德安华（Kroll）：2025年秋季专业分销行业洞察报告（英文版）-三个皮匠报告

1、Learn MoreIndustry InsightsFALL 2025Specialty Distribution Industry Highlights M&A activity in the North American specialty distribution industry slowed in the Trailing Twelve Months(TTM)Aug-25 period,representing a year-on-year decrease of 21%in volume compared to TTM Aug-24.Elevated interest rates

2、,macroeconomic uncertainty and differing value expectations between buyers and sellers limited M&A activity.Geopolitical concerns,including tariffs,have prompted many business owners to exercise patience before committing to an M&A process,while buyers have adopted a more risk-averse approach.The re

3、cent 25 basis point interest rate cut,along with the expectation of additional rate reductions in 2025 and continued pent-up dry powder,has led to cautious optimism for increased deal activity for the remainder of 2025 and into 2026.The consumer discretionary distribution sector has been the most re

4、silient,showing positive growth in TTM Aug-25 compared to TTM Aug-24.In contrast,M&A activity in the consumer staples distribution sector declined approximately 21%in TTM Aug-25 vs.TTM Aug-24.OverviewDeals reported in the Specialty Distribution sector in the TTM Aug-25 period375Decrease in year-on-y

5、ear(YoY)deals betweenTTM Aug-25 and TTM Aug-2421.1%Increase in healthcare subsector stock performance recorded between January 2024 and August 202530.4%Aggregate average enterprise value(EV)/TTM EBITDA multiple within specialty distribution industry13.0 xSources:Capital IQ,CME FedWatchMarket UpdateM

6、&A Market CommentaryM&A activity in the North American specialty distribution sector continues to decline,mirroring broader market trends.As of August 2025,deal volume has consistently fallen compared to previous quarters.This slowdown is driven in part by uncertainty stemming from tariffs and geopo

德安华（Kroll）：2025年秋季专业分销行业洞察报告（英文版）（19页）.pdf

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