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About the study
In private-target M&A, working capital purchase price adjustments (PPAs) have become the norm – present in more than 90% of transactions today, up from 50% just a decade ago. What is behind this shift? What other PPA trends are emerging?
The 2026 SRS Acquiom M&A Working Capital Purchase Price Adjustment Study analyzes more than 1,500 private-target acquisitions, most of which are not publicly reported. These deals were valued at more than $385 billion with finalized PPAs. The study also includes drafting considerations and additional insights from SRS Acquiom in-house CPAs and Chartered Accountants who, together, have resolved more than 2,900 PPAs.
Learn more about:
- How are deal parties negotiating PPA provisions? Explore trends in PPA customization based on deal dynamics.
- What to know when sizing PPA escrows? Glean insights about separate escrows and trends in claim sizes.
- What actually happens? Learn more about the time and process afforded to PPA reviews and resolutions.
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 as Treasurer and Trustee. 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.
Register to Receive an Advance Copy
Please complete the form below to register to receive our 2026 Working Capital Purchase Price Adjustment Study before its release to the general public. The study will be emailed to you as soon as it is available.