Middle Market Weekly Outlook

Good morning, all. Thomson Reuters data indicates that U.S private equity deal volume has fallen 8 percent as of June 11. This contrasts U.S M&A trends in general, which only fell slightly as valuations increased about 46 percent.

Meanwhile, Harvard Business Review explores private equity in depth–looking granularly at all stages of the investment process. Among the findings, private equity firms indicate a general divergence from typical finance research models when deciding to invest in a company.

Transactions

• Vista Equity to buy EagleView Technology
• Investor group offers to buy Qihoo 360
• Lone Star Funds to buy Balta Group
• GTCR-backed AssuredPartners acquires StoudAdvisors
• SunEdison buys Globeleq Mesoamerica Energy
• Ampersand Capital buys Protein Technologies
• Ares, Varagon Capital form J.V to make middle market loans

Opinions

• U.S private equity deal volume falls 8 percent
• When private equity firms give retirees the short end
• Expectations for financial services M&A are high, but there’s less irrational exuberance
• Considering alternatives investments? Factor in illiquidity
• Tough choices for succession in the family business
• Big banks’ deal-making days aren’t done
• The CVS/Target deal is just the beginning: why retail is ripe for more mergers and acquisitions
• Credit tops equity in distressed-energy investing, managers say
• PE backed company senior executives could greatly benefit from wealth maximization planning
• As stocks rise, regulations tighten, private equity shops see smaller slice of leveraged loan pie
• SEC scrutinizing stapled transactions
• Tired of buying other companies, PE firms now look to acquire each other
• Private equity hunts for oil deals outside the U.S
• Direct investors a growing force in private markets
• Behind the crazy idea that investors can make money and change the world at the same time
• Why 2015 could be the best year for M&A since the financial crisis
• Hold size matters in frothy M&A market
• What private equity investors think they do for the companies they buy

This week in history…AT&T buys cable heavyweight Tele-Communications Inc. for a reported $48 billion, in a move to return to the local phone service game (1998).