Mid-Year M&A Recap: Mid-Sized Players Making Moves in ’25

Dear Client: In 2024, we noted a marked slowdown in M&A compared to previous years, particularly in the first half. So far in 2025, the number of deals we've reported on across tiers is only slightly higher than the same period in 2024, at around 26 deals.  The lower number of deals the last couple of years is not too surprising given the current environment and downward trends. In fact, a couple big suppliers are actively pulling back on M&A.