Middle-Market M&A Rebounds, but Uncertainty Still Weighs on 2025

The first quarter of 2025 offered a mixed—but telling—portrait of M&A activity across the middle market.

Early momentum drove a 210% quarter-over-quarter surge in deal volume, only to be tempered by inflationary pressures and shifting trade policies.

In Colonnade Advisors’ latest whitepaper, we break down:

• Where private equity is still aggressively deploying capital
• Why RIA and insurance sectors are showing unusual resilience
• What’s behind the rebound in lower middle market valuations (11x median)
• How add-on deals and growth equity are reshaping PE strategy in a high-rate world

📥 M&A Quarterly Update: 2025 First Quarter

Let’s talk if you’re considering a transaction this year—conditions are evolving fast.