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The Bonadio Group Investment Banking Team Reaches $900M in Closed M&A Transactions

The Milestone Follows the Release of the Firm’s Q4 2022 Middle-Market M&A Update

ROCHESTER, N.Y. (March 21, 2023) – Following the March 2023 release of its Q4 Middle-Market PE + M&A Update, The Bonadio Group announced today that its investment banking team has reached a milestone of over $900 million in middle-market M&A deals closed over the past 10 years. Results of the report and the milestone achievement highlight enduring stability in deal-making around middle-market enterprises despite economic uncertainty and rising interest rates.

While total deal volume decreased from 2021’s record-setting year, the findings highlighted a continued interest from private equity and strategic buyers in purchasing businesses valued between $10 and $250 million in 2022. This is due in part to “buy-and-build” growth strategies that have proven to be lucrative approaches to inorganic growth in market share and operational expansion. Demonstrating the popularity of these strategic transactions, in the past year alone, add-ons as a share of buyout deals reached 77.9% in Q3 and 77.7% in Q4 throughout the U.S.

“The data we have collected, coupled with Bonadio’s achievement of over $900 million in M&A deals closed over the past decade demonstrate a steady and enduring hunger from middle market buyers,” said Jeff Lewis, partner and investment banking team leader at The Bonadio Group. “The continued success of our clients and our investment banking team proves that competition on deals is still very much present and holding multiples steady despite volatile economic times.”

The report gathered M&A transaction activity regionally and in the context of national trends, examining information and insights on types of deals, multiples, and private equity activity. It also considered the creative tactics buyers are utilizing to forge M&A deals to forego the negative impacts of rising interest rates. Examples include mezzanine debt, seller financing, rollover equity, and earnouts.

For more information on The Bonadio Group’s investment banking offerings and to review the full Q4 Middle-Market PE + M&A Update, visit

About The Bonadio Group
Founded in 1978, The Bonadio Group is a nationally ranked Top 50 CPA firm offering accounting, tax, and consulting services to clients of all sizes. The Firm’s professionals deliver practical, proactive, and innovative solutions to help clients reach their financial, compliance, management, and personal goals. The Bonadio Group is the largest independent provider of accounting, tax, and consulting services in upstate New York—with offices in Albany, Batavia, Buffalo, East Aurora, Rochester, Syracuse, and Utica. The Bonadio Group also has offices in New York City, Rutland, Vt., and Dallas. For more information, visit

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