In private-target M&A, working capital purchase price adjustments (PPAs) have become ubiquitous. Present in more than 90% of transactions today, these provisions are now routinely resulting in adjustments, even impacting deal economics.
It’s important to both get the calculation details right when negotiating these provisions and pay attention when it comes time to finalize the calculations post-closing. To help, we’ve created a summary sheet of essential PPA stats.
These key stats are derived from the 2026 SRS Acquiom M&A Working Capital Purchase Price Adjustment Study, which analyzes more than 1,500 private-target acquisitions with finalized PPAs, most of which are not publicly reported. These deals were valued at more than $385 billion.
Kip is a senior director leading the SRS Acquiom thought leadership practice, the mission of which is to share resourceful content built from SRS Acquiom expertise and proprietary data. In addition to facilitating scores of interactive presentations at M&A conferences and law firms, Kip authors a plethora of articles and data studies regularly utilized by the market.
Previously, Kip was a part of 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, he was an attorney with a Denver-based boutique business law firm working on middle-market M&A deals.
Kip holds J.D. and M.S. (Econometrics) degrees and is a member of the Colorado bar.