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
Chicago
I 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
London
I build trust with clients by putting their interests first at all times.
Aude Doyen
Managing Director & Co-head of Capital Advisory, Europe
London
I 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 York
It’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
London
I 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
Chicago
As 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
Chicago
Communication 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
London
My 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 York
I strive to deliver value-added advice, leveraging deep industry knowledge and extensive industry relationships.
Guillaume Suizdak
Managing Director & Co-head of Industrials, Europe
Paris
I strive to develop meaningful, trusting, personal and mutually beneficial relationships with our clients.
Curt Tatham
Managing Director & Co-head of FSG
Chicago
With 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 Angeles
Meet 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
Chicago
I 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
Frankfurt
I 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
Zurich
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.
Investment Opportunities in Pharma: A Data-Driven Exploration of CDMO Appeal
The report discusses the current state of the contract development and manufacturing organization (CDMO) market within the pharmaceutical industry, emphasizing the increased interest from private equity (PE) investors. The pharmaceutical… Read More
Best Practices for Preparing a Corporate Carve Out
While macroeconomic challenges and rising interest rates correlate to a slowdown in mergers and acquisitions, corporate carve out transactions often see significant upticks during times of economic uncertainty as businesses… Read More
Corporate Carve Outs: A Strategic Growth Tool for Turbulent Times
When challenges arise in the economic environment, businesses become much less interested in discretionary acquisitions—particularly larger deals or at higher multiples, creating a need for dealmaking alternatives. The result is… Read More
Partial Liquidity Alternatives for Private Equity: An Attractive Option to a Full Exit
Private equity is facing a challenging operating environment. The convergence of inflation, rising interest rates and a host of other economic challenges have compressed equity values and limited full exits… Read More
Affärsvärlden | Increasingly Lower Activity in the M&A Market – But Advisers See Glimmers of Light
Originally posted by Affärsvärlden on October 6, 2023. While the total number of acquisitions fell in Sweden during the third quarter, transaction value increased, and new legislation and other market… Read More
Dividend Recapitalization Activity Shows Signs of Renewed Life
The dividend recapitalization market slowed down in 2nd half of 2022 as companies digested rising interest rates. However, in recent months, there has been an uptick in volume as borrowers… Read More
Conceiving Success: Growth and Consolidation in IVF in APAC and the Middle East
In-vitro fertilization in Asia-Pacific and the Middle East is growing quickly due to several factors; the industry’s rapid growth offers an opportunity for investors to capitalize on momentum. In a… Read More
Investors Seek Protection in the Safety Workwear Market
The safety workwear industry is a highly resilient and very attractive market that covers all personal protective equipment from head to toe, including helmets, goggles, gloves, shoes, protective clothing and… Read More
Gaining Momentum: European M&A Outlook for H2 2023
The mergers and acquisitions (M&A) market will remain challenged throughout 2023 although dealmakers are learning to live with the uncertainty. In the last 12 months, private equity (PE) has been… Read More
Riding the Sound Waves – Key Trends in the Audio Industry
The audio equipment industry, a sub-sector of the $263 billion global professional audio/visual (AV) market, is a large, diversified and resilient sector that is projected to grow significantly over coming… Read More
How Consumer Products & Services Companies Are Viewing M&A Outlook for 2023
In today’s dealmaking environment, uncertainty and caution reign supreme. Consumer confidence has seen declines as high inflation and recession fears dominate. At the same time, investors continue to look for… Read More
PitchBook | Fixed Charge Coverage Shrinking on Midsized Companies – Lincoln
Originally posted by PitchBook on May 9, 2023. Rising interest rates are negatively impacting borrowers in the middle market. Christine Tiseo, Managing Director and co-head of Lincoln’s Capital Advisory Group,… Read More
Real Deals | Healthcare M&A Resilience
What trends have you seen in the last quarter in relation to valuations in the healthcare space? Matthew Lee: It’s early days to get an accurate read on valuations as… Read More
Mergermarket | Dealspeak EMEA – Slice of Pie: New Entrants Gobble Up GP Stakes in Europe
Originally posted by Mergermarket on April 24, 2023. Historically, North American investors were the main players that acquire stakes in private equity (PE), credit and infrastructure general partners (GPs) in… Read More
Private Equity and Private Credit Resiliency is Not an Illusion
Many macroeconomic factors have contributed to recent public market volatility, including inflation, labor shortages, rising interest rates and recent banking system instability. While private market valuations have demonstrated less volatility… Read More
Innovation and Advancements in Packaging Technology
Advancements in packaging across both active and passive technologies continue to revolutionize the industry as new features, functionality and capabilities broadly become more available. Packaging companies have an increased emphasis… Read More
Aerospace and Defense: Factors Powering M&A Activity
Lincoln International was pleased to speak on the Reshaping the Supply Chain Landscape: M&A Trends panel at Aviation Week Network’s A&D Supply Chain conference. During the panel, industry experts revealed… Read More
Art of the Deal-by-Deal Fund
Deal-by-deal investing has become an increasingly popular strategy for financial sponsors in Europe. Unlike the traditional private equity (PE) approach of raising a fund and deploying it over the course… Read More
Private Equity Investors Are Split on M&A Outlook for 2023
Respondents suggest deal volume would be up – but does data match the mood? In a recent Lincoln survey of over 350 senior private equity professionals, 46% expect 2023 deal… 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
Reality Check: Assessing Private Equity’s 2022 Predictions
In Q4 2021, Lincoln International surveyed nearly 400 private equity investors on their expectations for dealmaking in the year ahead. In the three quarters since, public equity markets have seen… Read More
Lending Opportunities Abound for PE Investments in Digital Infrastructure
COVID-19 flipped the script on infrastructure investments. Lockdowns and travel restrictions have proven certain traditional infrastructure assets, like airports and public transportation hubs, are not always as low-risk an investment… Read More
The Evolution of Value Creation for PE Portfolio Companies
Why companies are staying private longer and how they’re evaluating their options How have companies’ timelines to exit evolved in the last two decades? For private companies and their investors,… Read More
Sustainable Energy Investment Trends: Insight from Private Equity
As stakeholder priorities on environmental, social and governance (ESG) continue to crystallize at a rapid pace, investors are often allocating capital aligned with sustainable energy efforts to incorporate more environmental… Read More