This document provides a detailed overview of the US middle market for mergers and acquisitions (M&A) and private equity (PE) activity during the first half of 2025, highlighting a general decline in deal volume, particularly in the lower middle market, due to macroeconomic instability and tariff uncertainty. Despite this contraction, certain sectors like industrials tied to the built environment and business services have shown resilience, with business services even experiencing an uplift in valuation multiples. 

The report also notes a significant increase in the use of continuation vehicles by PE firms to generate liquidity amid a constrained exit environment, which has contributed to elevated PE hold periods. Overall, while deal volume is down, valuation multiples and debt availability remain stable, suggesting continued competition for high-quality assets.

You can check out that document here: https://www.linkedin.com/posts/patrickaosborne_cibc-us-middle-market-monitor-q3-2025-activity-7380942490692018176-yCRE?utm_source=share&utm_medium=member_desktop&rcm=ACoAABGzL5gBDtJNUCsnAPn6tKYpDHZSNFxIWh8

About Patrick Osborne: Patrick is Managing Director & Market Lead at CIBC Bank USA, overseeing middle-market C&I banking in Illinois. He joined CIBC in 2018 after seven years at Northern Trust. A Winnetka, IL native, he holds a B.A. in Economics & Political Science from Indiana University and lives in Glenview with his wife and three children. He’s run the Chicago Marathon twice, skis, and enjoys TV, movies, comedy, and rock concerts.

Follow Patrick Here: https://www.linkedin.com/in/patrickaosborne/

DISCLAIMER: The BizNexus Roundup podcast features AI hosts whose analysis is based entirely on pattern recognition and reports created by actual human experts. While our hosts can process vast amounts of data, they've never actually closed a deal or sat in a boardroom.

Our discussions draw from publicly available sources and expert insights, but we strongly encourage listeners to consult the original documents and reports referenced in each episode for the complete context and analysis. The AI hosts' market predictions and deal assessments, while data-driven, are no substitute for professional human judgment and due diligence.

For actual M&A advice, please consult qualified human experts and always go to the source materials to get the full story.

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