Despite a record setting year in 2021, M&A activity is being challenged by macroeconomic and geopolitical headwinds. Rising interest rates and inflation rates are putting downward pressure on pricing metrics in both the public and private markets. Public markets are… Read More >
What’s It Worth, Summer 2020
During Q2 2020 (April-June), the public and private capital markets experienced the full effects of COVID-19 throughout the 90-day period. Deal volume halted as the number of completed deals declined by over 50% from recent levels; however, based on the… Read More >
What’s It Worth, Spring 2020
During the first quarter of 2020, buyers and sellers experienced at least two strong months of deal volume before COVID-19 dramatically slowed down M&A activity in March. Investors’ views of certain industries and sectors have changed significantly since January, and… Read More >
COVID-19 Impact on Valuation – When was it known or knowable?
During the past few weeks, business owners have been thrust into a new normal and forced to evaluate the potential short-term and long-term implications of COVID-19 on their businesses, employees, and families. One word that I have heard in almost… Read More >
What’s It Worth, Summer 2019
U.S. private equity deal activity remains robust and continued fundraising and private equity dry powder (funds raised but not yet invested) will drive competition and push deal prices upwards. Private equity firms continue to search aggressively for smaller deals in… Read More >
What’s It Worth, Spring 2019
U.S. private equity deal activity and total transaction value dipped slightly in Q1 2019, but prices on completed deals remain elevated. Continued record-breaking fundraising efforts and private equity dry powder (funds raised but not yet invested) will likely continue to… Read More >
Michael Stone Featured in Rotary Magazine
In the most recent issue, Michael Stone was featured in Rotary International’s magazine in the article, “7 Things You Don’t Know about Rotaract: Decoding the Secrets of their Success.” Michael, a Vice President for the firm who is active in… Read More >
Michael Stone Promoted to Vice President
Porter White & Company is pleased to announce the promotion of Michael Stone to Vice President. Michael joined the firm in January 2011 and is active in the investment banking practice, focusing on mergers and acquisitions (buy-side and sell-side), capital… Read More >
Stone Offers Thoughts on Startups Raising Capital
Businesses that want to grow and expand must raise capital to fund their goals. For startups, the fundraising process can be extremely challenging. Recently, the Birmingham Business Journal examined fundraising trends for startups in Birmingham and invited several investment banking… Read More >
What’s It Worth, Q4 2016
Our quarterly valuation review explores recent valuation trends in the public and private markets, directed to small and middle market business owners and the professionals and financial institutions that serve them. The review is designed to provide realistic guidance on… Read More >
BBJ Reports on Valuation Trends
In late August, Porter White and Company (PWCo) published “What’s it Worth, Q1 2016,” a quarterly valuation review that explores recent valuation trends in the public and private markets. In the report, PWCo highlights the fact that U.S. private equity… Read More >
What’s It Worth, Q1 2016
Our quarterly valuation review explores recent valuation trends in the public and private markets, directed to small and middle market business owners and the professionals and financial institutions that serve them. The review is designed to provide realistic guidance on… Read More >
Intergenerational Transfers of Businesses
On August 4th of this year, the Internal Revenue Service issued proposed regulations under Internal Revenue Code Section 2704 designed to limit consideration of marketability and control factors in the valuation of family-held business interests in estate, gift and generation-skipping… Read More >
BBJ Selects Michael Stone as “Rising Star”
On April 29, the Birmingham Business Journal (BBJ) published its 2016 “Rising Stars of Money”, which featured the “next generation of leaders in the financial sector.” In total, 18 financial professionals from across the greater Birmingham area were selected and… Read More >
What’s it Worth, Q4 2015
U.S. middle-market private equity activity remained strong throughout 2015 as elevated transaction multiples were accompanied by unprecedented levels of debt. The continued abundance of cheap liquidity will likely keep deal prices elevated for the near term, which is good news… Read More >
What’s it Worth, Q2 2015
U.S Middle-market private equity activity remained strong in Q2 2015 with elevated multiples holding steady. Deal multiples of 15.0x EBITDA are no longer seen as outliers, prompting data providers to increase their deal parameters to include these transactions. The continued… Read More >
What’s it Worth, Q1 2015
This report explores recent valuation trends in the public and private markets, directed to small and middle market business owners and the professionals and financial institutions that serve them. The review is designed to provide realistic guidance on the question… Read More >
PW&Co Provides Valuation on Option to Purchase Publicly Traded Shares
Porter White & Company (PW&Co) was retained to provide a valuation of options on shares of a publicly traded company awarded to employees. PW&Co provided a third-party, independent valuation of the stock options after analyzing the Company’s historical trading volatility,… Read More >
