Livingstone’s Quarterly Market and Transaction Update

Another busy year for Livingstone—all signs point to continued momentum in 2015

Our pipeline suggests this robust deal market is here to stay for the next several quarters.

In 2014, we were very active in each of our core sectors – industrial, healthcare, business services, consumer, and media:tech — across M&A, debt capital markets, and even special situations. Strong activity in both Europe and the U.S. allowed us to further establish our reputation and track record in complex international and cross-border transactions.

With capital at the ready and a favorable financing market, privately-held and institutionally-owned companies alike are looking to exit before the market finds the other side of its peak. It seems all private equity-owned companies that can be positioned as growth platforms are on the block regardless of traditional hold periods. We agree with their assessment — now is clearly an excellent time to consider a range of exit alternatives. We are advising our clients contemplating a sale or monetization event that they risk more than they stand to gain by not acting — at least for next 12 to 24 months.

Steve Miles
Managing Partner, Chicago


Total Transactions


Debt & Restructuring Transactions


Transaction Value


PE Buyer or Seller


M&A was up more than 12% in 2014. We’re now closing in on pre-recession transaction levels.

With improving consumer confidence, strong corporate profits, still favorable credit markets, and plenty of dry powder, the stars continue to align for an even stronger year in 2015. Mega-deals continue to grab headlines, but it’s the middle market that’s proving to be the real transaction engine domestically and abroad. Given the continued supply and demand imbalance, buyers and investors across sub-sector, size, growth and quality spectrums are all paying up.

Andrew Isgrig
Global Industrials
Partner, Chicago

Privately-held and institutionally-owned companies alike are looking to exit before the market finds the other side of its peak.

Steve Miles, Managing Partner, Chicago


We anticipate both leverage and pricing to follow what we saw during Q4 2014.

Commercial banks should continue to support deals and structures they can get comfortable with; however, the days of banks being in an absolute frenzy to put capital to work – like we saw in 2013 and early 2014 – are all but gone. While debt capital should still be readily available to support LBOs, corporate M&A, and dividend recapitalizations, finding the right lender will likely become more nuanced.

Tom Lesch
Debt Capital Markets
Director, Chicago

power supply products manufacturer, a portfolio company of

has been sold to

business process outsourcing services provider has received financing from

has received financing for acquisition of InTouch Automation, Inc. by

portfolio company of

has received acquisition financing from

automotive components manufacturer has received acquisition financing from


leading manufacturer of jacks, actuators, and lifting systems has been sold to

provider of physical therapy and sports medicine services has been acquired by

leading provider of technical information to the automotive aftermarket has been acquired by

leading environmental waste solutions provider has acquired

custom plastic packaging thermoformer has been sold to


power generation equipment manufacturer has been sold to

leading independent Fire and Security service provider has been sold to

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