Legacy Market Deal Activity
In 2023 we saw 30 publicly disclosed legacy deals involving some US$8.1bn of estimated gross reserves. This represented the same volume of reserves as in 2022 but spread across 19 fewer deals. A clear indication that deal sizes have continued to grow whilst numbers of deals have dropped. The decrease in deal volumes does not appear to be a result of a lack of deal flow into the market but is generally considered to be down to consolidators being more selective and waiting for the right deal as well as a number of mid market players being less active than in previous years.
Looking to deal activity in 2024, we are seeing a similar level of activity as in 2023, with 16 publicly disclosed deals announced between January and the end of August. North American deals were dominant with 13 of these 16 deals transacted in the region and which represented a bounce back in activity after a quieter year in 2023. In particular, the third quarter saw a significant uptick in activity and it will be interesting to see if this trend continues for the rest of the year leading to activity levels on a par with the past 12 months which feels like it may be the new normal for legacy deal volumes.
For further insights and a copy of the slides we presented at our 2024 PwC Monte Carlo Legacy session, please click below.
Source: PwC deals database
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