New England regional M&A update: H2 2023

Introduction

Baker Tilly Capital, LLC’s New England 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 New England region states of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island or Vermont.

Transaction activity

Middle market M&A activity in the New England region remained slow in the second half of 2023 (H2 2023). The number of announced transactions decreased relative to H1 2023 while the aggregate disclosed values of completed transactions increased relative to H1 2023.

There was a total of 26 announced middle market M&A transactions during H2 2023, a 21% 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 New England region totaled $7.9 billion during H2 2023, a 58% increase from H1 2023.