May 2024 – This First Quarter of 2024 issue of SOLIConnect includes insight into the dip in Healthcare M&As and the volume of private equity deals.

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May 2024 – This First Quarter of 2024 issue of SOLIConnect includes insight into the flat Business Services Index and why it was offset by the strength in the marketing and information services sector.

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May 2024 – This First Quarter of 2024 issue of SOLIConnect includes a discussion concerning default rates, the ratio of downgrades to upgrades, and the future of turnaround and restructuring activity.

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Retail | Fourth Quarter 2023

March 2024 – Retail M&A activity in Q4 2023 rose by 27% to 52 transactions and the Specialty Retailer subsector, comprised 40% (21) of all Retail Sector M&A deals during Q4.

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February 2024 – M&A activity in the Industrial sector increased in Q4 with 139 transactions, as optimism over economic stability in 2025 grew among acquirers.

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Healthcare Services | Fourth Quarter 2023

February 2024 – This Fourth Quarter of 2023 issue of SOLIConnect includes a discussion concerning Healthcare M&A activity declining in 2023 along with mounting labor costs that are continuing to negatively impact broader investor demand.

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Capital Restructuring | Fourth Quarter 2023

January 2024 – This Fourth Quarter of 2023 issue of SOLIConnect includes a discussion concerning default rates soaring in 2023, particularly in consumer facing companies, and could continue to climb in 2024 as cash-strapped companies are burdened with high interest rates.

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Business Services | Fourth Quarter 2023

January 2024 – This issue of SOLIConnect includes a discussion with a regard to a 10.2% increase in the Business Services Sector Index (“SBSS Index”) during Q4 2023, in line with the 11.2% increase experienced by the S&P 500 as optimism for declining interest rates in 2024 drove market valuations higher. However, performance within the SBSS Index varied significantly by sector. HR Services, which is dominated by payroll processors that benefit from rising interest rates, and Business Process Outsourcing, which is facing downward pressure in both demand and pricing from emerging AI applications, were both flat for the quarter. On the other hand, Marketing Services, which is driven by digital marketing but also benefitted from the end to the writers strike, was up 17.3%. Information Services (20.6%) and IT Consulting (12.8%) both outperformed the broader market as demand for IT services and supporting data continues to accelerate.

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Retail | Third Quarter 2023

November 2023 – This Third Quarter 2023 issue of SOLIConnect includes a discussion a discussion with regard to the 23% decline in M&A activity in the sector to 41 transactions. Retail inventories rose slightly, along with retail sales (+1.5% quarter over quarter), suggesting some recovery in consumer spending habits during the quarter.

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November 2023 – This issue of SOLIConnect reports that Healthcare M&A activity declined in Q3 2023, dropping to approximately 500 deals, 16% lower than the prior quarter and 19% lower than Q3 2022. M&A transaction dollar volume in Q3 2023 totaled $36.8 billion, a decline of 41% compared with the $62.6 billion in Q2. The M&A slowdown was pervasive across many healthcare verticals with Physician Medical Groups (PMG) experiencing some of the steepest declines of the quarter with 120 deals, a 20% decrease compared to the previous quarter.

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Industrial Growth | Third Quarter 2023

November 2023 – Merger and acquisition activity in the Industrial sector remained steady in Q3 with 127 transactions, as prolonged expectations for high interest rates kept transaction activity constant. While transaction volumes did not change on a quarter-over-quarter basis, acquisition trends differed from the prior quarter with Industrial manufacturers, especially larger public and private equity backed companies, appearing more comfortable deploying capital in middle-market transactions. Public companies were very active acquirers across all sectors as they sought market advantages by acquiring companies with manufacturing synergies or new business segments.

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Capital Restructuring | Third Quarter 2023

October 2023 – This Third Quarter of 2023 issue of SOLIConnect includes a discussion concerning covenant-lite’s 89% share of the US Leveraged Loan Index, indicative of the extent of future restructuring requirements.

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Business Services | Third Quarter 2023

October 2023 – This issue of SOLIConnect includes a discussion with regard to a 4.0% decline in the Business Services Sector Index during Q3 2023, in line with the 3.7% decline experienced by the S&P 500. However, performance varied significantly by sector. HR Services, which is dominated by payroll processors that benefit from rising interest rates, was up 6% for the quarter, while Professional Staffing and IT Consulting were flat as concerns about rising unemployment and a potential recession receded. On the other hand, the Business Process Outsourcing sector (-8.6%) continued to decline due to concerns that generative AI applications will disrupt demand for traditional outsourced services and Marketing Services (-15.9%) declined as a result of disruptions to the media market caused by the actors and writers strike.

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Retail | Second Quarter 2023

August 2023 – This Second Quarter 2023 issue of SOLIConnect includes a discussion with regard to a 5% decrease in the number of M&A transactions, a leveling off of retail inventories suggesting industry-wide liquidity stabilization through reduced inventory days, as well as retail continuing to be the sector with the most year to date corporate bankruptcy filings.

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Healthcare Services | Second Quarter 2023

August 2023 – This issue of SOLIConnect reports that M&A transaction volume totaled almost 700 deals in Q2 2023, up 50 deals from the prior quarter, but down 7% from the same period a year prior underscoring increased regulatory pressures, shifting reimbursement models, higher borrowing costs, continued labor shortages and wage demands. M&A transaction dollar volume in Q2 2023 totaled $60.3 billion, a decline of 20% from Q1 2023, but virtually equal to the same period a year prior.

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Capital Restructuring | Second Quarter 2023

August 2023 – This Second Quarter of 2023 issue of SOLIConnect discusses the U.S. leveraged loan market facing tightening credit conditions, a weakening M&A pipeline, and rising debt costs amid rate increases that came at the fastest pace in decades.

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July 2023 – Merger and acquisition activity in the Industrial sector rose slightly by 4% to 127 transactions from the prior quarter as many Industrial manufacturers sought synergies and new business segments through M&A. Large strategic acquirers were more active across all sectors, suggesting that corporate economic concerns are beginning to ease, while private equity acquirers also remained active while targeting companies with stable revenue streams to counter potential economic risks.

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