Press release

August 9, 2022

NEW YORK, August 9, 2022 ( –
Axial, the online M&A platform connecting buyers and sellers of U.S. small and midsize companies, has released its lower-middle-market investment banking league tables for the second quarter of 2022. Despite economic uncertainty in the market is facing so far in 2022 – including a formal correction in public equity markets, sustained inflation and a looming recession – the lower middle market remained robust in the second quarter, setting new highs for deal flow and valuations.

Access Q2 2022 Lower Middle Market Investment Banking Rankings

“The trend of increasing lower middle market activity that we have seen since last year continues despite the macroeconomic situation,” said Peter Lehrman, Founder and CEO of Axial. “New deals coming to market through Axial in 2022 are steady compared to a blistering pace in 2021, which is nice to see. Buyers are definitely taking longer to close deals, and we’re seeing break rates of Slightly high LOI, but the market is still really robust.”

Investment banks closed more than 2,700 in-market deals through Axial in the second quarter, representing a 43% year-over-year increase in deal flow and 35% sequential quarterly growth. Average transaction revenue reached $21.8 million in the quarter, compared to $20.1 million in the first quarter. Average EBITDA was $3.8 million. Within the Axial platform, industrial sectors accounted for 21.2% of all transactions on Axial in Q2, followed by consumer goods at 16.2%, technology at 16.1%, health at 14.8% and business services at 8%. Food & Hospitality and Transport follow with just over 7% of total deal flow, along with Financial Services at 2.5% and Energy & Renewables at 2%.

“We saw a pursuit rate of over 12% in the transportation sector, which is 400 basis points higher than the overall platform averages. Based on this data, expect to see a slight increase in transmission agreement closures in 2H 2022,” said Kristina Mayne, Marketing Director at Axial. “This has also proven true in several other industries, as buy-side M&A interest increased significantly in the second quarter. We are seeing robust LOI signed activity despite interest rates and recession stories. Lower middle market acquirers and investment banks should be able to post a strong second half of the year.”

About axis

Axial is the online M&A platform for buyers and sellers of small and midsize US businesses. Professional buyers, top lower-middle-market M&A advisers, and deal-ready business owners trust the company’s pioneering deal sourcing and marketing platforms. A selective list of transactions originating and executed through the Axial platform can be found here. For more information about Axial, visit


For media inquiries, contact:
Kristina Mayne, Director of Marketing
Axial | [email protected]

Source: axial