Middle Market M&A Outlook

2017 was a banner year for U.S. middle market M&A as advisory fees reached $6.5b, highest level in a decade and just a couple of hundred million short of the ’07 record. We believe that the 2018 could turn out to be another strong year with the newly passed tax reform and unwinding of the leverage guidance. Independent middle market specialists like Houlihan Lokey and William Blair will benefit from this continued activity.