2023年贝恩全球并购投资报告-英-140页_32mb

Global M&A Report 2023 Summary

Executive Summary

• Market Volatility: M&A activity declined in 2022 due to inflation, interest rate hikes, and geopolitical tensions, with a 36% drop in global deal value. Deal multiples normalized to a 10-year low of 11.9x EV/EBITDA.
• 2023 Outlook: Amid uncertainty, cash-rich companies are expected to lead bold M&A. Five key themes include strategic small-to-midsize deals, scope-scale balance, ESG-driven acquisitions, portfolio reshaping, and enhanced diligence.

Global M&A Trends

• 2022 Review:
  • Deal volume fell by 12%, though resilience in small deals sustained activity.
  • Megadeals paused mid-2022.
  • Industry divergence: Healthcare/life sciences led large deals; energy focused on renewables; consumer goods explored alternative transactions.
• Black Swans in 2023:
  • Winners persevere during downturns, supported by proactive M&A capabilities.
  • Valuations under pressure: Multiples likely stay around 9–10x EV/EBITDA.

Key Themes Across Industries

1. Digital Integration:

   • Mandatory due diligence now incorporates proprietary data and cultural fault lines (e.g., decision-making purpose clashes).
   • Bold integrators preserve target capabilities while accelerating synergy realization.

2. ESG and Energy Transition:

   • Diversified industrials use M&A to advance climate goals (e.g., carbon reduction tech).
   • Energy firms prioritize renewables via scope deals (e.g., energy transition multiples at 24.7x).

3. Engine 2 Growth:

   • Companies seek rapid scaling via M&A (vs. organic growth) through capability builds, portfolio consolidation, or tech integration.
   • Archetypes: Capability-focused, core-acquisition, and whole-business rolling.

4. Portfolio Optimization:

   • Corporate divestitures rise (e.g., energy players shedding legacy assets).
   • Geographic consolidation (in India) and ESG-aligned exits gain traction.

Conclusion

• Strategic Imperatives: Link M&A to core strategy; leverage dry powder strategically; and master adaptive integration to navigate volatility.
• Industry-Specific Playbooks: Tailor M&A to sector dynamics (e.g., gaming in media; infrastructure in telecom).

Bain’s analysis confirms that disciplined M&A under uncertainty drives superior returns, with the 2023 cycle offering opportunities for bold, strategically-aligned acquirers.