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TD Survey: Middle-Market Dealmakers Ready to Pursue M&A, but Valuation Gaps Persist
A new TD survey of middle-market dealmakers at ACG DealMAX® 2026 finds confidence remains st...
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[{"type":"text","content":"TD Survey: Middle-Market Dealmakers Ready to Pursue M&A, but Valuation Gaps Persist\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n \n\n\n\n\n A new TD survey of middle-market dealmakers at ACG DealMAX® 2026 finds confidence remains strong, but valuation gaps and execution risk continue to slow deal activity.\n \n\n\n\n\n Middle market dealmakers are entering the second half of 2026 with more confidence, but not without caution. According to TD's survey of financial decision makers at ACG DealMAX, two-thirds (67%) of respondents say conditions are improving and 64% expect deal activity to increase over the next 12 months – even as valuation gaps, macro uncertainty and capital structuring challenges continue to influence when and how transactions get done.\n \n\n\n Key Takeaways\n \n\n\n\n Nearly two-thirds (67%) of middle-market dealmakers expect M&A activity to increase over the next 12 months.\n \n\n Valuation gaps remain a key barrier, with many buyers and sellers still misaligned on price expectations.\n \n\n Dealmakers increasingly prioritize certainty of execution, including speed structure, and financing clarity. Capital availability remains strong, but successful deal completion increasingly depends on disciplined underwriting and realistic assumptions.\n \n\n\n “Middle Market dealmakers are telling us the appetite is there, but the bar for getting deals done is higher,” said Kory Wilcox, Head of Middle Market Financial Sponsor Coverage and Buy-Side Loan Syndication at TD. “Capital is available, but buyers and sellers still need to get aligned on value, structure and execution. In practical terms, the deals moving forward are the ones where both sides have confidence in the economics and a clear path to close.”\n \n\n\n Capital is Available – But Structure is the Sticking Point\n \n\n\n While capital remains broadly accessible, respondents highlighted ongoing challenges in deploying it effectively. One-third (36%) said capital is available but difficult to structure efficiently, while 28% noted that the cost of capital is limiting deal viability. Only 26% believe capital is both readily available and easy to deploy, underscoring ongoing friction in today’s financing environment.\n \n\n\n Valuation Gaps R...