In the lower middle market, 33% of buyers were existing companies, a drop from 40% in 2019. This year, first time buyers accounted for 22% of lower middle market activity and serial entrepreneurs accounted for 18%.
Private equity firms remain active, representing 22% of lower middle market buyers in 2020—a slight downtick from last year.
Source: IBBA & M&A Source Market Pulse 2020 Q4 (published 2/9/2021)
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