Effram Kaplan | Brown Gibbons Lang & Company
The broader capital markets are healthy, evidenced by intense investor demand. We continue to observe a strong desire to deploy capital and consummate acquisitions, driven by the availability of inexpensive financing options and surplus of capital—market conditions often compared to the last peak M&A cycle in 2007. A driving force in valuations, which was absent from the last cycle, is a persistent supply shortage of quality opportunities to deploy capital. Investors have considerable buying power and are responding in kind using acquisitions to accelerate growth. It’s a hungry market.