by greenmellen
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July 2022 – This issue of SOLIConnect includes a discussion about the 25% increase in M&A activity in the Industrial sector, despite challenging market conditions.
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by greenmellen
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July 2022 – This issue of SOLIConnect includes a discussion about the growth in behavioral health services, one of the most sought-after sectors in healthcare services M&A.
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by greenmellen
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by greenmellen
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May 2022 – This First Quarter of 2022 issue of SOLIConnect reflects on current and prospective late expansion market indicators impacting the outlook for credit and leveraged loan markets, including rising interest rates, inflation, supply chain challenges, and ongoing looseness of credit terms.
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by greenmellen
May 2022 – With healthcare M&A activity continuing to set records in First Quarter of 2022, this issue of SOLIConnect discusses recovery from the pandemic disruption and its impact on the industry and various sectors.
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by greenmellen
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April 2022 – The SOLIC Industrial Sector Growth Index (“SISG Index”) declined (-2.7%) as compared to the broader S&P (-4.9%) and NASDAQ (-9.7%) indices over the same period, and experienced negative results across six of the seven subsectors – Metals was the only subsector to experience positive results. The Industrial sector’s capital markets performance relative to the previous quarter was due to the following interlinked drivers: spikes in certain commodities prices and ongoing supply chain constraints, exacerbated by the Russian invasion of the Ukraine, and the Fed’s signaling of prospective rate increases to combat rampant inflation, adversely impacting margins in a majority of the subsectors.
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by greenmellen
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April 2022 – The SOLIC Business Services Sector Index (“SBSS Index”) declined by 8.2% during Q1 2022 compared to a 4.9% decline by the S&P 500, reflecting growing investor uncertainty about the impact of the war in Ukraine, record inflation and rising interest rates. Several Business Services sub-sectors, however, either outperformed or were in line with the overall market during the quarter. Stocks for Specialty Consulting Services (-2.5%), HR Services (-5.1%) and Professional Staffing (-6.3%) reflected continued strong demand for labor supply and HR recruiting services given the historical tight labor market. Marketing Services (-5.3%) continues to experience strong demand as companies of all sizes seek to employ new digital tools to attract and retain customers.
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by greenmellen
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February 2022 – With distressed indicators reaching a multi-year low during the Fourth Quarter of 2021, this issue of SOLIConnect discusses the possibility that debt markets are at a tipping point with the prospect of rising interest rates and inflation.
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by greenmellen
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January 2022 – The SOLIC Business Services Sector Index (“SBSS Index”) rose 8.7% in Q4 2021, consistent with the 9.4% increase for the S&P 500. While the Business Services sector overall was consistent with broader markets, there was significant divergence within subsectors. The IT Consulting index was up by over 24% and the HR Services index increased by 18.3%, led by payroll companies such as ADP and Paychex and the view that such companies would benefit from accelerating employment in 2022 as well as rising interest rates. On the other side, the Professional Staffing Index was up only 1.9% during the quarter, representing a pull back after record appreciation during the first half of 2021.
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by greenmellen
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January 2022 – Healthcare M&A activity in 2021 was a record-breaking year with more than 2,100 transactions, totaling more than $456 billion in announced M&A deal value, according to preliminary figures from Irving Levin Associates Inc. Transactional growth was achieved across almost all sectors and buyers ranged from small local investors to international private equity and venture capital firms. Significant drivers of deal activity include: (i) demographic changes, resulting in an older population requiring increased utilization of home health and hospice services and personalized physician care, (ii) the rise of substance use disorders and stress from the COVID-19 pandemic, and (iii) the shift to value-based care, pushing providers to adopt patient engagement and care coordination solutions. Due to rising demand, even with COVID still impacting the U.S. economy, investors, both strategic and financial, seek to capitalize on the robust healthcare market. The year saw sharply higher deal growth in the physician practice, digital health, diagnostics, and distribution sectors.
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by greenmellen
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January 2022 – The SOLIC Industrial Sector Growth Index (“SISG Index”) increased 8.0% as compared to the broader S&P (+8.9%) and NASDAQ (-4.0%) indices over the same period, and experienced positive results across six of the seven subsectors. The Industrial sector’s capital markets performance relative to the previous quarter was due to spikes in certain commodities prices and ongoing supply chain constraints, adversely impacting margins in certain subsectors.
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by greenmellen
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by greenmellen
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November 2021 – At the end of third quarter 2021, Moody’s and S&P reported default rates of 2.5% and 2.4%, respectively. Low levels of loan default rates are expected well into 2022 with almost all near-term indicators of future defaults suggesting a lower default rate ahead, with credit metrics stabilizing, continued favorable lending conditions, and a strong economic rebound anticipated into next year.
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by greenmellen
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November 2021 – After rising over 13% through Q2 2021, the SOLIC Business Services Sector Index (“SBSS Index”) was essentially flat during Q3 2021, increasing 0.7% in Q3 2021 compared to a 6.6% increase for the S&P 500. In particular, concern over the growing impact of the delta variant, along with rising inflation and supply chain challenges, caused stocks of services-related businesses to pull back in August and September. Stocks of Marketing Services (-11.5%) and Professional Staffing (-5%) experienced the greatest pullback in Q3, while IT Consulting (+8.4%), Specialty Consulting (+4.8%) and Information Services (+4.5%) experienced the strongest performance.
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by greenmellen
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October 2021 – Healthcare M&A activity in Q3 2021 continued its record pace started in Q1 2021. According to preliminary figures from Irving Levin Associates Inc., healthcare M&A transaction volume reached 590 deals, up slightly from the previous quarter and 1.5x the same quarter a year prior. The M&A environment is projected to remain robust due to a combination of sellers’ desire to close transactions before a possible increase in capital gains tax next year, an abundance of dry powder from private equity, and a large, fragmented healthcare market to deploy capital. Although some headwinds are on the horizon — including inflation and the possibility of interest rate hikes next year — dealmakers are, so far, undeterred. Transaction activity was robust in all sectors, but was particularly strong in physician services, post-acute care health systems, and healthcare technology.
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by greenmellen
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October 2021 – The SOLIC Industrial Sector Growth Index (“SISG Index”) decreased 2.3% as compared to the broader S&P (+6.6%) and NASDAQ (+1.5%) indices over the same period, and experienced positive results across three of the seven subsectors. The Industrial sector’s capital markets performance relative to the previous quarter was due to spikes in certain commodities prices and ongoing supply chain constraints, adversely impacting margins in certain subsectors.
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