November 7 - Dealspace Blog (The Deal) - A panel at The Deal's M&A Outlook 2008 conference at the Ritz-Carlton, Battery Park in New York City Wednesday moderated by The Deal senior editor Vyvyan Tenorio weighed in on the impact of the credit crunch on the middle market, what it's done to growth and cyclical deals, and the resilience and volume of the middle market.
The panelists Steven Dresner, president of Dresner Partners; Michael J. Lyons, senior managing director at Lincolnshire Management Inc.; Robin Marshall, a partner at 3i Group plc; and Adam D. Sokoloff, managing director and head of financial sponsors and private capital group for Jefferies & Co.; generally agreed that turmoil in the credit markets hasn't hit the middle market as hard as it has the larger private equity deals.
"In August when things started turning, there was a slight change as some of the lenders were ratcheting things down, but other than that we haven't seen major changes in the debt markets [for middle market deals]. The middle market remains very fluid, and our firm is still very busy," said Lincolnshire's Lyons. "The middle market never got to the very high multiples seen in the larger buyout market, where multiples reaches 8 times or 9 times Ebitda. The middle market never really got past 7 times Ebitda." Read More.
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