Greenwich Capital Group：2025年 Q2中端市场并购动态报告（英文版）（18页）.pdf

1、Q2 2025Q2 2025M&A INDUSTRY UPDATEM&A INDUSTRY UPDATEMIDDLE MIDDLE MARKETMARKETCopyright 2024 Greenwich Capital Group LLC.All rights reserved.PAGE 2|GCG MIDDLE MARKET INDUSTRY UPDATE|Q2 2025Industry Trends1Elevated treasury yields continue to put a strain on valuationThe market has shifted from braci

2、ng for rate hikes to confronting the reality of“higher for longer.”For middle market deals,that means financing remains expensive,keeping valuations under pressure and discouraging stretch multiples.Sellers are slow to recalibrate expectations,while buyers continue to underwrite with conservative as

3、sumptions.The result is a wide bid-ask spread that is limiting deal flow.Policy changes begin to influence cost structures and deal certaintyNew tariffs,subsidy rollbacks,and trade realignments are no longer theoretical-they are beginning to impact real P&Ls.Middle market buyers are weighing how the

4、se changes affect cost bases and margin durability which leads to drawn out diligence processes as parties sort out the noise.This uncertainty makes it harder to price risk with conviction.As a result,processes drag,and structuring becomes more defensive.3Private equity capital remains a catalyst-in

5、-waitingPE funds continue to sit on large reserves of dry powder,but conviction to deploy is still scarce.Many sponsors held off selling assets in 20232024,and those portfolios are now aging,creating mounting pressure to transact.For now,activity is highly selective,with capital chasing only the att

6、ractive deals.Once the macro picture clears,the backlog of exits could quickly convert into meaningful deal flow.GCG has observed several key dynamics shaping the middle market M&A environment through Q2 2025.The market has begun to adjust to elevated treasury yields,with the 10-year stabilizing rat