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Serial Acquirers in M&A: Who’s Closing Multiple Deals?
In recent years, the rise of “serial buyers” has been a noticeable trend in the lower middle market. As noted in Forbes, “serial acquirers tend to generate high long-term value through acquisitions of companies in the lower middle market sector, taking advantage of the relative simplicity in valuation, management and post-acquisition integration. The experience accumulated with recurring acquisitions refines the team’s skills, optimizes processes and effectively tests procedures, contributing to leaner and more effective management of M&A operations.”
On the Axial platform, repeat buyers have continued to play a role, representing ~22% of all closed deals in 2023 and 2024 YTD. Even with a 24% YoY increase in total closed deals, the steady presence of repeat closers might suggest their staying power in shaping the ever-evolving M&A deal environment.
Closed Deals | 2023 – 2024 YTD
Today, we’re sharing Axial platform data on repeat closers to shed light on the types of companies and transactions finding success in this segment. All data is anonymized to protect the confidentiality of Axial members and transactions.
Demographics of Repeat Closers | 2022 – Present
Industries
Company Type
Capital Source
There’s often a misconception that repeat financial buyers are primarily private equity firms or family offices, given their access to committed capital. However, Axial data reveals a broader mix. Independent sponsors, for example, account for 36.7% of repeat closers; this shows that a significant portion of repeat buyers rely on balance sheets or raise funds on a deal-by-deal basis, rather than using traditional committed capital. This diversity in buyer type and capital structure suggests repeat M&A activity is far less limited to traditional players than often assumed.
Select Repeat Closers
| Company Type | HQ Location | Capital Source | Employees | Portfolio Companies | Joined Axial | Axial Closed Deals |
|---|---|---|---|---|---|---|
| Corporation | Mid-Atlantic | Balance Sheet | 51-200 | 6 | Q2 2021 | 2 |
| Family Office | South Atlantic | Deal By Deal | 2-10 | 5 | Q1 2022 | 2 |
| Private Equity | South Central | Deal By Deal | 2-10 | 17 | Q4 2011 | 7 |
| Holding Company | Pacific | Committed Capital | 11-50 | 6 | Q4 2019 | 3 |
| Independent Sponsor | South Central | Deal By Deal | 11-50 | 8 | Q4 2019 | 3 |
| Family Office | East South Central | Personal Wealth | 11-50 | 11 | Q2 2014 | 5 |
| Private Equity | Midwest | Deal By Deal | 2-10 | 10 | Q1 2013 | 2 |
| Independent Sponsor | South Central | Committed Capital | 2-10 | 6 | Q2 2015 | 3 |
The smaller size of the majority of firms above challenges the notion that closing multiple deals requires a large organizational structure. Instead, these smaller firms are likely able to leverage focused expertise, efficient deal-by-deal funding strategies, and specialized networks to close deals repeatedly. This suggests that deal volume is less about firm size and more about strategic efficiency and targeted execution.
Below is a selection of anonymized closed deals via Axial by the featured repeat closers listed above.
Select Closed Deals By Repeat Closers
| Company Type | Axial Closed Deal | Industry | Revenue | EBITDA | Multiple | Closed |
|---|---|---|---|---|---|---|
| Corporation | 1st | Industrials | $6,760,000 | $900,000 | 6.11 | Q2 2022 |
| 2nd | Industrials | $7,000,000 | $1,000,000 | 5.50 | Q4 2022 | |
| Family Office | 1st | Business Services | $3,504,067 | $1,536,314 | 2.34 | Q2 2024 |
| 2nd | Industrials | $1,800,000 | $700,000 | 5.16 | Q3 2024 | |
| Private Equity | 4th | Technology | $13,000,000 | $2,000,000 | 4.40 | Q1 2022 |
| 5th | Business Services | $4,380,000 | $270,000 | 6.67 | Q3 2022 | |
| 6th | Technology | $2,674,514 | $915,759 | 4.95 | Q4 2022 | |
| 7th | Technology | $19,190,000 | $3,620,000 | 4.60 | Q3 2023 | |
| Holding Company | 1st | Healthcare | $2,002,000 | $374,000 | 10.70 | Q4 2021 |
| 2nd | Technology | $2,862,914 | $520,000 | 10.06 | Q3 2022 | |
| Independent Sponsor | 2nd | Education | $4,500,000 | $2,300,000 | 5.11 | Q2 2022 |
| 3rd | Industrials | $18,556,787 | $8,289,766 | 3.62 | Q3 2024 | |
| Family Office | 4th | Industrials | $4,850,000 | $570,000 | 4.39 | Q3 2022 |
| 5th | Industrials | $5,000,000 | $900,000 | 4.60 | Q3 2023 | |
| Private Equity | 1st | Transportation | $19,100,000 | $3,000,000 | 4.26 | Q2 2019 |
| 2nd | Consumer Goods | $11,600,000 | $2,100,000 | 3.88 | Q4 2024 | |
| Independent Sponsor | 1st | Consumer Goods | $1,088,000 | $119,000 | 12.10 | Q3 2022 |
| 2nd | Consumer Goods | $9,800,000 | $1,117,231 | 6.40 | Q4 2022 | |
| 3rd | Consumer Goods | $8,735,923 | $935,968 | 5.98 | Q4 2022 |
Axial is the trusted deal platform serving the lower middle market ($2.5-$250M TEV).
Over 3,500 advisory firms and 3,000 corporate and financial buyers have joined Axial to efficiently connect with relevant capital partners, source actionable deals, and build new relationships.
Visit the Member Closed Deals page to see selected transactions that have been sourced and closed via Axial.
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