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2023 M&A Deal Terms and Trends for Private Equity Buyers

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Our 2023 SRS Acquiom M&A Deal Terms Study analyzes more than 2,100 private-target M&A transactions valued at more than $460 billion that closed between 2017 and 2022.

Find out how selected deal terms from the 2023 SRS Acquiom M&A Deal Terms Study compare when a private equity buyer (a PE fund directly acquiring a target company) or a private equity-backed buyer (PE portfolio company) is on the buy-side. Learn more about how financial buyers structure their bids to succeed against other buyers, such as with fewer and smaller earnouts.

Deal trend topics include:

  • Closing Considerations
  • Earnouts (excluding Life Sciences deals), Earnout metrics, and Earnout “Efforts Language and Operational Covenants
  • Purchase Price Adjustments (PPA), PPA Separate Escrows, and PPA Accounting Methodology
  • Survival (or not) of Seller’s General Reps and Warranties
  • Usage of Reps and Warranties Insurance
  • Deal & General Indemnification Escrows

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Kip Wallen

Senior Director, Thought Leadership tel:720-452-5364

Kip Wallen is a senior director leading the SRS Acquiom thought leadership practice. He leverages his extensive expertise and SRS Acquiom proprietary data to produce resourceful content regularly utilized by market practitioners. Kip has broad experience in M&A and provides guidance on market standards and trends.

Previously, Kip was a Director with the SRS Acquiom Transactional Group, where he collaborated with clients and counsel to negotiate M&A documents including purchase, escrow, payments, and other transactional agreements. Before joining SRS Acquiom, Kip was an attorney with a Denver-based boutique business law firm where he assisted clients with M&A transactions as well as general corporate governance and securities matters.

Kip is an avid supporter of the Colorado Symphony, serving on the Associate Board and Colorado Symphony Fund Board, and the Colorado Rockies. He is an active participant on the American Bar Association’s M&A Committee. In 2016, Kip completed Leadership 20 with the Denver chapter of the Association for Corporate Growth.

Kip received his J.D. from the Sturm College of Law at the University of Denver and an M.S. in Economics, B.S. in Economics and B.A. in International Relations from Lehigh University. He is a member of the Colorado bar.

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