4th February 2021

The Top 15 Axial Member Deals of 2020

by Peter Lehrman

We will all remember 2020.

Against the backdrop of a global public health crisis, an ensuing devastating economic crisis, and intense U.S. political and social turmoil, private capital markets found a way to march on.

After Q2 2020’s near complete stoppage of lower middle market M&A activity, the diversity of the lower middle market’s buyer set was on full display in the second half of the year. Gone are the days where business owners find themselves choosing between a few incumbent private equity firms and known strategic buyers. The lower middle market is deep and broad, with far more shades of grey, and that is a great thing.

2020’s lower middle market contains many sophisticated family offices, micro PE search funds, SMB owner-operators, thousands of PE-backed strategic buyers, emerging private equity managers, and seasoned independent private equity sponsors. Sector specialists, buy and build generalists, category consolidators. It’s all here, and the data backs it up.

For the fourth year in a row (see 2017, 2018, and 2019), we profile the top 15 Axial Member to Member closed transactions. This year, we selected a set of transactions that demonstrate the aforementioned diversity that we are seeing in the lower middle market.

Read the full article on Axial.

Elvisridge Capital seeks established, privately held, middle- to late-stage businesses based in the United States. We invest in situations where our experience and resources can help generate significant profitability improvement and revenue growth. To begin a conversation, contact us at

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