Great Lakes regional M&A update: H2 2023

Introduction

Baker Tilly Capital, LLC’s Great Lakes regional mergers and acquisitions (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 the second half of 2023 (H2 2023). Both the number of announced transactions and the aggregate disclosed values of completed transactions decreased relative to H1 2023.

There was a total of 44 announced middle market M&A transactions during H2 2023, a 20% decrease from H1 2023 and a 32% decrease when compared year-over-year (YoY) with H2 2022. The aggregate disclosed value of middle market M&A transactions in the Great Lakes region totaled $7.9 billion during H2 2023, a 25% decrease from H1 2023 and the lowest H2 semiannual total since H1 2020.