California regional M&A update: H1 2024

Introduction

Baker Tilly Capital, LLC’s California regional M&A update provides a recap of middle market transactions (i.e. deals with reported enterprise value between $10 million and $1 billion) with the target company located in California.

Transaction activity

Middle market M&A activity in California continued to in decline in H1 2024. Both the number of transactions and the aggregate disclosed values of announced transactions declined relative to H2 2023 and over the five-year look-back period. There was a total of 56 reported announced middle market M&A transactions during H1 2024, a 28% decrease from H2 2023 and a 30% decrease when compared with H1 2023. The aggregate disclosed value of middle market M&A transactions in California totaled $10.2 billion during H1 2024, a 19% decrease from H2 2023.