BDO Capital Q3 2023 Electronic Contract Manufacturing Services M&A Market Update

December 2023


The electronic contract manufacturing services (ECMS) sector has demonstrated continued momentum in 2023 despite facing various macro-economic headwinds. Inflationary pressures, supply chain bottlenecks, and labor shortages, combined with a rising interest rate environment, sparked concerns around a potentially looming recession. While M&A activity declined from peak highs in 2021, transaction volume year-to-date (YTD) through Q3 2023 was relatively in-line with historical levels. Well-capitalized investors continue to seek quality assets to add to their portfolios, resulting in healthy multiples and steady deal flow.

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