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Back to blog September 14, 2022 No Comments Author: Andy Jones

PE-to-PE Deals – Trends by Month

There was a time when private equity firms generally avoided acquiring portfolio companies from other private equity firms. This is no longer the case.

In fact, some PE firms operating at the lower end of the market view larger PE firms as likely exit strategies for their portfolio companies. Conversely, larger PE firms now view smaller PE investors as potential deal flow channels for new acquisitions.

The graph below shows the number of PE-to-PE deals by month, since Jan 2021.

PE-to-PE-Deals-by-Month

PE-to-PE deals were down ~40% for the first half of 2022 compared to the first half of 2021. As seen in our previous data study, this is not just a peculiarity of PE-to-PE deals, but largely indicative of PE acquisitions as a whole (down 26% in the first half of 2022 compared to 2021). That is, the pace of PE acquisitions, industry-wide, has slowed considerably, starting in March 2022.

About the data…

  • Total PE-to-PE Deals for all of 2021 – 662 transactions
  • PE-to-PE Deals (Jan – Jun 2021) – 305 transactions
  • PE-to-PE Deals (Jan – Jun 2022) – 166 transactions
  • NOTE: The data is understated by about 6 PE-to-PE transactions per month because there are some recorded transactions in the database where we know the year, but not the exact month. We have therefore excluded these deals from the graph.

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