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Resilience of Mid Market M&A in 2008
SOURCE: Financial Times (FTfm supplement) by Steve Johnson
DATE: 2nd June 2008
M&A activity in the mid-market sector is proving more resilient to the credit crucnh than the wider market, according to data from Baird, a specialist Investment Bank.
The Milwaukee-based bank recorded 367 disclosed dealsof under £500m in the UK in the first quarter of the year, just 15% below that for the 'highly bouyant' first quarter of 2007, although deals values fell 37% to £12.1bn, suggesting that the lower end of the market was more robust. In the US there were 781 deals, 25% fewer than the year earlier.
......The mid-market accounted for an unusually high 47% of all deals by value in the first quarter 2008.
Mike Magluilo, Director of the Investment Banking group Baird, said strategic tarde buyers were supplanting private equity.