.

Contributors

I build trust with clients by putting their interests first at all times.

Aude Doyen

Managing Director & Co-head of Capital Advisory, Europe

London

Meet our Senior Team

Recent Perspectives

Lincoln’s Latest

Lincoln’s Latest video series features experts from across industries, services and geographies, sharing perspectives on current trends, recent observations and future outlooks.

Chemicals Quarterly Review Q2 2024

The level of fragmentation in the Building & Infrastructure chemicals market and diverse sub-sub-sectors provides ample opportunity for value creation. By certain estimates, the top 30 players in the construction… Read More

Chemicals Quarterly Review Q1 2024

Despite sticky interest rates and geopolitical tensions heating up in multiple arenas, last year’s rally showed no sign of slowing through Q1 2024. The S&P 500 registered the biggest gains,… Read More

Meyer Lab has been sold to TruArc Partners

Meyer Lab Founded in 1978, Meyer Lab provides cleaning chemical solutions to customers who value high-touch customer service for their cleaning and disinfection needs across a wide variety of end-markets,… Read More

Chemicals Quarterly Review Q4 2023

Expectations were low heading into the final three months of the year as stubbornly high interest rates caused a late summer downturn in the S&P 500. Despite a continued decline… Read More

Chemicals Quarterly Review Q3 2023

The economy exhibited modest growth over the summer, both fueling concerns about a potential recession and nurturing hopes that it might be averted. After two consecutive quarters of contraction, the… Read More

Chemicals Quarterly Review Q2 2023

Equities rallied in Q2 2023, with the S&P 500 gaining 16.9% year-to-date through June, driven primarily by artificial intelligence (AI)-fueled enthusiasm for large-cap technology stocks. The chemicals sector has been… Read More

Chemicals Quarterly Review Q1 2023

A growing push and pull demand for biobased chemical intermediate solutions will drive further mergers and acquisitions (M&A) activity. There is an ever increasing emphasis for more environmental, social and… Read More

Canlak Coatings SK Capital Partners Ceram Traz Corporation 2023

Canlak Coatings, a portfolio company of SK Capital Partners, has acquired Ceramic Industrial Coatings

Client: SK Capital Partners Client Location: United States Target: Ceramic Industrial Coatings Target Location: United States Acquirer: Canlak Coatings Acquirer Location: United States Target Description: Ceramic Industrial Coatings is a market-leading independent wood coating manufacturer that primarily… Read More

H.I.G. Capital has sold Elekeiroz to Oswaldo Cruz Química

Elekeiroz Elekeiroz is the market leader of chemical intermediates in Latin America, standing out as one the most recognized players in the Brazilian chemicals industry. The company is the sole… Read More

Grant Robertson

Grant Robertson

Grant provides mergers and acquisitions (M&A) advisory services within Lincoln’s Industrials Group to leading private equity groups, public companies and family-owned businesses. Grant has a deep understanding of the chemicals… Read More

Specialty Chemicals: The Story of the Specialty Transformation

The specialty chemicals equity story is becoming increasingly important as the historical diversification benefit of more traditional commodity chemicals players – or even the diversified chemical conglomerates of yore –… Read More

Chemicals Quarterly Review Q3 2022

During Q3 2022, the global financial markets were battered. Performance continued to trend downward as a result of market volatility and geopolitical uncertainty. We believe that continued uncertainty will weigh… Read More

SK Capita Partners NuCera Solutions Chase Corporation 2022

SK Capital Partners has sold NuCera Solutions to Chase Corporation

NuCera Solutions NuCera Solutions is a global leader in the development and production of highly differentiated specialty polymers for markets that require high quality and performance. NuCera delivers performance chemistry… Read More

Chemicals Quarterly Review Q2 2022

In Q2 2022, deflated performance continued broadly across the chemicals and materials sector. The industry is cautiously optimistic on a recovery despite ongoing Eastern Europe conflict, continued supply chain woes… Read More

A Deeper Look at the Technical Textiles Market

The technical textile market is one of the fastest growing segments of the overall textile field. The market is sizable at north of $200 billion globally with GDP+ growth rates… Read More

HighlanderPartnersLP QTI Fibers NorwestEquityPartners

Highlander Partners has sold QTI Fibers to Norwest Equity Partners

QTI Fibers QTI Fibers is a leading, vertically integrated designer and manufacturer of highly technical fibers and fabrics to high-end consumer and industrial end markets. Comprised of three well-recognized brands,… Read More

Ashapura Aromas Pvt Ltd Azelis SA 2022

Shareholders have sold a majority stake of Ashapura to Azelis

Ashapura Established in 2003, Ashapura is a rapidly growing independent distributor of flavor and fragrance (F&F) ingredients, including synthetic and natural aroma chemicals. With longstanding relationships with more than 225… Read More

Arsenal Capital Partners Cyalume Technologies Cadre Holdings 2022

Arsenal Capital Partners has sold Cyalume Technologies to Cadre Holdings

Cyalume Technologies Cyalume Technologies Inc. is a market leader in chemical light solutions, providing light sticks, chemiluminescent training ammunition, infrared devices and other lighting solutions to U.S. and NATO military… Read More

Creafund Aalterpaint Quva 2022

Creafund and private shareholders have sold Aalterpaint to Quva

Aalterpaint Founded in 1962, Aalterpaint is a leading European provider of customized functional coating solutions for specialized industrial applications in the metal packaging, protective and general industrial segments. The Deal… Read More

Re-Visiting the Highly Active Adhesives and Sealants Market

With the once-every-four years World Adhesive & Sealant Conference now completed, it would only be appropriate to provide a brief refresher on the attractive adhesive and sealants subsector within chemicals… Read More

Chemicals Quarterly Review Q1 2022

Q1 2022 saw relatively choppy performance across the chemicals and materials sector as the conflict in Eastern Europe, continued tight supply chain dynamics and ongoing COVID-19 pandemic impacted the sector.… Read More

Chemicals Quarterly Review Q4 2021

During Q4 2021, Lincoln’s chemicals and materials indices and S&P 500 ended slightly higher relative to the end of Q3 2021 levels. The 2022 industry forecasts expect significant growth in… Read More

Advance Research Chemicals Inc Inhance Technologies Holdings LLC Aurora Capital Partners 2021

Advance Research Chemicals has been sold to Inhance Technologies, a portfolio company of Aurora Capital Partners

Advance Research Chemicals Founded in 1987, Advance Research Chemicals (ARC) is world-class, specialty chemicals and materials supplier offering high purity, tailored solutions utilizing production facilities in the United States and… Read More

Semiconductor Gas Market Heating Up

The ongoing semiconductor chip shortage is impacting the global supply chain across industries. Significant additional investment is needed to support the demand and, similar to chemical sub-verticals such as active… Read More