PRESS RELEASE
Private equity entered 2024 ready to shop, and a study released today by Citizens reveals many business leaders may be open to making a deal.
Nearly three quarters (72%) of small- and mid-size businesses in the U.S. view the private equity industry as a source of current or future partnership and funding, according to the survey. This data comes on the heels of Citizens’ 2024 M&A outlook, which found that sponsors anticipate higher deal volumes in 2024 and expect to buy more than they did in 2023.
“With $2.5 trillion of private equity dry powder on the sidelines, elevated buyer enthusiasm and a positive perception of sponsors should support a constructive environment for dealmaking,” said Don McCree, vice chair and head of commercial banking, Citizens. “At Citizens, our advisors partner with corporate and PE clients every day to find solutions and execute transactions. We are working closely with our clients to help them navigate and take advantage of the evolving deal landscape.”
The Citizens survey of more than 530 decision makers at small- and mid-size businesses in the U.S. was conducted in early 2024 and focused on business leaders’ outlook for economic conditions and assessment of key business inputs in the year ahead. Other key findings include:
“We view private equity as a growing client base,” said McCree. “Our teams have deep relationships with corporate clients as well as private sources of capital, which are a key part of the financial system. Over the last several years, we have expanded our capabilities, particularly in Capital Markets and Advisory and Wealth Management, so we can offer a range of solutions to our clients.”
Methodology
Business leaders at 538 small and mid-size U.S. businesses who are directly involved in corporate decision-making completed a web-based survey in January 2024.
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