Pennsylvania regional M&A update: H2 2023

Introduction

Baker Tilly Capital, LLC’s Philadelphia and Central Pennsylvania 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 Philadelphia and Central Pennsylvania region.

Transaction activity

Middle market M&A activity in the Philadelphia and Central Pennsylvania region increased in the second half of 2023 (H2 2023). Both the number of announced transactions and the aggregate disclosed values of completed transactions increased relative to the near term, H1 2023. There was a total of 22 reported announced middle market M&A transactions during H2 2023, a 47% increase from H1 2023 and a 5% increase when compared with H2 2022. The aggregate disclosed value of middle market M&A transactions in the Philadelphia and Central Pennsylvania region totaled $4.5 billion during H2 2023, a 28% increase from H1 2023 and the highest semiannual total since H2 2021.