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Capital Archives - M&A

June 26, 2025

In today’s mergers-and-acquisitions landscape, regulators have swapped their reading glasses for magnifying lenses. Antitrust authorities on both sides of the Atlantic are blocking or re-writing deals that would have sailed through only a few years ago. Whether you’re nursing memories of FTC pushback on vertical tech tie-ups or the CMA’s tough stance on cross-border megamergers,...

June 4, 2025

If you have ever stood beneath a glass skyscraper and felt a small pang of vertigo, you already understand the first emotion most newcomers feel when they look at a modern acquisition’s capital structure. It is tall, reflective, and complicated. Bank term loans, revolvers, first-lien notes, second-lien notes, mezzanine, preferred equity, PIK toggles, seller paper—the...

May 24, 2025

Imagine you walk into a car dealership and the salesperson tells you the sedan on the lot gets “60 miles per gallon—if you only drive downhill with a tailwind.” Technically true, maybe, but it hardly reflects everyday reality. In mergers and acquisitions, “normalized EBITDA” can feel a lot like that downhill‑with‑a‑tailwind claim. The seller’s team...

May 7, 2025

Private equity firms have a certain mystique about them. Some people imagine a group of slick Wall Street types swooping into successful companies, squeezing out profits, and then moving on to the next big deal. Others envision a more respectable, methodical enterprise that identifies undervalued businesses, helps them grow, and then reaps the rewards years...

April 23, 2025

If you’ve spent any time in the mergers and acquisitions world, you’ve probably heard all about so-called “unicorns”—those flashy startups with billion-dollar valuations. But here’s something that doesn’t always make the headlines: mid-market businesses are quietly emerging as the real game-changers. Yes, I’m talking about companies that typically generate anywhere between $10 million and $500...