Great Lakes regional M&A update: H1 2024

Introduction

Baker Tilly Capital, LLC’s Great Lakes 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 any of the Great Lakes states of Illinois, Indiana, Michigan, Minnesota, Ohio or Wisconsin.

Transaction activity

Middle market M&A activity in the Great Lakes region remained slow in H1 2024. Both the number of announced transactions and the aggregate disclosed values of completed transactions remained stable relative to H2 2023.

There was a total of 47 announced middle market M&A transactions during H1 2024, a 4% decrease from H2 2023 and an 18% decrease when compared year-over-year (YoY) with H1 2023. The aggregate disclosed value of middle market M&A transactions in the Great Lakes region totaled $12.3 billion during H1 2024, a 43% increase from H2 2023.