Major public equity indices have been mixed over the last few quarters, decreasing 3.5% in Q3 2023 quarter-over-quarter, but up nearly 7% year-over-year. A resilient U.S. economy and the pausing of rate hikes from the Federal Reserve have reduced concerns of a recession in the current fiscal year. However, despite the overall economic strength, there is still hesitation from investors due to consistently high levels of inflation and historically high interest rates.

Volatile equity markets and credit availability have tempered M&A activity in the overall market. However, the ample supply of equity capital will continue to serve as a catalyst for M&A, with both corporate and private equity buyers competing for high-quality assets. Heading into the fourth quarter, market indicators suggest that transaction activity in the Professional Services sector will continue to outperform the broader market.

BGL’s Quarterly Professional Services Update highlights public company operating metrics and M&A activity in the Human Resources Outsourcing, Contact Center Services, and Fixed Asset Management subsectors. BGL remains committed to informing clients of the current state of the Professional Services market and is always available to discuss appropriate M&A strategies and financing alternatives with its clients and prospects.

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