Yes, we are clearly in a recession. 21.4 million jobs have been lost. Consumer spending is down 7.5% as of April 1. $669 billion in PPP and $600 billion in Main Street loans are being extended by the government. What does this mean for middle market M&A? The first weeks of the coronavirus crisis paused deal-making. Financial buyers had to redirect their focus and energy to the health of their portfolio companies at the expense of new deal activity. Strategic buyers were conserving cash and shoring up operations. Deals in progress were re-evaluated, and some were put on hold. But now, like the spring flowers of Mother’s Day, deal activity is beginning to perk-up. Should we look back to … [Read more...]