Silent Defaults
Impact of SOFR Rate Changes on Portfolio Companies' Fixed Charge Coverage Ratios
November 2024With 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 2024In 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
Specialty Chemicals Transformation
August 2024Specialty 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.
Traditional Oil and Gas Companies Leading Charge Toward Sustainability
August 2024Traditional 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.
European Energy Crunch
August 2024The 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.
Growing Activity in Oil Field Chemicals
August 2024The 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.
Takeaways from the Specialty & Ag Chemicals SOCMA Show
August 2024We 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 2024Several 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 2024In 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 2024As 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 2024Market 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 2024Mexico 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 2024There 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 2024While 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
Vet Trends - Part Two
February 2024Part 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 2024Part 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
August 2023Lincoln’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 & Infrastructure Trends - Part Three
August 2023Part 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 & Infrastructure Trends - Part Two
August 2023Part two of our EP&I series! Lincoln’s professionals explore energy storage, renewable energy and trends specific to Europe.
Energy, Power & Infrastructure Trends - Part One
July 2023Part one of our EP&I series! Lincoln’s experts reveal some of the top 2023 global EP&I mega themes impacting the sector.
Cybersecurity Dynamics
April 2023Lincoln’s cybersecurity experts reveal some of the top 2023 cybersecurity themes.
Education Trends
March 2023Lincoln’s education, technology and services professionals share some of the top trends that are leading the education market in 2023.
Succeeding in the Beauty Market
Nov 2022Lincoln’s beauty experts offer brands advice on how to succeed in today’s beauty market.
Q3 2022 Valuation Insights
Nov 2022Lincoln’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.
ESG Trends
Nov 2022Lincoln’s environmental, social and governance (ESG) experts share key ESG insights for investors or companies that are looking to buy or sell.
Trends in the Financial Institutions Market
Sep 2022Lincoln's Financial Institutions Group offers a perspective on the key trends that are playing a role in the financial institutions market.
Overview of Pharmaceutical Outsourced Market
Nov 2021James 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 2021Listen 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 2021With 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 2021Our 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 2021Listen 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
2020Hear perspectives on the debt advisory landscape.
Accelerated Trends in Consumer
2020Hear 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
2020Listen 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
2020Discover 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
2020Hear insights on navigating rising competition as digital strategies accelerate.
Contributors
I am a rigorous advocate for my clients with a hands-on, communicative approach, focused on delivering intense advocacy and outlier results.
Sean Bennis
Managing Director & Co-head of Industrials
ChicagoI deliver a hands-on approach to provide strategic advice to my clients throughout the transaction and beyond.
Chris Brooks
Managing Director & Co-head of Technology, Europe
LondonI build trust with clients by putting their interests first at all times.
Aude Doyen
Managing Director & Co-head of Capital Advisory, Europe
LondonI enjoy sharing insights about market and valuation trends with my clients, while also leading a differentiated and high-touch process.
Brian Garfield
Managing Director & Head of U.S. Portfolio Valuations
New YorkIt’s extremely rewarding to work in one of the largest and most diverse global business sectors helping support clients to realize their goals.
Matthew Lee
Managing Director, Head of UK & Co-head of Healthcare, Europe
LondonI am driven by the opportunity to provide accurate and thoughtful valuation services that help clients succeed and grow.
Patricia Luscombe
Managing Director & Co-head of Valuations & Opinions
ChicagoAs a trusted advisor, my role is to listen, create options and pursue the path that best achieves a client’s total objectives.
Saurin Mehta
Managing Director & Co-head of Business Services
ChicagoCommunication and critical thinking are paramount to meeting the needs of my clients both today and in their future.
Richard Olson
Managing Director & Head of Valuations, Europe
LondonMy goal is to bring the best of Lincoln to each and every transaction, ensuring the topmost outcomes for our clients.
Roderick O’Neill
Managing Director & Co-head of Healthcare
New YorkI strive to deliver value-added advice, leveraging deep industry knowledge and extensive industry relationships.
Guillaume Suizdak
Managing Director & Co-head of Industrials, Europe
ParisI strive to develop meaningful, trusting, personal and mutually beneficial relationships with our clients.
Curt Tatham
Managing Director & Co-head of FSG
ChicagoWith a commitment to building lasting relationships, I take a bespoke approach to the individual needs of every client I work with, seeking to be their champion, trusted advisor and partner well before, leading up to and throughout any potential transaction that may take place.
Ashleigh Barker
Director
Los AngelesMeet our Senior Team
I am a rigorous advocate for my clients with a hands-on, communicative approach, focused on delivering intense advocacy and outlier results.
Sean Bennis
Managing Director & Co-head of Industrials
ChicagoI am enthusiastic about creating sustainable growth and the highest value for our clients and strive to leave a positive footprint beyond any successful M&A transaction.
Friedrich Bieselt
Managing Director & Head of Business Services, Europe
FrankfurtI enjoy leading clients and realizing their objectives, while structuring solutions to issues that are both intriguing and challenging.
Øyvind Bjordal
Managing Director | Head of Switzerland
ZurichRecent 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.
Hudson Hill Capital has refinanced InXpress Holdings
Client: Hudson Hill Capital Client Location: United States Target: InXpress Holdings Target Location: United States Target Description: InXpress Holdings is a Software-enabled, SME focused third-party logistics platform.
The Loadstar | Mid-Year M&A Snapshot: Contract Logistics in the Driving Seat
Originally posted by The Loadstar on July 19, 2024. Following stable demand during 2023, the contract logistics sector is expected to increase by over 4% globally in 2024 in real… Read More
Brummer has been sold to Dachser
Brummer Logistik Brummer Logistik provides multi-temperature groupage, warehousing and logistics solutions, serving food producers and retailers. The company specializes in cross-border solutions between Germany and Austria, leveraging a strategically located… Read More
2024 Lincoln International Transportation & Logistics Luncheon
We recently hosted a Transportation & Logistics Luncheon in New York, gathering industry leaders and private equity professionals for networking and a panel discussion. The event facilitated a rich exchange… Read More
Otto Group has sold Agediss to Jacky Perrenot, a portfolio company of EMZ and Siparex
Client: Otto Group Client Location: Germany Target: Agediss Target Location: France Acquirer: Jacky Perrenot Acquirer Location: France Target Description: Agediss is a leading French final-mile delivery provider of big and bulky… Read More
GenNx360 Capital Partners has refinanced Subsea Global Solutions
Client: GenNx360 Capital Partners Client Location: United States Target: SubSea Global Solutions Target Location: United States Target Description: SubSea Global Solutions is a provider of underwater vessel maintenance, inspection and repair services to… Read More
Crossing Borders: U.S.-Mexico Logistics Providers Undergoing Growth
Global supply chain disruptions and shifting outsourcing economics are driving manufacturing away from China. In response to painful lessons learned during the COVID-19 pandemic, manufacturers are looking to nearshoring /… Read More
FreightWaves | Logistics M&A Market Looks Brighter in 2024
Originally posted on FreightWaves on March 6, 2024. Gaurang Shastri, Managing Director in our Business Services Group, recently discussed the 2024 mergers and acquisitions market in FreightWaves’ 3PL Summit. Watch… Read More
Verium, founders and management have sold Quickmail and Quickpac’s operations to Planzer
Quickmail and Quickpac Quickmail and Quickpac employ around 3,500 people and are true pioneers in Swiss addressed mailing and parcel delivery markets. Quickmail is the first private company in Switzerland… Read More
The Loadstar | When Consolidation Pressure Meets a Cautious Outlook: M&A in 2024
Originally posted by The Loadstar on December 12, 2023. In 2023, global growth was limited by escalating geopolitical conflicts and central bank actions to combat inflation and soaring energy costs,… Read More
Transport Topics | Mergers and Acquisitions Market Begins to Accelerate
Originally posted by Transport Topics on November 13, 2023. Mergers and acquisitions (M&A) activity is anticipated to rise, given the stabilization of economic challenges and the adaptation of industry players… Read More
FRS has agreed to sell its subsidiary FRS Iberia with operations in the Strait of Gibraltar to DFDS
FRS Iberia Group FRS Iberia Group, founded in 2000 and headquartered in Tarifa, Spain, is a leading ferry operator in the Strait of Gibraltar for passenger and freight operations, being… Read More
Custom Goods, a portfolio company of Soundcore Capital Partners, has been sold to Angeles Equity Partners
Custom Goods Custom Goods provides end-to-end logistics solutions and is one of the fastest growing third-party logistics providers in the U.S. The platform is a single source provider of highly… Read More
Alisped has been sold to Delmar International
Alisped Alisped is a leading Italian provider of asset-light logistics services, managing sophisticated international logistics chains across ocean, air and road. Together with a network of trusted partners including offices… Read More
The Loadstar | Takeover Talk: Mid-sized Deals to Power 2023 M&A Activity
Originally published by The Loadstar on December 23, 2022. Dirk Engelmann and Gaurang Shastri, Managing Directors in Lincoln’s Business Services Group, share their expectations for logistics and transportation mergers and… Read More
Müller Transporte has agreed to sell 70% to Cube Infrastructure Managers
Müller Transporte Müller Transporte is a leading Austria-based, temperature-controlled logistics operator with strong domestic agri-food and European pharmaceutical activities. Müller Transporte employs approximately 700 people and generated revenues of more… Read More
Founding shareholder and Scheybeeck have agreed to sell a majority stake in Monta to DHL
Monta Monta, headquartered in the Netherlands, is a leading provider of software-enabled fulfilment services and warehouse management software to help customers run a successful online business. Monta strategically focuses on… Read More
Outsourced Healthcare Logistics: Ripe for Private Equity Investment
Ample consolidation opportunity for private equity (PE) to capitalize on accelerating healthcare trends and consistent well-above GDP growth rates Favorable market fundamentals supporting the mid-and-long-term outlook for healthcare third-party… Read More
Grupo CCR has sold Total Airport Services to Alliance Ground International, a portfolio company of Audax Private Equity and Greenbriar Equity Group
Total Airport Services Headquartered in Spring, Texas, Total Airport Services (TAS) is a leading provider of airport logistics services operating at eight major airports in the North American market. TAS… Read More
Lab Logistics, a portfolio company of Atlantic Street Capital, has received a minority investment from Linden Capital Partners
Client: Atlantic Street Capital Client Location: United States Target: Lab Logistics Target Location: United States Target Description: Lab Logistics provides mission critical supplies, kitting and asset-light same day logistics solutions, exclusively focused on… Read More
H2 Equity Partners has sold Cadogan Tate to TSG Consumer Partners
Cadogan Tate Founded in 1977, Cadogan Tate is a leading specialist in fine art and valuables storage and handling. It serves a large and growing customer base of high-net-worth families,… Read More
iDC Logistics has been sold to H.I.G. Capital
iDC Logistics Headquartered in Buena Park, California, iDC Logistics is one of the largest and fastest growing independent providers of warehousing and logistics services with a specialization in managing high-value,… Read More
Special Situations Venture Partners III, a private equity fund advised by Orlando, has sold nox NachtExpress to Groupe Sterne
nox NachtExpress nox NachtExpress is a leading player in overnight express delivery services with market presence in the Germany, Austria and Benelux regions. The company operates more than 20 cross-dock… Read More
48forty Solutions, a portfolio company of Audax Group, has received a growth equity investment from Summit Partners
Client: Audax Group Client Headquarters: United States Target: 48forty Solutions Target Headquarters: United States Acquirer: Summit Partners Acquirer Headquarters: United States Target Description: 48forty Solutions is a leading national provider… Read More