First Quarter, 2025

ACQUISITION FINANCING

The case studies, deals, sectors and issues driving middle market acquisition financing for 2025.

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Acquisition Financing in the Middle Market: The Shift to Alternative and Specialty Debt Solutions

Acquisition Financing in the Middle Market: The Shift to Alternative and Specialty Debt Solutions

Introduction: A New Playbook for Private Equity and Specialty Finance The middle market’s acquisition financing game has flipped over the past 15 years. Private equity (PE), armed with institutional capital hunting yield, and specialty finance, with its knack for creative solutions, have rewritten the rules. Gone are the days when bank-led cash flow lending ran the show. Since the 2008 Global Financial Crisis (GFC), sponsors...

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Sector Spotlights

Sector Spotlights

M&A Sector Spotlight: Technology & Software 2025 Outlook

M&A Sector Spotlight: Energy 2025 Outlook

Energy M&A stormed back in 2024, racking up $135 billion across 280 transactions—an 18% surge from 2023, according to PitchBook. A tangled energy transition, skyrocketing power demand, and favorable policy shifts fueled the rebound. Looking to 2025, private equity, specialty...

M&A Sector Spotlight: Technology & Software 2025 Outlook

M&A Sector Spotlight: Healthcare 2025 Outlook

Healthcare M&A carved out $110 billion across 420 deals in 2024, a 12% climb from 2023, according to PitchBook. Labor shortages, an aging population, and technology’s relentless push propelled the upswing. For private equity, specialty lenders, and investment bankers, 2025...

M&A Sector Spotlight: Technology & Software 2025 Outlook

M&A Sector Spotlight: Manufacturing 2025 Outlook

U.S. manufacturing M&A surged to $92 billion across 340 deals in 2024, a 15% rise from 2023, according to PitchBook. Reshoring efforts, automation advances, and government incentives ignited the upswing. For private equity, specialty lenders, and investment bankers, 2025 promises...

M&A Sector Spotlight: Technology & Software 2025 Outlook

M&A Sector Spotlight: Retail 2025 Outlook

Retail M&A climbed to $85 billion across 310 deals in 2024, a 10% increase from 2023, according to PitchBook. Digital transformation, omnichannel adjustments, and economic pressures drove the ascent. Looking ahead, 2025 could see the pipeline swell to $95 billion—provided...

Featured Case Study

The Aaron’s Company, founded in 1955, leads the lease-to-own industry with over 1,200 stores and a strong e-commerce platform across the U.S. and Canada. In 2022, it acquired BrandsMart U.S.A., enhancing its market reach. In 2025, facing a complex take-private acquisition, Aaron’s partnered with Second Avenue Capital Partners (SACP). SACP provided a tailored lending solution, ensuring liquidity, stability, and growth potential, seamlessly guiding Aaron’s into private ownership with expertise and precision.

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