Deal Activity
Growthink Capital Research tracked 1,717 closed M&A transactions with U.S. targets in May and June 2025. This represents a modest decline from the 1,995 transactions recorded in March and April, but activity remains above historical norms. Of these deals, 57% were executed by corporate buyers pursuing strategic expansion initiatives, while the remaining 43% were completed by private equity-backed platforms seeking bolt-on acquisitions.
Key Industries & Verticals
- Top industries: Business Services, Enterprise Software, Media & Information Services, Financial Services, and Consumer Services;Top verticals: Manufacturing, SaaS, AI, TMT, and Industrials – accounting for approximately 31% of total deal volume.
Considering a Sale in 2025 or 2026? Let’s Talk.
Growthink Capital partners with an extensive network of strategic and financial buyers who can offer insight into how your business gets valued in today’s market.
Arrange a meeting with us via this link or by calling (213) 927-3968 to discuss what a future transaction could look like.
Revenue and Earnings Multiples
From transactions where valuation data was disclosed, the median valuation multiple on revenue was 3.59x, while the median EBITDA multiple was 9.16x (excluding companies with negative EBITDA). These valuations highlight that buyers continue to place a premium on topline scale, even in a market where many companies face pressure to maintain strong margins or consistent profitability. This trend underscores the case for exploring synergistic exits—especially for founder-led businesses—where strategic buyers may value growth potential and market position over near-term earnings performance.
Growthink Capital’s Deal Spotlight: OpenAI acquires io Products for $6.5 B
OpenAI is a leading artificial intelligence research and deployment company, best known for developing ChatGPT and related large language models. io Products is a hardware startup founded in 2023 that builds consumer-facing AI-native devices—such as screenless personal assistants—that integrate deeply with foundation models like GPT-4.
The $6.5 billion acquisition marks OpenAI’s largest move into consumer hardware, aiming to create a physical device that serves as a more natural interface for AI. io Products’ founding team includes design veterans from Apple, and its early products explored alternative form factors to smartphones.
Sam Altman has publicly expressed a vision of building a next-generation AI companion that is “always available but never in the way” and acquiring io provides the industrial design and embedded systems talent needed to bring this concept to life.
Though io was pre-revenue (and pre-product) at the time of the deal, the transaction signals OpenAI’s long-term bet on hardware-enabled engagement and voice-based computing.
➡ If You CAN Sell Your Business in 2025, You SHOULD.
Meet the Team
Today, we highlight Anna Vitale, Growthink’s Chief Client Officer, for her leadership in the sale of a family-owned food manufacturer on the West Coast. The process was deeply personal—the founder had passed away before the sale, and the family needed guidance to move forward.
She led a highly targeted outreach strategy balancing strategic and private equity buyers, resulting in 9 offers within two weeks and an 8-figure exit at a premium valuation. Despite initial hesitance from the family to share sensitive financials, Anna, alongside Jay Turo and Jeff Jones, ensured both legacy and financial outcomes were preserved.
“At the heart of any successful transaction is understanding both the business and the human elements. By aligning the right partners, we helped the family find peace with a decision that honored their past while securing their future”.
-Anna Vitale, Chief Client Officer at Growthink, Growthink Capital and GT Securities
In her 13-year tenure at Growthink, Anna brings experience across sectors including healthcare, manufacturing, tech, and real estate, and plays a key role in expanding Growthink’s advisor and investor network nationwide.
Largest Transaction: Capital One acquires Discover Financial Services for $35.3 B
Capital One, a leader in consumer and commercial banking, is known for its data-driven platform and digital-first approach. Discover Financial Services operates in direct banking and payments, with strong offerings in credit cards, personal loans, and its payment networks, including Discover, Pulse, and Diners Club.
This $35.3 billion all-stock deal makes Capital One the largest U.S. credit card issuer, enhancing its ability to offer personalized banking solutions at scale. By merging Discover’s global payment networks and loyal customer base with its own tech and data infrastructure, Capital One aims to increase engagement in both retail and small business banking.
CEO Richard Fairbank called it “two innovative, mission-driven companies” joining forces to offer better experiences for consumers and merchants. Discover, generating $18 billion in annual revenue, was acquired at an implied revenue multiple of 1.96x, reflecting the enduring value of payment networks in a higher interest rate environment.
The Oldest Transaction – 1870-Founded William Penn Bancorp Gets Acquired)
Mid Penn Bancorp, a $6 billion financial holding company, offers commercial banking, residential lending, and wealth services across the Mid-Atlantic. William Penn Bancorp, founded in 1870, is a community bank with 12 branches in the greater Philadelphia metro area.
Growthink Capital’s New Mandates
A publicly listed $2 billion industrial computing company has engaged Growthink Capital to identify strategic acquisition targets that complement its global leadership in embedded systems and industrial IoT. The buyer is pursuing a focused M&A strategy, with flexibility on deal structure and a strong interest in founder-led businesses seeking growth support through expanded distribution, engineering, and manufacturing scale. Here are the acquisition criteria:
If you’re interested in exploring this acquisition opportunity, contact us here or reach out to [email protected] directly.
To explore M&A alternatives for your business – whether that be pursuing a sale of the company, liquidity for shareholders, or growth-by-acquisition opportunities – please get in touch by completing this form or calling us at (213) 927-3968. Securities transactions are conducted through GT Securities, Inc. Member FINRA/SIPC. Nothing in this article should be regarded as an offer to sell or a solicitation of an offer to buy any Investment.