Great Lakes regional M&A update: H1 2022

M&A activity in Great Lakes region slows in H1 2022

Middle market M&A activity in the Great Lakes region declined in H1 2022. This decline is on par with H1 deal flow in both 2021 and 2020. However, Q2 saw a significant increase in deal value over Q1.

Although middle market M&A activity in the Great Lakes region during H1 2022 was considerably lower than in H2 2021, the average value of deals increased significantly.

• A total of 45 transactions were announced in H1 2022, down from 89 in H2 2021
• The aggregate disclosed value of M&A transactions in H1 2022 totaled $8.3 billion, up slightly from $8.1 billion in H1 2021, but lower than the aggregate $18.2 billion in H2 2021
• The average value of reported deals increased to a new recent high of $229 million in Q2 2022 from $159 million in Q1 2022.

Great Lakes middle market M&A transactions / Number of closed transactions (1)

Source: S&P Capital IQ.
(1) Includes only transactions with disclosed enterprise value between $10 million and $1 billion.

Great Lakes middle market M&A transactions / Average closed transaction value (1)

Source: S&P Capital IQ.
(1) Includes only transactions with disclosed enterprise value between $10 million and $1 billion.

Illinois continues to lead region in M&A activity