GF Data Releases Q4 2025 M&A and Leverage Reports

Chicago, IL – February 18, 2026 — GF Data^®, an ACG^® company, has released its latest M&A and Leverage Reports, covering private equity-sponsored transactions completed through December 31, 2025. The reports reflect a middle-market M&A landscape navigating choppy conditions to round out the year amid macroeconomic uncertainty and cautious underwriting.

GF Data’s contributing private equity firms reported 297 completed transactions for the full year—a 23% decline from 2024 and a 41% drop from peak M&A volume recorded in 2021.

In terms of valuations, average purchase price multiples held steady year-over-year at 7.2x trailing 12-month adjusted EBITDA. A look at the quarterly data reveals uneven results, however, with valuations and deal volume often moving in opposite directions. Deal activity was concentrated in larger, well-capitalized transactions, while smaller deals faced greater pressure from financing constraints.

As revealed in GF Data’s Leverage Report, there was a modest improvement in debt availability late in 2025, with platform leverage rebounding in the fourth quarter. Still, leverage levels for 2025 remained below historical norms as sponsored relied more heavily on equity, selectively deploying debt amid a still-cautious credit environment.

The reports, sent exclusively to GF Data subscribers, include detailed drilldowns into valuations by deal size, buyer type, industry, and more, along with market analysis and commentary. The Leverage Report features additional insights into debt use, plus expanded data cuts by deal size, sector, and capital mix.

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) 
ACG is the premier global community for middle-market M&A professionals. ACG's mission is to empower dealmakers with the connections, insights, and resources that accelerate business growth. Founded in 1954, ACG’s global network operates in more than 60 markets worldwide and is comprised of more than 100,000 middle-market professionals who invest in, own, and advise growing companies. Learn more and become a member at acg.org.

Media Contact: 
Katie Maloney 
Vice President, Communications & Content
Association for Corporate Growth 
kmaloney@acg.org