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.

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

Mueller Transporte GmbH Cube Infrastructure Managers 2022

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

Scheybeeck Investments Monta Deutsche Post DHL Group 2022

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 Total Airport Services Inc Alliance Ground International Audax Greenbriar 2022

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

LabLogistics AtlanticStreetCapital LindenCapitalPartners 2022

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 (UK) Cadogan Tate TSG Consumer Partners 2022

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 Inc HIG Capital LLC 2022

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

Orlando Management AG Nox Nachtepress Groupe Sterne Tikehau Capital Meanings Capital Partners 2022

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