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.

HealthInvestor | CMA Launches Review of Vet Sector

Originally posted by HealthInvestor on September 7, 2023. The Competition and Markets Authority (CMA) has begun reviewing UK veterinary services to uncover how well the market is working for pet… Read More

PETS International | Investment Spike in the Fresh Dog Food Category

Originally posted by PETS International on April 26, 2023. The natural / minimally processed pet food industry is attracting great investor interest, and the market is growing at a rapid… Read More

Just Food | Humanization in Pet Food Bounds Along Amid Premium-Led Growth

Originally published by JustFood on December 6, 2022 Alex Masters, Managing Director in Lincoln’s Consumer Group, shares current growth drivers he is seeing in the pet food sector and expectations… Read More

The Hidden Gem in European Pet Food: European Investors Spot New Opportunity in Raw & Gently Cooked Pet Food

European investors are capitalizing on the fastest growing segment of the European pet food category, powered by pet owners’ ongoing desire for higher quality and natural food options for their… Read More

Pet Trends Impacting M&A in 2022

The pet industry has evolved significantly over the past few years with several trends impacting the way pet product brands, manufacturers, retailers, customers and investors view the sector. In 2020,… Read More

Five Macro Trends Driving Growth in Global Branded Pet Food

Pet ownership has surged in recent years as pets have become valued members of household families, yielding benefits such as companionship, improved mental health and others. Continued increased pet ownership,… Read More

Animal Health Players Pursue Vertical Integration as a Path to Growth

Animal health businesses that have established a strong presence within their area of expertise, may be considering where the next best path to growth lies. While cross-border expansion and consolidation… Read More

Differentiated Pet Food Brands Fetch High Multiples: Guidance for Sector Entrepreneurs

For investors, the recession resilient nature of the pet sector and its strong performance through multiple economic cycles has long been notable. Most recently, the pandemic solidified the sector’s resilience… Read More

Cross-Border Deals: The Right Prescription for Animal Health

As the humanization of pets continues and pet lifespans grow longer, investment opportunities in animal health abound. While most animal health companies will first look for growth within their own… Read More

Animal Health in the UK: Insights from the LaingBuisson Investing in Healthcare Conference

Pet ownership in the UK increased during the pandemic as animals provided comfort and companionship that individuals lacked during lockdown. Matthew Lee, Managing Director at Lincoln International, joined other industry… Read More

Pet Sector M&A Insights and the Implications of COVID-19

In times of market volatility and economic downturns, investors gravitate to certain recession-resistant sectors.  Generally, the pet care category grew through the Great Recession when compared to the broader economy,… Read More

Global Veterinary Services Market: On Cloud Canine

Pets are no longer just man’s best friend, but an increasingly integral member of the family unit. Owners are humanizing their pets, aspiring to provide the best comfort and health… Read More

The Evolving U.S. Pet Retail Landscape & Broader Impact on Pet Sector

The pet retail sector continues to generate strong momentum against a backdrop of numerous favorable industry trends: The “pets as family” trend is as strong as ever, with 95% of… Read More