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

Headshot of Aude Doyen
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.

Lincoln International Advises on Strategic Alliance Between Integrated Micro-Electronics and XLR8 EMS, a Portfolio Company of American Pacific Group

Integrated Micro-Electronics Integrated Micro-Electronics (IMI) is a leading global electronics manufacturing solutions (EMS) expert specializing in highly reliable and quality electronics for long product lifecycle segments in the automotive, industrial,… Read More

Bencis has sold Olyslager to Vitec Software Group

Olyslager Olyslager is the leading provider of mission-critical data and software solutions for lubricant and fluid suppliers. Olyslager’s solution is an integral part of its customers’ daily workflow and operates… Read More

EMS Quarterly Review Q3 2024

In Q3 2024, the EMS industry exhibited normalization of inventories, consistent improvement in technology and an uptick in market demand, all of which underscore emerging market optimism. In all, Q3… Read More

CyberMaxx, a portfolio company of Periscope Equity, has acquired Cybersafe

CyberMaxx CyberMaxx LLC is a leading tech-enabled Managed Detection and Response (MDR) platform serving customers across regulated industries including healthcare, financial services and utilities. CyberMaxx provides comprehensive MDR services that… Read More

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Lincoln International Acquires TCG Corporate Finance, a Leading Technology Investment Banking Advisor to European Private Equity

Strengthens the firm’s technology and digital expertise globally and its presence across the continent Lincoln International, a leading global investment banking advisory firm, announced today that it has acquired TCG… Read More

Headshot of Malte Bischoping

Malte Bischoping

Malte provides mergers and acquisitions advisory services to private equity and corporate clients in the DACH region, with a focus on the technology industry. Malte combines strategic insight with creative analysis… Read More

Headshot of Leander Schilling

Leander Schilling

Leander provides mergers and acquisitions advisory services to private equity firms and entrepreneurs in the DACH region, with a focus on the technology industry. Leander aligns his clients’ strategic goals with dynamic market… Read More

Headshot of Daniel Schwartmann

Daniel Schwartmann

As Senior Advisor, Daniel provides mergers and acquisitions, strategy and investment advisory services to private equity and corporate clients across Europe and beyond, with a focus on the Technology and IT services sector.… Read More

Headshot of Veronika Rost

Veronika Rost

As Senior Advisor, Veronika provides mergers and acquisitions (M&A) advisory services to private equity and corporate clients in the DACH region, with a focus on the digital consumer sector. With… Read More

Headshot of Frank Riemensperger

Frank Riemensperger

As Senior Advisor, Frank provides mergers and acquisitions advisory services to private equity firms and businesses in Europe, with a focus on the IT services sector. With over three decades… Read More

Headshot of Rasmus Westholm

Rasmus Westholm

Rasmus provides mergers and acquisitions advisory services to private equity firms and corporations in the Nordics, with a focus on the IT and tech-enabled B2B services, software, technology, media and… Read More

Headshot of Carolin Drewes

Carolin Drewes

Carolin provides mergers and acquisitions (M&A) advisory services to private equity firms and their portfolio companies as well as companies in the DACH region, with a focus on B2B software… Read More

Headshot of Thorsten Grandt

Thorsten Grandt

Thorsten provides mergers and acquisitions (M&A) advisory services to private equity and corporate clients in the DACH region, with a focus on the technology services sector. With extensive M&A experience… Read More

Headshot of Thomas Wrangsjö

Thomas Wrangsjö

Thomas provides mergers and acquisitions (M&A) advisory services to corporate and private equity clients in the Nordics, with a focus on IT services. Utilizing his more than two decades of… Read More

Headshot of Dr. Ashkan Kalantary

Ashkan Kalantary

Ashkan provides mergers and acquisitions advisory services to privately held businesses as well as private equity firms and their portfolio companies in the DACH region, with a focus on the… Read More

Headshot of Marvin Maerz

Marvin Maerz

Marvin provides mergers and acquisitions advisory services to private equity-backed and owner-managed businesses, with a focus on tech services. Backed by more than a decade of experience of advising tech… Read More

Headshot of Harald Mährle

Harald Mährle

Harald is Global Co-Head of Lincoln’s Technology Group and provides mergers and acquisitions (M&A) advisory services to private equity firms and businesses in the technology sector, with a focus on… Read More

AVM Computersysteme Vertriebs GmbH Imker Capital Partners 2024

AVM has been sold to Imker Capital Partners

AVM Founded in 1986 and headquartered in Berlin, AVM is one of Europe’s leading manufacturers of products for broadband connections and the digital home. Best known for its FRITZ! brand,… Read More

LA Times | Insights on the Private Equity and M&A Landscape

Originally posted by the LA Times on October 28, 2024. Michael Piric, Managing Director in Lincoln’s Financial Sponsors Group, noted that deal flow didn’t reach anticipated levels by the end of Q3,… Read More

Cybersecurity Report: Q3 2024

Q3 2024 continued to see the strengthening of the cybersecurity M&A market observed in the first half of the year, led by the highest quarterly number of M&A transactions in… Read More

Electronic Source Company Sverica Capital 2024

Electronic Source Company has been sold to Sverica Capital Management

Electronic Source Company Founded in 1994, Electronic Source Company (ESC) is a specialty provider of high-reliability electronics components for mission-critical product applications in the most demanding environments, primarily aerospace &… Read More

Bloomberg | Lincoln International CEO on Private vs. Public Markets

Originally aired on Bloomberg TV on October 22, 2024. Rob Brown, CEO of Lincoln International, discusses improving mergers and acquisitions activity and compares public and private markets.  

Five Elms Capital has sold Playvox to NICE

Client: Playvox Client Headquarters: United States Target: Playvox Target Headquarters: United States Acquirer: NICE Acquirer Headquarters: Israel Target Description: Playvox is a developer of a workforce engagement platform designed to help organizations… Read More

Sagard NewGen has made an investment in kShuttle

kShuttle Established in 2016, kShuttle offers a software as a service platform, focused on regulatory reporting, including various modules such as IFRS16, CSRD, carbon footprint calculation and management and European… Read More