GF Data Reports Show Steady Middle-Market Deal Flow Amid More Selective Financing Conditions in Q2

CHICAGO – August 27, 2026 – GF Data^®, an ACG^® company, has released its Q2 2026 M&A and Leverage Reports, which show a middle-market M&A environment marked by steady deal flow, a modest decline in average valuations, and a more selective financing market.

GF Data’s contributing private equity firms reported 85 completed transactions in the second quarter, continuing a steady three-quarter run in which deal counts have held virtually flat. With 170 transactions recorded in the first half of 2026, the market is now tracking toward 340 completed transactions for the full year, a 10% increase from 2025. 

Average purchase price multiples declined in the second quarter to 7.0x trailing 12-month (TTM) adjusted EBITDA, down from 7.3x in Q1. The dip was likely due to the mix of completed deals tracked by GF Data, rather than weakening bids. Activity in the second quarter skewed toward smaller deals, and no transactions closed above $250 million in enterprise value.

The Leverage Report, meanwhile, highlights tighter debt conditions for new platform buyouts. Average total debt on platform transactions declined to 2.9x TTM EBITDA from 3.4x in Q1, while senior debt coverage fell by half a turn. Average senior debt pricing rose to 7.8%, up from 7.2% in the prior quarter, which represented the lowest quarterly reading since 2022. Despite the pullback in platform leverage, debt utilization across all transactions remained near the high end of GF Data’s tracked range.

The M&A and Leverage Reports, available exclusively to GF Data subscribers, include detailed analysis of M&A activity and credit conditions, along with valuations by deal size, buyer type, industry, and other market factors. The Leverage Report provides expanded insights into debt usage, capital structures, and financing trends across sectors and transaction sizes.

Visit gfdata.com to learn more about GF Data and how its data and market intelligence help firms compete more effectively in middle-market dealmaking.

About GF Data

GF Data provides reliable, confidential data on private equity-sponsored M&A transactions in the $1 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 comprises 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