US Market News
2月前
Capstone Partners Reports: Consumer M&A Market Rebound Delayed, Gradual Improvement Expected in 2026April 27, 2026 10:30 AM
PR Newswire (US)
BOSTON, April 27, 2026 /PRNewswire/ -- Capstone Partners, a leading middle market investment banking firm, released its Annual Consumer M&A Report, which shares insights into public market valuations, the macroeconomic climate, merger and acquisition (M&A) activity, and an outlook for 2026 industry activity. With extensive knowledge and transaction experience, Capstone Partners' Consumer Investment Banking Team provides unique commentary on 14 key sectors: Apparel, Footwear & Accessories; Automotive Aftermarket; Beauty; Beverage; Convenience Store & Retail Fuel; E-Commerce; Food; Home Goods; Outdoor Recreation & Enthusiasts; Pet; Restaurants; Sports Technology; Tactical Products; and Vitamins & Supplements.Capstone believes signs of a rebound in Consumer industry M&A activity have been detected following a year of market uncertainty which dampened activity in 2025. Consumer industry deals fell 18.9% year-over-year (YOY) in 2025, a considerable drop given this contraction follows two years of declines in 2022 (-9.6% YOY) and 2023 (-29.6% YOY) and a year of only moderate growth in 2024 (+8.6% YOY). A large retreat in private equity (PE) dealmaking (-22.9% YOY) linked to market unpredictability and a lack of asset monetization served as one of the largest drivers of this decline. Moreover, a dramatic 33.8% YOY contraction in public strategic acquisitions also strained the Consumer M&A market. This weak appetite—particularly among public buyers—weighed on overall valuations, bringing the median EV/EBITDA multiple down to 9.2x in 2025, the lowest median multiple recorded since Capstone began tracking the data 10 years ago. Despite dampened consumer M&A in 2025, we have seen the initial signs of a rebounding market, due in large part to buyers getting comfortable with macroeconomic uncertainty. We see four major contributors to a positive outlook for consumer M&A in 2026.The number of companies acquired for an enterprise value greater than $250 million significantly expanded and reached a market high in 2025, representing 30.6% of all disclosed consumer M&A deals. Large deals have been the precursor to the opening of broader M&A activity. In years marked by declining consumer M&A volume but a high share of large deals—more than 20% of disclosed deals above $250 million in enterprise value—the Consumer M&A market saw deal volume increase 19.6% on average the following year based on trends from 2016 to 2025.In 2025, Discretionary sectors with strong M&A growth included Tactical Products (+54.3% YOY), Outdoor Recreation & Enthusiasts (+47.7% YOY), Vitamins & Supplements (+30% YOY), and E-Commerce (+12.8% YOY). Discretionary sectors are more exposed to macroeconomic swings, more sensitive to deal volume volatility and margin compression, and more difficult to underwrite during uncertainty. Because of this, investors move towards defensive non-discretionary opportunities in a strained economy. By re-entering the Discretionary vertical, acquirers and investors have indicated that downside risk feels contained, demand has bottomed or stabilized, and operating outlooks have gained credibility again.Notably, PE add-on activity climbed 29.4% month-over-month (MoM) in December 2025 while platforms jumped 75% MoM, a combined 48.3% rise in the final month of the year. As of the end of 2025, 39% of U.S. PE companies have been held for more than four years, indicating a critical junction where PE firms will need to return funds to limited partners (LPs). If exits continue at the current pace (972 in 2025), it would take more than seven years for the backlog of portfolio companies aged four years or older to clear out, according to Capstone's Q4 2025 Capital Markets Update. As a result, exits are expected to accelerate as rate cuts have materialized and LPs are demanding distributions."We expect the initial M&A rebound to come from larger capitalization deals as these companies often understand market complications and are well-equipped to take advantage of a changing market as buyers and sellers. Several Discretionary sectors, which are typically the first pocket of the market to see momentum return in a rebound have been recovering, suggesting a broader industry rally in 2026. Consumer industry PE investment appetite experienced an increase in the past couple of months due to a greater willingness to buy and sell existing portfolio companies despite lingering market uncertainty. With a substantial need for PE firms to monetize an aging backlog of assets and distribute returns to LPs, these factors support expectations for a gradual return to Consumer industry dealmaking in 2026," said Capstone's Head of Investment Banking Ken Wasik, the lead contributor in the report.Also included in this report:How M&A volumes and public market valuations in the Consumer industry fared in 2025.A detailed analysis of M&A valuation drivers for consumer companies.What trends are driving M&A activity across the Consumer industry and a breakdown of each of the 14 highlighted sectors.Expectations for Consumer industry performance and M&A in North America in 2026.Which sectors outperformed the broader Consumer industry and are poised to garner buyer interest in 2026.To access to full report, click here.ABOUT CAPSTONE PARTNERSFor over 20 years, the firm has been a trusted advisor to leading middle market companies, offering a fully integrated range of investment banking and financial advisory services uniquely tailored to help owners, investors, and creditors through each stage of the company's lifecycle. Capstone's services include M&A advisory, debt and equity placement, corporate restructuring, special situations, valuation and fairness opinions and financial advisory services. Headquartered in Boston, the firm has 175+ professionals in multiple offices across the U.S. With 12 dedicated industry groups, Capstone delivers sector-specific expertise through large, cross-functional teams. Capstone is a subsidiary of Huntington Bancshares Incorporated (NASDAQ:HBAN). For more information, visit www.capstonepartners.com.
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Original: Capstone Partners Reports: Consumer M&A Market Rebound Delayed, Gradual Improvement Expected in 2026
US Market News
2月前
Huntington Bancshares Incorporated Reports 2026 First-Quarter EarningsApril 23, 2026 6:30 AM
PR Newswire (US)
Huntington Delivers Strong Start to 2026, Driven by Strong Organic Growth, and Excellent Credit Performance2026 First-Quarter Highlights:Earnings per common share (EPS) for the quarter was $0.25, lower by $0.05 from the prior quarter, and $0.09 lower than the year-ago quarter. Excluding the after-tax impact of Notable Items as detailed in Table 2, adjusted EPS, a non-GAAP measure, was $0.37, unchanged from the prior quarter and higher by $0.03 from the year-ago quarter.Successfully completed the systems conversion of Veritex Holdings, Inc. ("Veritex") in Mid-January.Closed the partnership with Cadence Bank ("Cadence") on February 1, 2026; integration expected to be completed in the second quarter of 2026.Net interest income increased $299 million, or 19%, from the prior quarter, and $465 million, or 33%, from the year-ago quarter. Noninterest income increased $100 million, or 17%, from the prior quarter, to $682 million. From the year-ago quarter, noninterest income increased $188 million, or 38%. Average total loans and leases increased $27.6 billion, or 19%, from the prior quarter to $174.2 billion and increased $43.4 billion, or 33%, from the year-ago quarter, inclusive of the impact of the Cadence and Veritex acquisitions.Average commercial loans grew $20.9 billion, or 24%, from the prior quarter and $34.0 billion, or 46%, from the year-ago quarter.Average consumer loans grew $6.7 billion, or 11%, from the prior quarter and $9.3 billion, or 16%, from the year-ago quarter.Average total deposits increased $31.5 billion, or 18%, from the prior quarter and $43.0 billion, or 27%, from the year-ago quarter, inclusive of the impact of the Cadence and Veritex acquisitions. Net charge-offs of 0.26% of average total loans and leases for the quarter, 2 basis points higher than the prior quarter and unchanged from the year ago quarter.Nonperforming asset ratio of 0.72% at quarter end, 9 basis points higher than the prior quarter.Allowance for credit losses (ACL) of $3.4 billion, or 1.78% of total loans and leases, at quarter end, an increase of $625 million from the prior quarter, with the increase primarily driven by the Cadence acquisition.Common Equity Tier 1 (CET1) risk-based capital ratio was 10.2%, at March 31, 2026, compared to 10.4% at the prior quarter end. Adjusted Common Equity Tier 1, including the impact of AOCI, excluding cash flow hedges, was 9.2%, unchanged from the prior quarter end.Tangible common equity (TCE) ratio of 7.0%, down slightly from the prior quarter end and up from 6.3% a year ago.Tangible book value per share of $9.55, down $0.34, or 3%, from the prior quarter and up $0.75, or 9%, from a year ago. Repurchased $150 million of common shares in the first quarter and an additional $100 million quarter-to-date in the second quarter, representing approximately 13 million shares repurchased year-to-date.On April 22, 2026, the Board of Directors approved a $3 billion share repurchase authorization, replacing the prior authorization.COLUMBUS, Ohio, April 23, 2026 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2026 first quarter of $523 million, or $0.25 per common share, an increase of $4 million, or 1%, from the prior quarter, and a decrease of $4 million, or 1%, from the year-ago quarter, inclusive of $271 million of pre-tax Notable Items in the 2026 first quarter, primarily due to acquisition-related expenses.
Return on average assets was 0.81%, return on average common equity was 7.2%, and return on average tangible common equity (ROTCE) was 11.6% for the quarter.CEO Commentary:"Coming off a transformational year in 2025, Huntington delivered a strong start to 2026 through disciplined execution and continued organic growth," said Steve Steinour, chairman, president, and CEO. "Our core is performing very well, our credit remains strong, and we are driving toward our committed expense and revenue synergies from our Veritex and Cadence partnerships.""With Veritex now fully integrated, we are on schedule for a Cadence conversion in June. The strong engagement we have had from the Cadence teams will help deliver a successful conversion experience for customers. Both partnerships are already delivering growth opportunities across Texas and the South, and we expect further growth for years to come.""As we continue to navigate a period of relative economic uncertainty, our strong balance sheet and industry leading liquidity and reserves position us to be a source of strength for our customers and outperformance for our shareholders.""Our differentiated super regional model, which combines national capabilities with local delivery, helps us deliver durable earnings generation, tangible book value expansion, and attractive financial returns over the long-term."Conference Call / Webcast InformationHuntington's senior management will host an earnings conference call on April 23, 2026, at 9:00 a.m. (Eastern Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington's website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID #13759583. Slides will be available in the Investor Relations section of Huntington's website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington's website. A telephone replay will be available approximately two hours after the completion of the call through May 1, 2026 at (877) 660-6853 or (201) 612-7415; conference ID #13759583.Please see the 2026 First Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington's website, http://www.huntington.com.About HuntingtonHuntington Bancshares Incorporated is a $285 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle-market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates over 1,400 branches in 21 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.Caution Regarding Forward-Looking StatementsThis communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements which are not historical facts and are subject to numerous assumptions, risks, estimates, and uncertainties that are beyond the control of Huntington. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, continue, believe, intend, estimate, plan, trend, objective, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, regulatory, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages; instability in global economic conditions and geopolitical conditions, including U.S. direct involvement in war and other conflicts, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as Federal Deposit Insurance Corporation ("FDIC") special assessments, long-term debt requirements and heightened capital requirements; potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; market perceptions of us and banks generally, including from the effects of social media; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System ("Federal Reserve"); volatility and disruptions in global capital, foreign exchange, and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our "Fair Play" banking philosophy; introduction of new competitive products, such as stablecoins, and new competitors, such as financial technology companies and other "nontraditional" bank competitors; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the Securities and Exchange Commission ("SEC"), the Office of the Comptroller of the Currency, the Federal Reserve, the FDIC, the Consumer Financial Protection Bureau, and state-level regulators; the possibility that the anticipated benefits of recent or proposed acquisitions are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the companies or as a result of the strength of the economy and competitive factors in the areas where the companies do business; and other factors that may affect the future results of Huntington.All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and are based on information available at that time. Huntington does not assume any obligation to update forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in circumstances or other factors affecting forward-looking statements that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. If Huntington updates one or more forward-looking statements, no inference should be drawn that Huntington will make additional updates with respect to those or other forward-looking statements. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. See also the other reports filed with the SEC, including discussions under the "Forward-Looking Statements" and "Risk Factors" of Huntington's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC and available on its website at www.sec.gov.
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Original: Huntington Bancshares Incorporated Reports 2026 First-Quarter Earnings
US Market News
3月前
Huntington Bank Named Official Consumer Bank of the University of MichiganApril 6, 2026 10:00 AM
PR Newswire (US)
Huntington strengthens university partnership through personalized banking services, financial education and dedicated on-campus support for students, faculty and staffDETROIT, April 6, 2026 /PRNewswire/ -- The Huntington National Bank (Huntington) and the University of Michigan announced today that Huntington has been designated as the Official Consumer Bank of the University of Michigan in an exclusive deal that deepens the bank's commitment in the state.
As the university's official consumer bank, Huntington directly offers a variety of unique banking benefits and opportunities, financial education, and on-campus support to the more than 100,000 students, faculty and staff of the University of Michigan-Ann Arbor and Michigan Medicine, including:Special checking account benefits, including waived monthly maintenance fees for certain accounts.Co-branded debit cards and the ability to link the MCard, the official University of Michigan identification card, to their Huntington account. This allows the MCard to be used as a debit card.Mortgage closing cost discounts, as well as access to Huntington's full suite of products and services.Convenient local banking with the addition of six ATMs on the university's campus, including one in the new D. Dan and Betty Kahn Health Care Pavilion hospital.Huntington has also recently invested in new programming at the university, including:Partnering with the university to expand financial literacy programming on campus and in the community.Career initiatives that offer opportunities for University of Michigan students to participate in Huntington's award-winning internship program and its RISE (Recognizing Individuals for Sustained Excellence) program aimed at introducing students to career opportunities in the financial services industry.$250,000 in University of Michigan scholarships and sponsorships of student organizations."Huntington is the bank of choice across the state of Michigan, and we are proud to be the bank of choice for students, faculty and staff of the University of Michigan," said Gary Torgow, chairman of Huntington's board of directors. "Through this partnership, we provide exceptional banking services to the university community and deepen our commitment to making people's lives better, helping businesses thrive and strengthening the communities we serve across the state.""We selected Huntington to be the university's official consumer bank after a thorough and competitive bid process," said Drew Smith, interim vice president for finance at the University of Michigan. "It was important for us to partner with a bank like Huntington that has a strong local presence and is committed to offering outstanding customer service and access to a variety of financial services and benefits."Huntington has approximately 4,000 employees and 300 branches in Michigan, including eight branches in or near Ann Arbor that serve the University of Michigan community. The bank has also been the largest originator, by volume, of Small Business Administration (SBA) 7(a) loans in Michigan since 2008.Learn more about Huntington by visiting Huntington.com.About HuntingtonHuntington Bancshares Incorporated is a $279 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle-market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates nearly 1,400 branches in 21 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.
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Original: Huntington Bank Named Official Consumer Bank of the University of Michigan
US Market News
5月前
Huntington Bank Completes Merger with Cadence Bank, Expanding Presence Across Texas and the SouthFebruary 2, 2026 7:30 AM
PR Newswire (US)
Huntington Bancshares Incorporated's Board of Directors appoints three new board membersCOLUMBUS, Ohio, Feb. 2, 2026 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) today announced it has closed its merger with Cadence Bank, a regional bank headquartered in Houston, Texas and Tupelo, Mississippi.
This strategic partnership accelerates Huntington's growth initiatives across Texas and the South and brings immediate scale in Texas and Mississippi, where Huntington is now the eighth-largest bank in Texas and the number one bank in Mississippi by deposit market share."We're thrilled to welcome our new colleagues and customers from Cadence to Huntington," said Steve Steinour, chairman, president and CEO of Huntington. "This partnership marks a significant milestone for Huntington and will serve as a springboard for growth across a number of high-growth markets across Texas and the South. I'm incredibly grateful to Dan Rollins and the Cadence team for their collaboration and commitment to this next era of our combined organization."The combined company has approximately $279 billion in assets, $221 billion in deposits and $187 billion in loans based on Dec. 31, 2025 balances. Cadence's 390 branches across Texas and the South will bolster Huntington's branch network to nearly 1,400 locations across 21 states – from the Midwest to the South to Texas. Huntington intends to maintain Cadence's branch network—with no branch closures—and invest to grow it over time."Today is a historic milestone for Cadence and Huntington as we officially unite to forge a top-ten bank nationally with a shared mission to deliver the same relationship-first, community-based approach that our legacies are built on," Rollins said. "Our customers will benefit from Huntington's expanded capabilities and award-winning digital tools. I'm incredibly proud of our teams who made this possible and energized for what's ahead.""Through this partnership, we are going to deliver even more for our customers," said Brant Standridge, president of Consumer & Regional Banking at Huntington. "Our teams are working closely together so we can quickly deploy the full Huntington franchise into our new markets, to more quickly and seamlessly help customers access the tools and advice that will help them meet their financial goals. I'm deeply grateful to our teams for making this progress possible and excited for the enhanced experience we'll deliver together."In connection with the acquisition, Huntington's Board of Directors appointed three new directors, all former directors of Cadence Bank:James D. "Dan" Rollins III, Chairman and CEO of Cadence Bank, who has joined Huntington as non-executive Vice Chairman of the Board of Directors of Huntington Bancshares Incorporated as well as a director of Huntington Bancshares Incorporated and The Huntington National Bank.Rollins had served as Chairman of Cadence Bank's Board since April 2014 and CEO of Cadence Bank since November 2012. Prior to those roles, Rollins served as president and Chief Operating Officer of Houston-based Prosperity Bancshares, Inc. Throughout his four-decade banking career he also held leadership roles at Matagorda Banking Centers of Prosperity Bank, First State Bank and Trust Company. He also serves as chairman of the North Mississippi Health Services' board of directors and is a member of the finance committee and major gifts committee for the Healthcare Foundation of North Mississippi.Virginia Hepner, Retired President and CEO of The Woodruff Arts Center; Retired Wachovia Bank executiveHepner is a retired banking executive and real estate investor who spent 25 years with Wachovia Bank (a Wells Fargo Company) in various leadership roles, including as Managing Director of U.S. Corporate Finance, the head of Foreign Exchange and Derivatives Trading, and Commercial Banking Director for Atlanta. She also serves on the boards of Oxford Industries, Inc., National Vision Holdings, Inc. and a number of nonprofit organizations.Alice Rodriguez, Co-Owner, Kendall Milagro, Inc.; Retired JPMorgan Chase & Co. executiveRodriguez is a retired banking executive who spent 35 years with JP Morgan Chase & Co in a variety of roles, including as Managing Director, Head of Community Impact and Regional Director, Consumer Banking and Wealth Management. She is Co-Owner of Kendall Milagro, Inc., a Dallas-based boutique home builder and real estate investor. Rodriguez is Past Chair of the United States Hispanic Chamber of Commerce and serves on the boards of Oncor Holdings and a number of nonprofit organizations."Huntington is privileged to add these three directors to our Board," said Steinour. "Their unique skillsets and impressive experience will be great complements to our deeply engaged group of directors, who are collectively committed to serving us with a shared vision and shared values in support of all our stakeholders."Cadence customers will continue to bank as normal at their existing branches, and customer accounts are expected to be converted to Huntington's systems in mid-2026. Cadence customers will receive detailed information about the pending account conversions in the coming weeks. Huntington customers will not be impacted by the conversion.About Huntington
Huntington Bancshares Incorporated is a $279 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle-market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates nearly 1,400 branches in 21 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.
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Original: Huntington Bank Completes Merger with Cadence Bank, Expanding Presence Across Texas and the South
US Market News
5月前
Capstone Partners & IMAP Release 2025-2026 Trends in Global M&A Research SurveyJanuary 29, 2026 1:14 PM
PR Newswire (US)
Advisors' M&A Outlook Remains Strong for 2026 Despite Rising Geopolitical and Macroeconomic HeadwindsBOSTON, Jan. 29, 2026 /PRNewswire/ -- Capstone Partners, a leading middle market investment banking firm, in conjunction with its partner IMAP, a leading global investment banking advisory firm, released its annual Trends in Global M&A Survey Report, with insights from M&A advisors across the world. This report combines Capstone's in-depth investment banking knowledge with proprietary data obtained from 106 participating IMAP merger and acquisition (M&A) advisors across 54 countries. Conducted between November 10, 2025, and November 24, 2025, the survey captures sentiment at a pivotal moment in global middle market M&A, providing insight into M&A market activity throughout 2025 and anticipated dealmaking conditions in 2026.Key Findings:On a global basis, advisors ranked the geopolitical environment as the most likely factor to impact their clients' business operations in 2026. This marks a stark contrast to previous survey studies, where advisors ranked inflation as the largest influence on client operations for three consecutive years between 2022 and 2024.As uncertainty around trade and macroeconomic volatility continues to settle, the vast majority (72.6%) of advisors surveyed expect M&A deal flow to increase in 2026. While this marks a 6.4% decline year-over-year (YOY), investment bankers' optimism for M&A activity has largely persisted.While interest rate cuts in Europe, North America and parts of Asia throughout 2024 and 2025 have largely kept investment bankers' private equity (PE) M&A outlook elevated for 2026—with the lion's share (45.3%) of total investment bankers surveyed expecting sponsor dealmaking to increase in 2026—recent trade policy volatility has seen this figure decline 5.7% compared to 2025 expectations.Several external factors are slated to continue challenging the global M&A market, with most (56.6%) advisors ranking market volatility/economic uncertainty as the top factor expected to delay or inhibit deal closings in 2026. Notably, 40.6% of advisors also cited trade uncertainty/tariff policies as a leading external element to curb M&A in 2026.Due to recent trade policy volatility and subsequent supply chain bottlenecks, advisors expect global expansion (+7.8% YOY) and vertical integration (+5.1% YOY) deals to gain traction in 2026. In contrast, expectations for recapitalizations (-12% YOY) and capital raises (-10.7% YOY) have fallen amid advisors' expectations that M&A deal activity will improve throughout 2026.Buyers have become increasingly selective in their M&A pursuits, prioritizing target companies with robust financial visibility. Of note, 66% of total investment bankers surveyed indicated that recurring revenue will be the most important characteristic to acquirers in 2026.Roughly a quarter (25.5%) of advisors anticipate M&A transaction multiples in 2026 to moderately rise compared to 2025. However, most (66%) advisors foresee little to no change in M&A multiples in 2026.Advisors identified realistic deal valuations as the most prominent element expected to help sellers achieve a successful M&A transaction in 2026. This represents a close alignment with the nearly half (48.1%) of advisors anticipating excessive valuation expectations to hinder deal closings in 2026.Through this research, Capstone Partners and IMAP have tracked notable impacts on the global M&A market, current economic environment, as well as M&A advisors' expectations on pricing trends and regional opportunities and risks moving forward into 2026.The report also provides an analysis of sell-side M&A considerations for middle market business owners looking to pursue a liquidity event.To access the full report including a breakout of the results by industry and region, click here.ABOUT CAPSTONE PARTNERSFor over 20 years, the firm has been a trusted advisor to leading middle market companies, offering a fully integrated range of investment banking and financial advisory services uniquely tailored to help owners, investors, and creditors through each stage of the company's lifecycle. Capstone's services include M&A advisory, debt and equity placement, corporate restructuring, special situations, valuation and fairness opinions and financial advisory services. Headquartered in Boston, the firm has 175+ professionals in multiple offices across the U.S. With 12 dedicated industry groups, Capstone delivers sector-specific expertise through large, cross-functional teams. Capstone is a subsidiary of Huntington Bancshares Incorporated (NASDAQ:HBAN). For more information, visit www.capstonepartners.com.ABOUT IMAPIMAP is an International Mergers and Acquisitions Partnership with a 50-year track record, more than 450 M&A professionals worldwide and a presence in 51 countries. IMAP has closed over 2,200 transactions valued at $130 billion in the last 10 years and is consistently ranked in the world's Top 10 M&A advisors (Refinitiv) for mid-market transactions. For more information, visit www.imap.com.
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Original: Capstone Partners & IMAP Release 2025-2026 Trends in Global M&A Research Survey
US Market News
5月前
TTM Technologies, Dutch Bros, Advanced Energy Industries, and American Healthcare REIT Set to Join S&P MidCap 400; Others to Join S&P SmallCap 600January 27, 2026 11:02 PM
PR Newswire (US)
NEW YORK, Jan. 27, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400, S&P SmallCap 600:
S&P SmallCap 600 constituent TTM Technologies Inc. (NASD: TTMI) will replace Civitas Resources Inc. (NYSE: CIVI) in the S&P MidCap 400, and Amneal Pharmaceuticals Inc. (NASD: AMRX) will replace TTM Technologies in the S&P SmallCap 600 effective prior to the opening of trading on Friday, January 30. S&P SmallCap 600 constituent SM Energy Co. (NYSE: SM) is acquiring Civitas Resources in a deal expected to be completed soon, pending final closing conditions. SM Energy will remain in the S&P SmallCap 600 post-merger.Dutch Bros Inc. (NYSE: BROS) will replace PotlatchDeltic Corp. (NASD: PCH) in the S&P MidCap 400 effective prior to the opening of trading on Monday, February 2. S&P MidCap 400 constituent Rayonier Inc. (NYSE: RYN) is acquiring PotlatchDeltic in a deal expected to be completed soon, pending final closing conditions. Rayonier will remain in the S&P MidCap 400 post-merger.S&P SmallCap 600 constituent Advanced Energy Industries Inc. (NASD: AEIS) will replace Comerica Inc. (NYSE: CMA) in the S&P MidCap 400, and Apellis Pharmaceuticals Inc. (NASD: APLS) will replace Advanced Energy Industries in the S&P SmallCap 600 effective prior to the opening of trading on Monday, February 2. S&P 500 constituent Fifth Third Bancorp (NASD: FITB) is acquiring Comerica in a deal expected to be completed soon, pending final closing conditions.American Healthcare REIT Inc. (NYSE: AHR) will replace Cadence Bank (NYSE: CADE) in the S&P MidCap 400 effective prior to the opening of trading on Monday, February 2. S&P 500 constituent Huntington Bancshares Inc. (NASD: HBAN) is acquiring Cadence Bank in a deal expected to be completed soon, pending final closing conditions.LegalZoom.com Inc. (NASD: LZ) will replace Elme Communities (NYSE: ELME) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, February 2. Elme Communities has announced ongoing liquidation activities and is no longer appropriate for the S&P SmallCap 600.Following is a summary of the changes that will take place prior to the open of trading on the effective date:Effective DateIndex Name ActionCompany NameTickerGICS SectorJan 30, 2026S&P MidCap 400AdditionTTM TechnologiesTTMIInformation TechnologyJan 30, 2026S&P MidCap 400DeletionCivitas ResourcesCIVIEnergyJan 30, 2026S&P SmallCap 600AdditionAmneal PharmaceuticalsAMRXHealth CareJan 30, 2026S&P SmallCap 600DeletionTTM TechnologiesTTMIInformation TechnologyFeb 2, 2026S&P MidCap 400AdditionDutch BrosBROSConsumer DiscretionaryFeb 2, 2026S&P MidCap 400AdditionAdvanced Energy IndustriesAEISInformation TechnologyFeb 2, 2026S&P MidCap 400AdditionAmerican Healthcare REITAHRReal EstateFeb 2, 2026S&P MidCap 400DeletionComericaCMAFinancialsFeb 2, 2026S&P MidCap 400DeletionCadence BankCADEFinancialsFeb 2, 2026S&P MidCap 400DeletionPotlatchDelticPCHReal EstateFeb 2, 2026S&P SmallCap 600AdditionApellis PharmaceuticalsAPLSHealth CareFeb 2, 2026S&P SmallCap 600AdditionLegalZoom.comLZIndustrialsFeb 2, 2026S&P SmallCap 600DeletionAdvanced Energy IndustriesAEISInformation TechnologyFeb 2, 2026S&P SmallCap 600DeletionElme CommunitiesELMEReal EstateABOUT S&P DOW JONES INDICESS&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/.FOR MORE INFORMATION:S&P Dow Jones Indices
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View original content:https://www.prnewswire.com/news-releases/ttm-technologies-dutch-bros-advanced-energy-industries-and-american-healthcare-reit-set-to-join-sp-midcap-400-others-to-join-sp-smallcap-600-302671845.htmlSOURCE S&P Dow Jones Indices
Original: TTM Technologies, Dutch Bros, Advanced Energy Industries, and American Healthcare REIT Set to Join S&P MidCap 400; Others to Join S&P SmallCap 600
fung_derf
3年前
Hope I'm allowed to re-post this, but this sums up our current bank crisis.
What the SVB closure may mean for markets
The closure is unlikely to trigger a crisis, but may have other impacts.
BY JURRIEN TIMMER, DIRECTOR OF GLOBAL MACRO FOR FIDELITY MANAGEMENT & RESEARCH COMPANY (FMRCO), FIDELITY VIEWPOINTS – 03/13/2023 5 MIN READ
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Key takeaways
Regulators have put new measures in recent days to help ensure that the Silicon Valley Bank (SVB) closure doesn't escalate into a broader banking crisis.
However, what happened at SVB is indicative of a more widespread mismatch between bank assets and liabilities, which could have implications for bank profit margins.
It's too soon to tell if the events of the past week will influence the trajectory of the Fed's rate-hiking cycle.
News has been breaking fast in recent days in the aftermath of the closures of Silicon Valley Bank (SVB) and Signature Bank. While the news cycle has been moving quickly and markets are still adjusting, here is an initial look at what has happened so far, and what it may mean for markets.
What happened at SVB
About the expert
Jurrien Timmer is the director of global macro in Fidelity's Global Asset Allocation Division, specializing in global macro strategy and active asset allocation. He joined Fidelity in 1995 as a technical research analyst.
In very simple terms, SVB experienced massive deposit growth over the past few years. This was at least in part driven by a boom in venture capital. It invested a chunk of these deposits in long-dated bonds, at a time when yields were at generational lows.
As interest rates rose, the prices of those long-dated bonds fell (bond prices move inversely to interest rates), creating substantial investment losses for SVB. After SVB announced that it had lost $1.8 billion in asset sales, the bank attempted to raise additional investment capital last week, but was unable to. Many customers then rapidly withdrew deposits, and finally the bank was seized by regulators on Friday.
Once the dust has settled, we can discuss the causes of the SVB episode. But for now, the more pressing questions are: Could the events of the past week have the potential to escalate to a systemic event, such as a large-scale banking crisis? Even if not, could there be other impacts for the financial sector? And what might this episode mean for the Fed's rate-hiking cycle?
Here is my opinion, at this initial stage, on those questions.
This is unlikely to escalate into a systemic bank crisis
The US's primary safeguard against bank runs is, of course, FDIC insurance. FDIC standard insurance covers up to $250,000 per depositor, per bank, per account ownership category. While there was initially a lack of clarity over what might happen to SVB depositors holding more than that amount at the bank, the Fed, FDIC, and Treasury issued a joint statement over the weekend confirming that depositors would have access to all their money starting Monday.
Another weekend announcement from regulators was the creation of the Bank Term Funding Program, or BTFP, to serve as an additional backstop. The BTFP will lend money to banks that need cash to meet deposit withdrawals, and let banks use some types of bonds and debt assets as collateral for those loans (with the intention of helping to prevent repeat occurrences of what happened at SVB—so that banks don't need to sell bonds at losses in order to meet withdrawals).
In my opinion, these measures should help reduce any risk that the incident triggers a systemic event.
But further, it's important to remember that this has been primarily a liquidity event (i.e., there were insufficient liquid assets on hand to meet immediate cash demands), rather than a solvency crisis (such as one in which a bank simply has insufficient equity relative to its debt). The financial crisis in 2008 was both, and the regulation that followed has left the banking sector in a much stronger position.
Yet, there could be broader implications for the financial sector
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At the same time, this episode does bring to light the fact that banks have been paying depositors much less than competing short-term vehicles do. This typically happens during tightening cycles, but the spread is particularly large now—with banks generally paying about 0.5% on deposits right now, compared with a 4.5% average money-market yield.
After the events of the past week, banks may now have to start competing for those deposits, by paying higher rates. But paying higher rates on deposits could eat into net interest margins (the difference between what banks earn on the loans they make and pay on the deposits they hold), impacting the overall profitability of the financial sector. Even if they don't start offering higher rates on deposits, any banks that use the new BTFP lending facility will have to pay a rate significantly higher than current deposit rates.
So, even though SVB is unlikely to lead to a systemic crisis, it seems that there could indeed be some lasting repercussions for the financial sector.
Potential implications for the Fed's rate-hike cycle
There's an old adage that says during Fed tightening cycles, the Fed usually keeps raising rates until something "breaks." In 2007 it was subprime mortgages, in 1998 it was Long-Term Capital Management, and so on.
In my view, the key question right now is whether the collapse of SVB and the creation of the BTFP mark the "breaking point" for this Fed cycle. Because if so, it has implications for the valuation of all assets, including stocks.
What happened at SVB speaks to the overall asset-liability mismatch that is now happening for many institutions. Banks generally borrow at the short-term end of the yield curve (i.e., with deposits), and lend at the long-term end of the yield curve (i.e., with bonds and mortgages). Under normal conditions, short-term rates are lower than long-term rates, and so banks keep the difference between the short-term rates they pay and long-term rates they earn.
But currently the yield curve is "inverted," with short-term rates significantly higher than long-term rates. This inversion is, essentially, a by-product of the Fed's rate-hike cycle. And it's also led to the mismatch experienced by SVB and other institutions.
And herein lies the dilemma that the Fed faces. On the one hand, inflation remains too high and unemployment is at multi-decade lows—which suggests more rate hikes. But now, the Fed needs to create a liquidity backstop to solve a problem that is the very by-product of this rate-hike cycle.
I'm inclined to think that if the SVB saga fades into the background, then the Fed will resume its hawkish posturing. But if SVB is actually a shot across the bow that the Fed is going too far, then it will be a moment of truth for the Fed and for this market cycle. In that case, the Fed might have to choose between financial stability and containing inflation expectations.
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