The extraordinary 2021 M&A market saw record levels of middle- market deal activity, even with significant transaction processing constraints toward the end of the year. Deal resources including quality of earnings accountants, representation & warranty insurance providers, lawyers and even investment banker time were in scarce supply. The whole deal community shifted to close the deals already in process rather make new business pitches and prioritized higher-quality, larger deals over smaller, lower-quality deals. This produced a new business “backlog” that was supposed to prime the 2022 M&A market and sustain the M&A bull market.

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