Resource
New England regional M&A update: H2 2024
March 26, 2025
Resilience and transition in New England's M&A landscape
Baker Tilly Capital, LLC recently released their New England mergers and acquisitions (M&A) update report, which highlights the middle market transactions in New England states of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont in H2 2024.
Here are some key takeaways from the report:
- Middle market M&A activity in the New England region remained slow in H2 2024. The number of announced transactions decreased by 10.8% compared to H1 2024, but there was a 6.5% year-over-year increase from H2 2023
- H2 2024 recorded a total of 33 announced middle market M&A transactions
- The aggregate disclosed values of completed transactions increased by 55.5% compared to H1 2024, but decreased by 21.2% compared to H2 2023
- The average disclosed enterprise value (EV) / revenue multiple was 3.8x over the period spanning from H1 2020 to H2 2024. Average disclosed EV / EBITDA multiples were 15.5x over the same period
- Massachusetts had the most activity with 20 transactions, accounting for 73% of the region’s total transactions. Connecticut and New Hampshire followed with 6 and 4 announced transactions, respectively. Maine had 2 announced transactions, and Rhode Island had 1. There were no transactions announced in H2 2024 with Vermont-based target companies
- Strategic buyers were the most active buyer type, representing 73% of the region’s announced transactions. Financial-backed strategic buyers represented 27% of transactions
- Middle market M&A transactions in the New England region were concentrated in the healthcare, information technology, and industrials sectors, accounting for 33%, 21%, and 15% of transactions, respectively. Consumer discretionary, financials, materials and utilities accounted for 25% of deals. 6% of deals were disclosed without a sector
Get the full picture
For an in-depth look at M&A activity in New England, download a copy of the New England M&A update H2 2024. The report includes:
