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From Tariffs to Confidence Levels: Where Does the M&A Market Stand?

by Jim Lisy

May 01, 2025 M&A Advisory, Transaction Services, Private Companies, Private Equity

The Cohen & Co team recently returned from the DealMax conference in Las Vegas where representatives of just about every firm involved in the deal world converged to talk M&A. According to event sponsors, over 3,200 professionals attended, representing firms responsible for deploying over $400 billion in investable capital and involved in nearly one-third of total U.S. private deals. Our team alone had well over 100 meetings to discuss market trends, deal criteria and portfolio performance. Below are some of our takeaways:

  • Beginning of the Year Market Performance Left Much to Be Desired. For the third consecutive year, we entered into January with optimism the M&A market would experience healthy growth in 2025. In reality, the market started out okay but tailed off as the second quarter began. While there is still an immense amount of “dry powder” (capital to invest) out there, the supply of deals has been disappointing.
  • Tariffs are a Concern, but, for Now, May Not Rule the Day. Every year at these meetings there is a dominant macro trend that spurs a lot of discussion. In past years, hot topics included how companies performed when faced with events like the Great Recession or COVID-19. This year, no surprise, was all about tariffs and their effect on the market, valuations and portfolio company performance. While theories, confusion and caution ruled the day, in spite of tariffs and their impending mayhem we still saw significant interest in new deal flow — and a sense of comfort in being with others in the field, all navigating the chaos together at DealMAX.
  • Private Equity Firms and Investors Show Optimism in the Face of Change. In spite of many challenges, attendees did seem optimistic. Investors appeared comfortable with the performance of their portfolio companies, although sharper growth would certainly be appreciated. Private equity groups are holding on to their investments a bit longer than they would like, and their investors would appreciate greater liquidity.

Given all the above factors, we certainly wouldn’t characterize the market as vibrant, but it’s not all bad news and can still provide opportunity for the right deals. Business owners who are ready to sell, especially if tariffs are a minor factor affecting the business, will find good valuations and adequate capital to finance a transaction. That said — hold onto your seats for what may lie ahead!

Contact Jim Lisy or a member of your service team to discuss this topic further.

Cohen & Co is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law with your professional advisers.

About the Author

Jim Lisy, CFA®, MBA

Managing Director, Cohen & Co Advisory, LLC
jlisy@cohenco.com
216.774.1153

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