Middle Market M&A Trends - Q3 2025
This article was originally published by Charter Capital Partners’ investment banking team. Charter Capital’s M&A advisory team has since joined with KSM (Katz, Sapper & Miller) to become KSM Corporate Finance. The content has been republished here for informational purposes and reflects the views at the time of original publication.
Middle market M&A activity remained resilient in Q3 2025, with total deal value rising to $94.3 billion despite a decline in deal volume. The divergence reflects a market increasingly focused on larger, higher-conviction transactions rather than broad-based activity.
Improving financing conditions and expectations for interest rate cuts are supporting a gradual shift from defensive positioning toward growth. While exit activity remains muted, the data suggests the market is beginning to stabilize and position for improved liquidity in 2026.
Our Q3 M&A Trends Report explores what this volume–value disconnect means for business owners, investors, and advisors as deal activity evolves.
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