Now We Know Some Stuff

September 11, 2020

Back in April, I wrote a commentary titled “Nobody Knows Anything” that described the immediate challenges facing the M&A industry in the wake of a global health crisis that rendered inoperative most methods of business valuation.

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The Deals Done and Not Done

August 25, 2020

GF Data’s just-released report for the second quarter of 2020 provides a clear view of the M&A marketplace in the months following the onset of Covid-19: Virtually no change in valuations, dramatically reduced volume and dramatically less debt usage.

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Analyzing a Pandemic | GrowthTV

June 25, 2020

Middle Market Growth’s Editor-in-Chief Kathryn Mulligan sits down with Andy Greenberg, CEO of GF Data, a firm that collects proprietary data about private equity-backed transactions, to discuss the data points he’s been watching in the deal environment during the COVID-19 pandemic.

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Who Are You?

May 13, 2020

Last month’s commentary aptly titled Nobody Knows Anything elicited a strong response, mainly in agreement that the conventional methods for valuing most businesses are currently inoperative. If you cannot calibrate risk, you cannot come up with a risk-adjusted view of value. Thus, the deals that were and are getting done fall into a handful of categories in which the investment proposition makes sense notwithstanding the temporary loss of traditional metrics.

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“Nobody Knows Anything”

April 2, 2020

Attempts to gain perspective on the deal market in the midst of coronavirus have reminded me of this ageless observation from the screenwriter William Goldman:

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In the Thermocline

February 26, 2020

In its just-released February report, GF Data turned to an oceanographic term to describe the state of the middle market, noting that all of the action is in the thermocline the layer in deep water subject to significant temperature change even when the surface temperature is changing hardly at all.

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