Q2 2017 Manufacturing & Distribution M&A Review and Outlook

M&A activity in the Manufacturing & Distribution (M&D) sector began declining during

the second half of 2016 and was down 18.5 percent during the first four months of 2017.

We believe that election concerns initiated the trend and post-election uncertainties

about tax, regulatory and healthcare reforms continue to hamper transaction activity.

Deal pipelines are now filling though, so we expect activity to once again rise, particularly

given optimism among sector executives as noted in recent surveys.