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Dealmakers hold off on launching deals, and due diligence is taking longer in uncertain environment

Good morning, Hubsters. Michael Schoeck here with you from the New York newsroom.

I’ve just returned from ACG’s DealMax 2025 conference in Las Vegas, and I’ve got insights from dealmakers who attended to share with you.

And I’ll provide an update on my ongoing companies for sale coverage, including a few expected transactions I was briefed on at DealMax.

Lastly, I’ll share thoughts from an industrials-focused investment banker on how the tariff rollercoaster is affecting dealmaking in that sector.

First let’s recap what went down in Vegas!

DealMax highlights

Tariffs were top of mind among dealmakers in attendance at ACG’s DealMax 2025 conference, which took place April 7-9 at the Aria Resort and Casino in Las Vegas. (Note: The conversations took place before the 90-pause on most tariffs was announced, but they reflect the ongoing uncertainty surrounding the issue.)

This year’s event drew over 3,200 attendees from PE firms, investment banks, consulting, software and data service providers to the mid-market M&A market. I connected with a plethora of industrials and services-oriented PE firms at the conference.

This was my second consecutive year attending DealMax, and the persistent belief that more deals are right around the corner was just as strong as 2024, despite a full plate of obstacles, including tariffs, immigration, inflation and consumer discretionary spending.

For more specific insights on the current environment for dealmaking, upgrade to the premium version of the Wire.

Companies for sale

In a sign of the deal slump, throughout Q1, I heard about just eight coming-to-market companies per month. For comparison, over the Spring of 2024, I was briefed on 15 to 20 per month.

Upgrade to the premium version of the Wire to find out what the top sub-sectors for Q2 companies coming to market are.

Prepping a company for sale? Got tips on a company for sale? Shoot me a note at [email protected].

Holding off

PE Hub has been actively seeking comments from PE folks about the back-and-forth tariff situation and stock market volatility.

In the premium version of the Wire, I share insights from Andrew Petryk, head of the industrial group at investment bank Brown Gibbons Lang. Upgrade your subscription to earn how the uncertainty around tariffs is affecting new deal launches and due diligence.

That’s a wrap for me. Keep an eye out for the Europe edition of the Wire tomorrow from Irien Joseph and the US edition from John R Fischer.

Cheers, Michael

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

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NREP, the real estate investment management business of Copenhagen-based built environment conglomerate Urban Partners, has decided to see through its existing live deals, despite the surge in market uncertainty brought about by the US government’s imposition of tariffs on other countries. (PERE)

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News in the past week has been dominated by the daily swings of the public markets, the volatility of policy and a focus on the short-term. No doubt then, you’ll be eager for insights on longer-term trends, portfolio construction of private markets investors and nuance. So, let us bring your attention to Nuveen’s EQuilibrium Global Institutional Investor Survey. (Infrastructure Investor)

Deals

They said it

“In this environment of uncertainty, we haven’t pulled a deal from the market. However, we have held off on launching deals that are ready to go to market to see how the next 30 or 45 days play out.”

— Andrew Petryk, managing director and head of industrials, Brown Gibbons Lang

Today's letter was prepared by Michael Schoeck

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