Great Lakes regional M&A update: H2 2024

Navigating change and strategic shifts in the Great Lakes region

Baker Tilly Capital, LLC recently released their Great Lakes mergers and acquisitions (M&A) update report, which highlights the middle market transactions in the Great Lakes states of Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin in H2 2024.

Here are some key takeaways from the report:

• The Great Lakes region's middle market M&A landscape saw an increase in activity in H2 2024. The number of announced transactions increased from H1 2024, although the aggregate disclosed values of completed transactions decreased
• H2 2024 recorded a total of 54 announced middle market M&A transactions, marking a 14.9% increase from H1 2024. However, there was a 4.7% decrease when comparing the full year 2024 to the full year 2023
• The cumulative value of middle market M&A transactions in the Great Lakes region totaled $10.6 billion during H2 2024, reflecting a 14.1% decrease from H1 2024
• Reported average enterprise value/revenue multiples in H2 2024 decreased relative to H1 2024. Average enterprise value/EBITDA multiples decreased from 10.5x in H1 2024 to 6.5x in H2 2024
• Strategic buyers continued to be the most active buyer type in H2 2024, representing 65.9% of the region's announced transactions
• The industrials sector was the most active in middle market M&A transactions, accounting for 35% of transactions during H2 2024. The remaining transactions were distributed among various sectors

Get the full picture

For an in-depth look at M&A activity in the Great Lakes region, download a copy of the Great Lakes 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