This quarter, 3,193 M&A transactions closed with U.S. targets. The median deal value hit $128.75 million. And a single deal – SpaceX’s acquisition of xAI – topped $250 billion.
Whether you’re building toward an exit or simply want to understand what your company might be worth in today’s market, this quarter’s data tells a clear story: buyers are active, valuations are strong, and opportunities are real.
Q1 By The Numbers
Corporate buyers led the charge at 57% of all deals, pursuing strategic expansion. Private equity accounted for the remaining 43%, hunting for new platforms and add-ons.
Where The Action Was
B2B Services, Enterprise Software, and Manufacturing dominated deal flow this quarter.
Here’s how the activity broke down by industry and vertical:
If your business touches any of these verticals, buyers are paying attention.
The Quarter’s Biggest Moves
SpaceX + xAI: $250 Billion – On February 2, SpaceX announced the acquisition of xAI to create what Elon Musk described as a vertically-integrated AI, aerospace, and communications empire. At $250B, it was the largest deal of the quarter by a wide margin. Musk’s full announcement here.
AES Corporation: $41.5 Billion – A consortium led by EQT and Global Infrastructure Partners (with Qatar Investment Authority and CalPERS) took this global energy company private on March 6. With $12.3B in revenue and $2.6B in EBITDA, the deal implied multiples of 3.4x revenue and 15.9x EBITDA.
Deals Spotlight: Authentic Brands Group’s Shopping Spree
Authentic Brands Group – owner of Brooks Brothers, Reebok, Quiksilver, Forever 21 and many other iconic brands – made two notable acquisitions this quarter.
GUESS? – $2.46B valuation (Jan 23): Acquired via a $1.4B public-to-private LBO alongside BlackRock, CVC, General Atlantic, and others. The deal valued Guess at 0.78x revenue and 13.33x EBITDA – a testament to the enduring value of a globally recognized brand.
Dockers – $311M LBO (Feb 27): Another brand acquisition by Authentic’s consortium, reinforcing its strategy of rolling up iconic consumer brands.
What Are Businesses Selling For?
These median multiples are in line with the prior period, with valuations remaining historically strong, especially for profitable, well-positioned businesses.
From the Archives: A Firm Founded in 1812
The oldest company acquired this quarter was Wyatt, Tarrant & Combs, a full-service law firm founded in 1812 – a decade before the Monroe Doctrine. On February 1, it was acquired by Bricker & Eckler (founded 1945) for an undisclosed amount, combining capabilities across litigation, M&A, estate planning, and public sector law.
This is a reminder that every business – regardless of age or industry – eventually faces the question of what comes next.
Active Buyer Alert: $400M+ in Dry Powder
We are currently working with a buyer actively seeking to deploy over $400 million in North American companies with more than $1 million in EBITDA across the following sectors:
- Commercial glazing installation, service, and repair;
- Electronic manufacturing services serving industrial, aerospace and defense, and medical end markets;
- Distribution of flooring, tile, and stone countertops;
- Managed IT services with security and cloud capabilities serving SMBs in compliance-driven sectors;
- B2B media businesses serving professional audiences through primarily digital advertising, content, and events.
If your business fits one of these profiles, this is a real, active buyer – not a hypothetical. Reach out to us at [email protected], call us at (213) 927-3968 or complete our contact form.