Middle-market dealmaking is in many ways a window into the soul of wider M&A activity and, in turn, the economy at large. Yet the middle market is not easily captured. Assessments will vary -- sometimes dramatically -- by market sector, geographic region (not just continents or countries, but municipalities) and a host of other variables. Attempting to capture the middle-market "environment," then, is not unlike asking the three blind guys to describe an elephant in the Indian parable (the first, feeling the elephant's side, describes it as broad and sturdy, the second, feeling its tusk, says it is like a spear, the third, holding the trunk, likens it to a snake). We've taken a shot at it anyway.
-- See the full Faces of the Middle Market slideshow here --
Our annual Faces of the Middle Market issue features nine
individuals from seven firms, representing a cross-section of buy side,
advisory and service provider (that's singular; the law firm Dechert LLP
is the only service provider). While it was of course impossible to
represent every one of the world's regions, we made sure to include
individuals and firms whose primary area of business is outside the
United States. One subject, Business Development Asia LLC's Euan Rellie, is in fact almost entirely focuses on Asia, primarily China. Another, McColl Partners, is looking to grow through a European partnership. A third, McGladrey Capital Markets LLC's
Hector Cuellar, while not focused on a particular region per se, is
able to gain a semblance of clarity on today's environment from a past
Latin American crisis.
Private investment in public equity
and distressed investing, two topics du jour, figure prominently as
well. So do specific sectors, financial services and energy, that have
been at the forefront of middle-market dealmaking. With Lazard Middle Market LLC,
we have an advisory firm whose wide range allows perhaps the closest
thing to a "top-down" view of the middle market. So what's the
consensus? Is there one? You'll have to read for yourself to find out.
-- See the full Faces of the Middle Market slideshow here --
