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Q3 data shows slowdown in middle-market M&A activity
Chicago, IL — November 18, 2025 — GF Data®, an ACG company, today released its M&A and Leverage Reports covering private equity-sponsored transactions completed through September 30, 2025. The data shows softness in middle-market deal activity through the third quarter, reflecting both seasonal trends and ongoing caution among buyers navigating a higher-cost financing environment.
GF Data’s contributing private equity firms reported 66 completed transactions in Q3—down approximately 20% from the 83 deals recorded in the second quarter. Year to date, 211 transactions have been reported, representing a 27% decline compared to the same period in 2024.
“The third quarter reflected the typical summer slowdown, compounded by continued scrutiny from lenders and investors,” said Bob Dunn, managing director of GF Data. “We’re seeing buyers remain disciplined in a market still adjusting to higher financing costs and varied deal quality.”
Despite lower volume, average purchase price multiples rebounded to 7.5x trailing 12-month adjusted EBITDA, up from 6.9x in the second quarter. The increase was driven by renewed activity in leveraged recapitalizations and growth financings, which tended to involve larger, better-capitalized companies able to sustain higher leverage levels.
The M&A and Leverage Reports are available exclusively to GF Data subscribers. Learn more about GF Data and how it can help you compete more effectively in dealmaking.
About GF Data
GF Data provides reliable, confidential data on private equity-sponsored M&A transactions in the $10 million–$500 million enterprise value range. Our proprietary data is sourced directly from active deal professionals and used by valuation firms, lenders, investors, and M&A advisors for benchmarking, valuation, and market analysis. Learn more about GF Data at gfdata.com or contact us at info@gfdata.com.
About ACG (Association for Corporate Growth)
Founded in 1954, ACG is the premier M&A dealmaking community with a mission of driving middle-market growth. ACG’s global network operates within 61 local markets worldwide and comprises more than 100,000 middle-market professionals who invest in, own, and advise growing companies. Learn more about ACG and become a member at acg.org.
Media Contact:
Katie Maloney
Vice President, Communications & Content
Association for Corporate Growth
kmaloney@acg.org
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