Insights
Field notes from the middle market.
Periodic write-ups on methodology, deal dynamics, and the working mechanics of middle-market M&A. Written for practitioners and the people who read their reports.
- April 2026Market Insights
The achievability gap: what earnouts actually pay, and how to negotiate one you'll receive.
Across SRS Acquiom's 2025 Deal Terms Study, mid-market earnouts pay 21 cents on the dollar. Bio-pharma pays 19. We unpack the data, the case law, and the structural choices that determine which side of the median a seller's earnout falls on. Six charts including a term-sheet checklist.
- April 2026Market Insights
The middle-market multiple at a 4% ten-year: what reset rates did to private valuation math.
The textbook said multiples should compress a full turn. In middle-market industrials and services, they mostly didn't. Three things held them up — and one of them is wearing thin.