M&A Quarterly Newsletter – June 2026
by Taureau Group
Market Summary
- Deal volume and average pricing rose in tandem for the first time in five quarters, with 80 completed transactions clearing 7.3x TTM adjusted EBITDA, both above full-year 2025 levels.
- Multiples expanded in all size buckets from Q4 2025 to Q1 2026: 5.7x to 6.0x in the $10–25M TEV range, 7.1x to 7.5x in $25–50M, 7.4x to 7.7x in $50–100M, and 8.4x to 9.0x in $100–250M, respectively. Larger transactions continued to command premium multiples.
- The industries posting the highest EBITDA multiples to start 2026 are once again healthcare services, at 8.5x, holding its 2025 average, and retail, at 7.6x, up slightly from a 7.5x average in 2025. Beneath the leaders, the sector mix rotated: manufacturing led the major categories, increasing to 7.2x from 6.6x in 2025, while business services cooled to 7.0x from 7.3x, its first decline in three years.
- Conventional buyouts rebounded to roughly 86% of activity, winning back the share that had drifted into leveraged recaps and growth financings through 2025.
- Add-ons rose to about 38% of completed buyouts, up from 31% in Q4 2025, with pricing easing slightly to 6.5x from 6.9x in 2025. Deals sold by PE or corporate owners went for 6.7x, a discount to the 7.2x buyout average.
- Total debt utlilization rose to 3.9x TTM EBITDA on a 2026 YTD basis, up from 3.6x in 2025 and the highest reading since 2022, with senior debt at 3.3x versus 2.9x. Platform buyouts carried 3.5x total debt versus 3.2x for full-year 2025.
What’s New at Taureau Group
- April – Taureau Group was named to the 2026 Axial Advisor 100, recognizing the most highly regarded lower middle market sell-side M&A advisors in North America.
- April – Taureau Group published its 2026 Volume I Industrials & Manufacturing Industry Report. Download the report here.
- April – Engaged by manufacturer of educational STEM products for consideration of sale.
- April – Engaged by industrial waste management company for consideration of sale.
- April – Engaged by manufacturer of precision machined components for consideration of sale.
- May – Taureau Group published its 2026 Volume I Packaging & Printing Industry Report. Download the report here.
- May – Ann Hanna was named a 2026 Women of Influence by the Milwaukee Business Journal.
- May – Grant Tilkens rejoined the team as an Analyst Intern for another summer.
- June – Michael Schroeder attended the Wisconsin Drives Manufacturing Summit.
- June – Elise Raymond joined the team as a Marketing Intern for the summer.
- June – Taureau Group published its 2026 Volume I Technology & IT Services Industry Report. Download the report here.
- June – Engaged by e-commerce supplier of niche consumer aftermarket products for consideration of sale.
- June – Peter Braun joined the team as an Analyst.
- June – Completed the acquisition of a robotic systems integrator for a client.
The Q1 2026 upswing in deal volume and valuations underscores a strengthening lower middle-market with renewed buyer confidence, broad-based pricing gains, and a return to traditional buyouts.
Active Broad Acquisition Searches
- Acquisition opportunities for a private equity platform company looking for commercial door and other warehouse equipment manufacturers with revenues between $1 million – $30 million.
- Acquisition opportunities for a private equity platform company looking for providers of multi-site facility services in commercial end markets with revenues of $15+ million.
- Acquisition opportunities for a private equity platform company looking for Aerospace & Defense avionics, embedded electronics, and engineering services companies with EBITDA between $1 million – $10 million.
- Acquisition opportunities for an employee-owned company looking for advanced fabrication and VDC services; modular systems and data centers with revenues between $25 million – $100 million.
- Acquisition opportunities for a private equity platform company looking for work-holding products manufacturers and machine tool accessories companies with revenues between $1 million – $50 million.
- Acquisition opportunities for a private equity platform company looking for manufacturers with plastic injection molding, machining, or fabrication capabilities with revenues between $5 million – $15 million.
- Public company looking for branded consumer outdoor recreation companies with revenues between $5 million – $100 million.
- Private company looking for product-based manufacturers in robust end markets with revenues between $1 million – $10 million.
- Private company looking for technical advisory and professional services providers with revenues between $1 million – $10 million.
- Acquisition opportunities for a private equity platform company looking for residential and commercial lighting manufacturers with revenues of $5+ million.
- Private company looking for specialty electrical contracting companies focused on transmission and distribution with revenues of $10+ million.
Featured Insights
- M&A Demand Continues to Heat Up: Inside the Surge of Dealmaking Across U.S. Contract Manufacturing and the Broader Metals Industry – Read the article here.
- Inside the Sell-Side Process at Taureau Group: The Proven Process that Maximizes Value and Options – Read the article here.
Market Statistics
Total Enterprise Value (TEV)/EBITDA*
| TEV | ’03-21 | ’22 | ’23 | ’24 | ’25 | YTD’26 | Total |
|---|---|---|---|---|---|---|---|
| 10-25 | 5.8 | 6.4 | 5.9 | 6.4 | 6.2 | 6.0 | 5.9 |
| 25-50 | 6.6 | 7.1 | 6.9 | 6.8 | 6.8 | 7.5 | 6.7 |
| 50-100 | 7.6 | 8.5 | 8.1 | 8.1 | 8.0 | 7.7 | 7.7 |
| 100-250 | 8.4 | 9.2 | 9.5 | 8.5 | 9.7 | 9.0 | 8.6 |
| Total | 6.8 | 7.6 | 7.2 | 7.2 | 7.1 | 7.3 | 6.9 |
TEV/EBITDA—By Industry ($10-$250M TEV)*
| Industry | ’03-21 | ’22 | ’23 | ’24 | ’25 | YTD’26 | Total |
|---|---|---|---|---|---|---|---|
| Manufacturing | 6.3 | 7.4 | 6.5 | 7.0 | 6.6 | 7.2 | 6.5 |
| Business services | 6.8 | 7.4 | 7.2 | 7.2 | 7.3 | 7.0 | 7.0 |
| Health care services | 7.5 | 8.4 | 9.2 | 7.7 | 8.5 | 8.5 | 7.7 |
| Retail | 7.1 | 8.0 | 6.0 | 7.4 | 7.5 | 7.6 | 7.1 |
| Distribution | 6.7 | 7.1 | 7.1 | 6.9 | 6.9 | 6.7 | 6.8 |
| Media & Telecom | 7.6 | 8.3 | 7.8 | 6.7 | 6.9 | N/A | 7.5 |
| Technology | 8.6 | 8.1 | 10.2 | 7.9 | 6.4 | 5.2 | 8.5 |
| Other | 6.4 | 7.0 | 6.9 | 7.0 | 6.8 | 6.9 | 6.5 |
Senior Debt/EBITDA—Splits by Period (platforms only)*
| TEV | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
|---|---|---|---|---|---|---|---|---|
| 10-25 | 1.7 | 1.8 | 1.6 | 2.0 | 1.3 | 1.2 | 1.4 | 1.3 |
| 25-50 | 2.0 | 2.4 | 2.4 | 2.6 | 1.8 | 1.3 | 2.5 | 1.7 |
| 50-100 | 2.6 | 3.1 | 2.7 | 2.7 | 2.2 | 2.3 | 2.2 | 2.9 |
| 100-250 | 2.8 | 2.8 | 3.8 | 3.8 | 3.9 | 2.6 | 3.5 | 2.9 |
| Total | 2.3 | 2.7 | 2.8 | 2.7 | 2.0 | 2.0 | 2.2 | 2.5 |
*Source: GF Data®. Information included from GF Data may not be used or re-published without permission from GF Data or Taureau Group.