Accelerating Into 2024
Global Industrial Group Builds on Momentum, Shares Positive 2024 Outlook
The market for industrial transactions was challenging in 2023 given the unprecedented rise in interest rates, economic uncertainty and geopolitical headwinds. Despite industrial M&A activity being down over 30% in 2023, Baird was successful in closing the same number of transactions in 2023 as the prior year, meaningfully increasing our market share. Not only were we effective at navigating transactions across the finish line, Baird realized a ~2x EBITDA premium to the average industrial transaction multiple in 2023.
Keeping our full team in place despite market uncertainty, we leveraged our global sector expertise and teamwork approach to deliver great outcomes for our clients, and are exceptionally well positioned to further deliver for our clients in 2024 and beyond.
Our Global Industrial team experienced an upward shift in momentum during Q4 of 2023 with a number of high-profile transaction signings. This acceleration is continuing into early 2024 with a record backlog and an active pipeline of high-quality transactions.
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2023 Industrial Group By the Numbers
Active M&A Transaction Volume
- 33 signed or closed industrial M&A transactions
- 11 public and private capital market transactions
- Over $20B in total transaction value
High Quality Outcomes
- >11x average industrial sellside EBITDA multiple, representing a 2x premium to the market
- 48% of our sellsides delivered strategic outcomes
Global Team & Reach
- 40% of our sellsides were cross-border transactions
- 100+ dedicated industrial bankers globally
Industrial Deal Diversity
- 15 of our industrial sub-sectors completed transactions in 2023
- Size ranging from ~$50M to ~$2.5B
Note: Statistics represent closed and signed 2023 transactions.
Select 2023 Transactions
Baird's recent signed and closed transactions demonstrate more favorable process dynamics that (along with improving public market backdrop) bode well for improving M&A volumes and close rates in 2024. Moderating inflation, lower recessionary risk and large amounts of cash on the sidelines are all expected to improve market conditions in 2024.
Industrial M&A Outlook
M&A Market Outlook
European PE Outlook
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