NACD | The 2025 M&A Landscape: Recalibrating Expectations
Originally published by the National Association of Corporate Directors (NACD) on September 30, 2025
Despite strong tailwinds heading into 2025, including high levels of dry powder in private equity and a backlog of exits, dealmaking has not fully lived up to optimistic expectations. Chris Stradling, Managing Director and Co-Head of the U.S. Consumer Group, recently shared his perspective with the NACD.
Chris noted that lowered multiples on pandemic-era acquisitions are deterring sponsors from selling, while underperformance in certain subsectors is offsetting growth in areas like software and technology. Even in this challenging environment, he encourages some sponsors to make “bold moves.”
“In some industries, acquisition multiples are at or near cyclical lows. Stradling pointed to consumer durables as one sector where valuations are especially attractive, driven in part by macroeconomic conditions,” per the article.
Summary
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Chris Stradling spoke to the National Association of Corporate Directors (NACD) about the uneven deal rebound in the 2025 M&A landscape.
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