Source: S&P Capital IQ. 1) Includes only transactions with disclosed enterprise value between $10 million and $1 billion.
Number of transactions by buyer type (1)
Q1-2019
Q2-2019
Q3-2019
Q4-2019
Q1-2020
Q2-2020
Q3-2020
Q4-2020
Q1-2021
Q2-2021
Q3-2021
Q4-2021
Q1-2022
Q2-2022
Q3-2022
Q4-2022
Q1-2023
Q2-2023
Q3-2023
Q4-2023
Table 6: California middle market M&A transactions
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Undisclosed
Financial buyer
Strategic buyer