The lethargy in the megadeal universe eventually got to the 私人股本 (PE)第三季度中端市场, which experienced a six-year low in deal volume and a roughly 26% QoQ decline in exit value. 针对中小型企业的私募股权交易的交易倍数较近期峰值有所收缩.
Fundraising activity also cooled as the value of closed funds in Q3 was down 7.环比增长3%至22美元.8 billion, which is below the historical norm of $25 billion to $30 billion per quarter.
Pitchbook的 2023年第三季度美国PE中端市场报告, 由Antares Capital和LBMC赞助, 分析了导致中端市场面临逆风的因素，并探讨了推动市场发展的因素.
吉姆·米德: 我们预计，利率上升对浮动利率债务的影响将在未来一年变得更加显著. When speaking with clients in the past several months, 我们了解到，人员成本、商品和服务成本的增加仍然是常态, and certain industries are still affected by staff shortages and supply chain constraints. Clients are strategizing to reduce expenditures through outsourcing noncore functions, 减少可变利率债务, 为了节省成本的劳动力而外包, and utilizing technology in new processes.
While supply chain issues have improved in the past year, 仍然存在混乱, 商品和服务成本的持续上升对毛利率构成了巨大压力. In 2024, we expect to see increased pressure on EBITDA, 现金管理, 遵守债务契约.
On the PE/VC side, the rising cost of capital and market uncertainty are major concerns. 随着利率的上升, it became more expensive to leverage acquisitions and investments, which could have led to lower returns on investments. 市场波动和不确定性也使得准确评估目标公司的价值变得更加困难, which has resulted in delaying both acquisitions and portfolio exit plans.
There are plenty of funds available to deploy, 在某一时刻, these funds’ managers will begin to deploy them in the form of acquisitions. 然而, 交易倍数已经下降，并将继续从近年来的高点下降. This is particularly true in later-stage capital raises.
吉姆·米德: Clients are concerned with the pause in M&A activity due to the downward pressure on deal values and cost of credit/capital. Except for the manufacturing and distribution sector, 哪里的供应链问题仍然存在, growth remains strong; however, margins and bottom lines are contracting.
技术客户(例如软件即服务提供商)需要大量现金来支持销售增长和软件/产品的持续开发. 资本/债务成本已成为, 或者正在变成, a significant challenge for earlier-stage technology entities.
也, 我们注意到，缺乏高质量的内部会计人员经常导致交易延迟或错误，或在交易前的尽职调查或审计中发现收入/收入的变化. 在交易预期到来之前，向合适的金融合作伙伴进行投资，将有助于确保交易到来时不会出现意外和延误.
丽莎拒绝: 销售税的适用性最近被许多买家和卖家低估了, particularly within the healthcare industry. There is a common misconception that healthcare is immune to the complexities of sales tax, but this assumption is far from reality.
耐用的医疗设备, 处方药, 医疗器械, 医疗诊断设备经常让医疗保健提供者和供应商措手不及, 由于这些地区的销售税免税资格是基于各州不同的具体标准.
医疗保健行业另一个常见的误解是，如果产品或服务由医疗保险或医疗补助报销, then it automatically qualifies for a sales tax exemption. 然而，情况并非总是如此.
对于医疗保健行业的企业来说，研究和了解他们所经营的每个州对其产品的具体税收待遇是至关重要的. For healthcare industry players as well as others, addressing sales tax issues is not just about compliance; it’s also about protecting your financial health.
多年不正确的遵守或不注意可能会产生重大的和不可预见的销售税负债. These liabilities can directly impact EBITDA, which is a critical metric in assessing a company’s financial performance.
丽莎拒绝: 如上所述, the scarcity of quality accounting resources, lack of appropriate financial expertise employed during a deal process, 和/或缺乏对金融体系和流程的及时投资，仍然是中间市场许多买方尽职调查过程的常见“痛点”.
Given the current economic environment, 在交易过程中，买家比以往更加谨慎和自律, when the cost of capital was much lower. 希望获得最高估值的卖方不应忽视为交易流程和卖方尽职调查做好准备的重要性. 由于缺乏相关可靠的财务数据，买方在确定预估收益的质量和可实现性方面存在巨大困难, values and deal structures become less favorable to sellers.
支持实时财务和运营决策的高质量财务数据的可用性是业务的当务之急. 如果卖家的数据有漏洞, 买家将立即开始质疑是否需要额外的现金投资来应对这些风险和风险敞口. 在采用和成功执行任何人工智能战略之前，实现数据质量和数据安全至关重要, which is top of mind for many buyers today.
乔恩·希尔顿: 通货膨胀之间, 经济衰退, 劳动力的斗争, 阻碍了获得资本, businesses will sink or adapt so they can swim. A big part of adaptation will occur in the AI space. This has already affected all aspects of the PE landscape.
AI adoption is much like the adoption of any new technology or process in a company. 遵循深思熟虑的计划，在创新方面采取有节制的步骤，是释放人工智能潜力的关键. A good way to think of AI adoption is to apply a three-step approach:
You can follow this framework to scale AI across your organization. 还需要开发一个额外的策略来创建您将根据业务优先级处理的业务流程和领域的路线图.
2023年的交易 is viewed as the start of a five- to eight-year growth cycle for private equity. Anticipating a sell-off of lower quality investments, PE firms will “bet on the bottom” despite lingering market uncertainty through 2024.
Only 5% of our business executives surveyed expect an infusion of cash from private equity firms; however, 分析师预测 reflect the optimism of these executives to focus on growth and vision for 2024.
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