Deal Activity
Growthink Capital Research tracked 2,098 closed M&A transactions with U.S. targets in September and October 2025, a slight increase from the 2,051 transactions recorded in July and August.
Of these deals, 61% were executed by corporate buyers, while the remaining 39% were completed by private equity groups seeking new platforms or add-ons to their existing platforms.
The Largest Transaction: Mr. Cooper Acquired by Rocket for $14.2B
Mr. Cooper Group Inc., a leading home loan servicer, was acquired by Rocket Mortgage (a subsidiary of Rocket Companies, NYSE: RKT) on October 1 for $14.2 billion in a strategic transaction.
Mr. Cooper reported $3.09 billion in revenue and $821 million in EBITDA (26.6% margin). This results in an implicit 4.6x valuation multiple on revenue and 17.3x on EBITDA.
The acquisition strengthens Rocket Mortgage’s position in the highly profitable mortgage servicing sector, with Mr. Cooper’s servicing segment contributing significantly to its revenue.
Key Industries & Verticals
In September and October 2025, the following industries and verticals continued to dominate M&A activity, driven by technological advancements and market consolidation.
Growthink Capital’s Deal Spotlight: HealthEdge Acquired for $2.6B
HealthEdge, a leading developer of integrated healthcare software, was acquired on September 4 by Ardan Equity and Bain Capital for $2.6 billion in a public-to-private acquisition.
HealthEdge reported $400 million in revenue and $86 million in EBITDA, from which we can derive the implicit 6.5x multiple on revenue and 30.2x on EBITDA.
The deal highlights the growing demand for technology solutions that connect health plans, providers, and patients, while underscoring the increasing value of digital healthcare transformation.
Revenue and Earnings Valuation Multiples
Based on transactions with disclosed valuation data, the median valuation multiple on revenue was 2.1x, while the median EBITDA multiple was 13.6x (excluding companies with negative EBITDA), marking a 21.2% increase from the EBITDA multiples recorded in July and August.
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The Oldest Transaction: 1847-Founded Winland Foods Acquired by La Doria
Winland Foods, founded in 1847 and based in Oak Brook, Illinois, has long been a key player in the meal preparation business. The company serves retail, foodservice, and industrial customers with a wide range of products including shelf-stable and refrigerated items such as pasta, sauces, condiments, canned vegetables, and legumes.
La Doria, an Italy-based manufacturer renowned for its high-quality pasta, sauces, and juices, acquired Winland Foods in a public-to-private transaction, with financial backing from Investindustrial.
The merger of Winland Foods and La Doria created Windoria Top Holding Ltd., a leading global food manufacturer. The newly formed group now boasts nearly $4 billion in combined sales, operates 28 state-of-the-art facilities, and employs over 5,000 people across North America and Europe.
Growthink Capital’s Latest Transaction
Growthink Capital was engaged to raise institutional funding for DIVINEA (dba Wine Suite), a Milan-based SaaS provider offering a suite of software solutions designed for wineries.
This led to the acquisition of Wine Suite by OrderPort, a key provider of software solutions for wineries, supported by Performant Capital.
The acquisition enables OrderPort to form a global winery software group while providing Wine Suite with enhanced resources and a broader vision for growth.
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