Deal Activity
Growthink Capital Research tracked 2,051 closed M&A transactions with U.S. targets in July and August 2025, a 19.5% increase from the 1,717 transactions recorded in May and June.
Of these deals, 60% were executed by corporate buyers pursuing strategic expansion initiatives, while the remaining 40% were completed by private equity-backed platforms seeking bolt-on acquisitions.
The 60% share for strategic buyers is the highest level since May 2024. This trend underscores the case for exploring synergistic exits—especially for founder-led businesses.
| Considering a Sale in 2025 or 2026? Let’s Talk.
With increasing deal activity and high valuation multiples in the market, now is a great time to explore your options. Let Growthink Capital guide you through the valuation process and help you understand how to position your business for maximum value. Reach out today to learn more via this link or by calling us at (213) 927-3968. |
Key Industries & Verticals
In 2025, SaaS, Business Services, AI & Machine Learning continue to dominate M&A activity, driven by the increasing reliance on technology for operational efficiency, automation, and customer engagement.
Revenue and Earnings Valuation Multiples
From transactions where valuation data was disclosed, the median valuation multiple on revenue was 2.33x, while the median EBITDA multiple was 11.2x (excluding companies with negative EBITDA), a 22% increase in the key valuation metric from the 9.16x recorded in May and June.
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Come visit us at Table F1 in the DealSource Room to meet and connect! |
Growthink Capital’s Deal Spotlight: Calabrio takes Verint Private for $1.7 B
Verint Systems helps brands automate customer experiences using AI and its next-gen Verint Open Platform. The company generates the majority of its revenue from the U.S.
On August 25, 2025, Calabrio, with financial backing from Thoma Bravo, acquired Verint for $1.67 billion (1.9x revenue multiple and 13.4x EBITDA multiple) in a public-to-private LBO. The deal was financed with $2.67 billion in debt.
This acquisition highlights strong opportunities for business owners in the AI-driven CX sector. With private equity increasingly backing transformative tech acquisitions, businesses in this space may be primed for lucrative exits, strategic partnerships, and market expansion.
➡ If you can sell your business in 2025 or 2026, now is a good time to get in touch here!
The Largest Transaction – Chevron buys Hess for $60 B
Hess Corporation, an independent oil and gas producer, holds key assets in the Bakken Shale, Guyana, the Gulf of Mexico, and Southeast Asia.
Hess reported 1.44 billion barrels of oil equivalent in net proved reserves and an average daily production of 481 thousand barrels of oil equivalent, with 79% from oil and natural gas liquids.
On July 18, 2025, Chevron (NYSE: CVX) acquired Hess for $60 billion (4.8x revenue and 9.0x EBITDA), strengthening its position in key energy regions and enhancing its leadership in the Permian Basin, Gulf of America, Denver-Julesburg Basin, Kazakhstan, Eastern Mediterranean, and Australia.
The Oldest Transaction – 1840-Funded Dun & Bradstreet Acquired by Clearlake
Dun & Bradstreet provides business decisioning data and analytics across North America and internationally, including Finance & Risk and Sales & Marketing data and insights.
On August 26, 2025, Clearlake Capital completed the acquisition of Dun & Bradstreet for $7.7 billion (3.2x revenue and 9.9x EBITDA) in a public-to-private LBO, supported by $5.5 billion in debt financing. The transaction was initially announced on March 24, 2025, and received approval from D&B’s stockholders on June 12, 2025. Shareholders received $9.15 in cash per share.
Clearlake targeted D&B’s valuable data assets and analytics capabilities to capitalize on the growing demand for decision intelligence solutions, further strengthening its portfolio in financial services and risk management.
Founded in 1841 as The Mercantile Agency by Lewis Tappan, it quickly became the first successful large-scale credit reporting service. In 1859, after being acquired by Robert Graham Dun, it was renamed R. G. Dun & Company, and later merged with competitor John M. Bradstreet in 1933 to form today’s company, which expanded globally and adopted new technologies throughout the 20th century.
Growthink Capital’s New Mandates
We’ve been engaged to facilitate the strategic sale of a leading manufacturer and distributor of diagnostic tests, instruments, reagents, and consumables with extensive Point-Of-Care and lab solutions. With decades of experience, the company has built a scalable, efficient supply chain and strong financial performance, driving consistent EBITDA margins.
Key Highlights:
- Full-service diagnostic platform (core lab, RT-PCR, NGS)
- 60% of products are proprietary or spec-built
- Diverse customer base and U.S.-based supply chain
2024 Financials:
- $8.6M Revenue (+30% from 2023)
- $1M Adjusted EBITDA
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.