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California regional M&A update: H2 2024

Mar 26, 2025

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  • Private Equity & Portfolio Companies
  • Transactions
  • California
  • Investment Banking 
  • Mergers & Acquisitions
  • Transaction Advisory Services

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m&a updates
transactions

Strategic buyers take center stage in California M&A activity

Baker Tilly Capital, LLC recently released their California mergers and acquisitions (M&A) update report, which highlights the middle market transactions in the region in H2 2024.

Here are some key takeaways from the report:

  • The California middle market M&A landscape saw an increase in activity in H2 2024. Both the number of transactions and the aggregate disclosed values of announced transactions increased relative to H1 2024
  • H2 2024 recorded a total of 63 announced middle market M&A transactions, marking a 12.5% increase from H1 2024. However, there was a 24.7% decrease when comparing the full year 2024 to the full year 2023
  • The cumulative value of middle market M&A deals reached $11.5 billion in H2 2024, reflecting a 12.4% increase from H1 2024
  • Reported average enterprise value/revenue multiples in H2 2024 decreased relative to H1 2024 and the broader five-year lookback period. Average enterprise value/EBITDA multiples decreased from 10.4x in H1 2024 to 7.7x in H2 2024
  • Strategic buyers were the most active buyer type in H2 2024, representing 72.2% of announced transactions with reported data
  • The information technology sector was the most active in middle market M&A transactions, accounting for 29% of transactions during H2 2024. Healthcare, communication services, and consumer discretionary sectors followed, representing 22%, 14%, and 13%, respectively

Dig into our report

For an in-depth look at M&A activity in the California, download a copy of the regional M&A update: H2 2024. The report includes:

  • Regional market activity
  • M&A activity by market segment
  • Transaction profiles for middle market M&A activity
  • Buyers and targets by location
  • Transactions by industry sector
Download the full report
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Mergers and acquisitions reports

See more M&A reports

Baker Tilly Capital professionals develop mergers and acquisitions (M&A) updates in different industries and regions. These reports provide an overview of M&A activity, including:

  • M&A activity by market segment
  • Transaction data for middle market M&A activity
  • Buyers and targets by location
  • Notable transactions closed during the period of the report
See reports for different industries and regions

To view more on this topic or learn how Baker Tilly specialists can help, contact our team.

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Related sections

  • Private Equity & Portfolio Companies
  • Transactions
  • California
  • Investment Banking 
  • Mergers & Acquisitions
  • Transaction Advisory Services

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