August 13 - Financial Week - While the plug has been pulled in the debt markets for the largest leveraged buyouts, activity in the middle market has surged on—for now.
“So far, we’ve seen no change in deal flow,” said Chris Williams, co-founder of middle-market investment bank Harris Williams & Co., adding that his company has closed five deals in recent weeks.
To the segment’s benefit—lately, at least—most middle-market deals, or those under $1 billion, have not been structured with the loosest terms, such as covenant-lite debt issues. Hence, the middle market isn’t feeling the pushback from lenders quite as much as the biggest deals are.
“The turmoil is really applicable at the higher end of the market—the $10 billion and $20 billion take-privates,” said Steve Bernard, director of M&A market analysis with Robert W. Baird, a middle-market investment bank. Read More.
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