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Middle-Market Private Equity + M&A Update – Q1 2022

The Middle-Market PE + M&A Update is a quarterly publication for the Upstate NY deal-making community, presented by the Upstate Capital Association of NY and The Bonadio Group, reporting on transaction activity regionally and in the context of national trends.  This report provides information and insights on types of deals, multiples, and private equity activity. 

Upstate Capital is Upstate NY’s membership network for private equity investors, M&A professionals, venture capital investors, CEOs and business owners, entrepreneurs and ecosystem support professionals. Our mission is to increase access to capital for companies and deal flow for investors across New York.

The Bonadio Group is a top 50 CPA firm delivering a full spectrum of services to help clients address financial and business challenges. Combining deep technical expertise with keen understanding of our clients’ businesses, we offer knowledgeable commentary on a broad spectrum of industry trends through written articles, in-person seminars, webinars, thought leadership & more.

Jeff Lewis

IBTA Team Leader/ Partner, The Bonadio Group

Dave Dinolfo

IBTA Team Partner, The Bonadio Group

Noa Conger Simons

President and CEO, Upstate Capital

Randy Bianchi

Chairman, Upstate Capital & Managing Partner, Lakelet Capital

Note: For purposes of this report, we define the “middle-market” as companies with enterprise values between $10 and $250 million. Some third-party data sources do not present deal data in that size range on a standalone basis, to avoid excluding deals where transaction values were not disclosed (which is often the case for transactions in this size range). We reference overall trends as a proxy for what’s happening in the middle market.