Companies in the HR Technology Services index are trading up an average of 52.6% over the last 12 months.

The post Human Capital Management Services Market Update Q3 2018 appeared first on Lincoln International.

Lincoln International Environmental Services Stock Index increased 5.6% in Q3 2018.

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Lincoln International, a global investment banking advisory firm, is pleased to announce its 2018 promotions to the Managing Director level.

The promotions of Aude Doyen (London), Rommel Franco (Madrid), Roger Knight (New York) and Gaurang Shastri (Chicago) to Managing Director are indicative of both the global growth of the firm as well as the increasing depth of Lincoln’s sector and product and expertise and strength.

“The promotions of our esteemed colleagues to the role of Lincoln International Managing Director is a celebratory point to conclude another successful year at Lincoln,” said Jim Lawson, Chairman and Global Co-CEO of Lincoln International. “Each individual brings significant value to their clients and the firm – lending their unique perspective to engagements that result in meaningful outcomes and importantly, demonstrating leadership that bolsters our greatest asset – our culture.”

The promoted individuals, in alphabetical order, are:

Aude Doyen | London, UK

Aude advises UK and international financial sponsors and their portfolio companies on acquisition and growth financings, refinancings, and covenant amendments. Prior to joining Lincoln as an Associate in 2011, Aude worked at DC Advisory Partners (formerly Close Brothers Corporate Finance), assisting clients with debt advisory and mergers and acquisitions transactions.

Rommel Franco | Madrid, Spain

Rommel works closely with private companies, multinationals and private equity firms to achieve optimal outcomes related to debt funding or mergers and acquisitions (M&A) and has significant energy and clean tech sector expertise. Prior to joining Lincoln as Vice President in 2011, Rommel was a corporate finance manager at KPMG.

Roger Knight | New York, New York

Roger delivers deep domain expertise on enterprise software and technology infrastructure transactions that provide his clients with growth capital, liquidity and strategic partners to further enhance their business, products and market opportunity. Prior to joining Lincoln as a Director in 2018, Roger was a Director with KBCM Technology Group (formerly Pacific Crest Securities).

Gaurang Shastri | Chicago, Illinois

Since joining Lincoln in 2004, Gaurang has gained significant M&A advisory expertise, executing sell-side and buy-side transactions for leading private equity groups, privately held businesses and publicly traded companies. Gaurang leads Lincoln International’s North American Logistics & Transportation Group. Previously, Gaurang worked at Citigroup and as Head of Corporate Development for Clover Technologies Group.

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Enhances the firm’s growing Technology, Media & Telecom Group

Lincoln International is pleased to announce the addition of Bob Lockwood to the firm’s New York office in the Technology, Media and Telecom (TMT) Group. Having spent his entire career in investment banking focused on the technology sector, Lockwood brings deep industry knowledge and expertise to the firm and its thriving Global TMT Group. He will lead the coverage of the Internet & Digital Media sector.

“Bob is a trusted advisor in the TMT sector and we are extremely pleased to have him join our group after Lincoln’s record year, with over 30 transactions closed in the sector in 2018,” said Scott Twibell, Managing Director and Co-Head of Lincoln’s TMT Group. “He joins at a time of great momentum and will be immediately instrumental in our efforts to bring unique perspective, strategic advisory and compelling outcomes to our clients’ engagements.

Lockwood has 25 years of investment banking experience advising leading private equity and venture capital backed companies on mergers and acquisitions (M&A), equity and debt private placements, IPOs and defensive advisory. His extensive expertise spans across multiple internet sectors including advertising and marketing technology and services, ecommerce, travel and hospitality technology, digital content, and media & entertainment technology. Lockwood will bring deep domain expertise and a wealth of knowledge to Lincoln’s established track record in the sector.

Added Rob Brown, Lincoln International’s CEO, North America, “We are very excited to have Bob join our TMT Group in the midst of such incredible growth. Our team includes more than 40 global professionals, 12 of which are Managing Directors who are capitalizing on the disruption and transformation technology is driving in all sectors. Bob’s expertise will further strengthen our capability and we look forward to his contributions.”

Most recently, Lockwood led Raymond James & Associates’ Internet & Digital Media practice in the firm’s Technology & Services Group. Lockwood joined Raymond James through its acquisition of Lane Berry & Co., where he was a Managing Director. Previously, he advised technology investment banking clients at Credit Suisse First Boston, Donaldson Lufkin & Jenrette and First Albany Capital.

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It’s been a bumpy ride of late as 2018 fades into the rearview mirror and we charge ahead into 2019. From see-sawing public debt and equity markets, the government shutdown, tariffs and lingering tension between the U.S. and China, to a significant increase in benchmark rates and an inverted yield curve, conditions have left sponsors wondering if signs point to a likely market disruption.

And yet, 2018 was the second-strongest year for deal making in the wake of the Great Recession, with global M&A volumes up and multiple expansion across debt and equity markets. Lincoln’s proprietary database, which tracks new transactions for over 1,000 middle market companies, shows average enterprise valuation multiples for M&A transactions expanding from 8.0x for deals completed in Q4 2013 to 9.9x for deals completed in Q3 2018. Meanwhile, average debt multiples in the last 5 years have increased from 4.3x to 5.1x. Lincoln credits these trends to the interplay of (1) a supply-demand imbalance driven by access to plentiful, low-cost capital in the lending market with too few transactional opportunities (on a relative basis) to deploy it, (2) the amount of equity dry powder that has been raised, and (3) the willingness of buyers to pay top-dollar for businesses—even those that have weathered some hiccups.

Despite the recent volatility and increase in benchmark rates, broader economic indicators remain sound with Federal Reserve Chairman Powell calling 2018 “a good year for the United States economy,” citing healthy job growth and wage increases in the last employment situation report of the year. Not to mention robust seasonal retail sales indicators in the U.S. point to healthy levels of consumer confidence, even as markets sway.

Without a crystal ball in hand, it’s hard to know what lies ahead for 2019. Even if we face a potential slowdown 10 years after the last crisis, here’s why it will be different than in 2008:

This Time, Liquidity Isn’t Expected to Dry Up

It was a defining moment: once headlines raised alarm bells that the market was tumbling in 2008, borrowers began to tap out their pre-existing bank lines of credit. At the same time, many banks were carrying risky, illiquid assets in their portfolios (think: those pesky mortgage-backed securities) and needed to increase their liquidity on hand. So, they restricted new lending, especially when access to non-deposit funding became harder to come by. Additionally, in the wake of the crisis, new more stringent regulations aimed at preventing risky lending practices curtailed banks’ ability to support highly leveraged transactions. As banks cut off or reduced investment, it dried up significant liquidity necessary to fuel M&A activity.

Our team reminds clients that today, debt capital supporting middle market transactions predominantly comes from a different source: non-bank institutions. Largely spared the scrutiny of regulators in the decade following the crisis, non-bank lenders, from business development companies to credit opportunity funds and private debt funds, have become a larger presence in the financial system—filling the need for liquidity that banks left behind.

These non-bank lenders have significant, committed long-term capital earmarked for middle market lending. Notably, investors can’t withdraw this capital—differentiating non-banks’ sources of funds from that of banks’. Quite simply, we believe that when the next downturn occurs, these non-bank sources of liquidity won’t be shut-off.

Certainly, if the debt capital supply-demand dynamic shifts, leverage available to credit funds is constrained, or macroeconomic factors materially harm company performance, the borrower-friendly terms that have been widely available to middle market borrowers will also change. Non-bank lenders will be able to demand less borrower-friendly terms (e.g., lower leverage levels, increased yields, more onerous amortization requirements, tighter financial covenant cushions, fewer EBITDA adjustments), but, unlike in 2008, significant debt capital should still be available to support robust M&A activity.

Lincoln Perspective

It is impossible to predict with certainty what 2019 and beyond will bring, but when this bull market runs out of steam, additional opportunities will arise for sponsors (with the necessary debt capital available to support transactions). With a significant amount of equity dry powder on the sidelines, limited investment periods for sponsors, and changes in carried interest taxation, private equity firms have incentive to put capital to work. In parallel, debt funds have long term capital and some of the same incentives to deploy that capital for their investors. These dynamics suggest that capital in the middle market will remain available in the next downturn in contrast to what occurred in the Great Recession, when banks pulled capital back, CLO funding dried up and hedge funds faced massive redemptions.

As sponsors seek investment and realization opportunities in today’s environment, here are four things to consider:

• When IPO Isn’t the Way to Go: If the public equity markets remain volatile, fewer sponsor-backed companies at a pivotal growth stage may turn to IPOs as an exit or accelerated growth strategy. What an IPO exit strategy offers in prestige and publicity, it lacks in speed and certainty—with sponsors facing lock-up periods and volatile valuations. Instead, owners may be drawn to more attractive opportunities to sell in the private markets – putting high valuations in their pockets without the uncertainty or wait of an IPO.
• Private Credit Markets Provide a More Stable Alternative to Volatile Syndicated Markets: When equities markets are volatile, more often than not, so are the high yield and broadly syndicated markets, making financing an acquisition more complex. Similar to turning to the private equity market when IPOs are shutdown, sponsors should consider turning to the private credit markets for larger transactions when liquid ones lock up. That said, these private markets can be harder to access, frequently requiring an experienced advisor to arrange and generate the best outcome.
• Distressed Assets Await: Further, if a downturn occurs, our Special Situations team expects many companies to find themselves over-levered and needing to evaluate various strategic alternatives, including recapitalizations, debt restructurings or change of control transactions. As companies underperform expectations, investors will find ripe opportunities to buy up the debt of troubled companies, potentially converting those investments into control positions or acquiring the equity of such businesses outright.
• Minority Equity and Structured Capital Opportunities: As over-levered companies face challenges (e.g. due to a default), they will need the necessary funds to refinance and right-size their capital structure. Our team expects this will also present a spike in minority equity and other structured investment opportunities—especially when owners are reluctant to relinquish control through a sale.

Interested in learning more? Get to know Lincoln’s Capital Advisory professionals:
Debt Advisory | Special Situations | Growth Equity

Download the PDF version here

The post Does a Correction Loom? Why This Time Wouldn’t Look Anything Like 2008 appeared first on Lincoln International.

There were 31 EMS transactions recorded in 2018, up significantly from the 21 recorded in 2017.

The post EMS Quarterly Report Q4 2018 appeared first on Lincoln International.

The fourth quarter of 2018 saw continued momentum and M&A activity across all packaging markets.

The post Packaging Quarterly Review Q4 2018 appeared first on Lincoln International.

We are pleased to share with you a snapshot of our 2018 results, which reflect another record year at Lincoln International.

While the numbers are one indicator of our continued growth, we are most proud of the work we did – and outcomes we achieved – on behalf of our valued clients. Through the feedback of more than 750 clients in 2018, we affirmed that the connections we create and leverage for clients, coupled with the perspective we deliver, make Lincoln truly special.

The year ahead promises to provide many occasions for continued partnership. We entered 2019 with a robust backlog and a keen focus on dynamics driving opportunities.

We look forward to connecting with you on topics that matter to your business and success.

Click here to view our 2018 highlights, or download the pdf.

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• The Millennial Impact on Consumer Investment
• Does a Correction Loom?
• Brexit Impact on UK M&A
• Best Practices for Chinese Investors Entering Europe
• Debtwire Middle Market Podcast: Trade War & M&A
• M&A & Investment Climate Post Election of New Brazilian President

The post 2018 Record Results appeared first on Lincoln International.

Team Completes More than 30 Transactions and Adds Industry Leaders as Managing Directors.

2018 was a strong year for Lincoln’s growing global Technology, Media & Telecom Group, with a record number of closed deals on behalf of some of the world’s most innovative and progressive companies – including software, media, IT services and e-commerce.

The team strengthened its senior level expertise and capabilities with the addition of two Managing Directors in 2018 and another this week:

• Roger Knight, who focuses on enterprise software, particularly infrastructure software, was promoted to Managing Director. Roger previously covered enterprise software and security with KBCM Technology Group (formerly Pacific Crest Securities).
• Michael Lippert, with nearly two decades of experience in the TMT sector, joined Lincoln in November. Prior to joining the firm, Mike was a Managing Director at Oppenheimer & Co.
• Bob Lockwood joined Lincoln in January as a Managing Director. Bob’s expertise spans across multiple business models including software, transactional, media and subscription. He was previously a Managing Director at Raymond James & Associates.

The post Record Year for Global TMT Group at Lincoln International appeared first on Lincoln International.

Lincoln International expects M&A activity – and valuations – in the Waste Services market to remain strong in 2019.

The post Waste Services Market Update Q4 2018 appeared first on Lincoln International.

Continued Robust Consumer M&A Activity Expected in 2019

2018: In a year that saw continued changes in consumer behavior, strategic buyer and investor interest remained high for a wide variety of consumer companies. Here are just a few examples of how we helped private equity and family business owners realize their goals.

2019: While some speculate that a market correction is coming, Lincoln’s Consumer team continues to see strong valuations and M&A activity as we head into 2019. With shifting demographics and changing consumer demands, there is disruption occurring across the sector. Innovative entrepreneurs are developing brands and products that more closely align with today’s consumer interests, lifestyles and the ways they shop, including:

• Leveraging omni-channel and direct-to-consumer methods to reach their customers in a meaningful way
• Capitalizing on demands for “convenience” as evidenced by more online spending and increases in the frozen food category
• Doubling down on better-for-you, natural products and wellness trends in keeping with consumers’ focus on healthier lifestyles. Brands doing this well are wining ever more shelf-space and attracting investor attention.

Consumer Group by the Numbers:

The post Consumer Group at Lincoln International Continues Strong Momentum appeared first on Lincoln International.

LTM Q4 2018 revenue and EBITDA generally increased across the FS Index, with average growth of 4.4% and 2.3%, respectively.

The post Facilities Services Market Update Q4 2018 appeared first on Lincoln International.

View original post from Pitchbook on December 11, 2018 here.

The M&A cycle has persisted remarkably, with the evolution of technology from a vertical into a horizontal playing a key role in underpinning acquisitions and investment on the part of both strategic and financial acquirers. Lincoln International professionals Scott Twibell and William Bowmer, managing directors in the firm’s Technology, Media & Telecom M&A practice, recently sat down with Pitchbook to dissect the key trends that shaped 2018 and look set to continue in 2019.

Let’s look back on 2018 as the year winds down. What are some of the broad themes that emerged this year for you?

Scott: Software companies continue to disrupt virtually all sectors from more traditional ones like automotive to newer sectors such as cybersecurity, infrastructure and fintech. The primary drivers of the growth for software businesses are corporations, government entities and other institutions looking to streamline workflows, reduce costs and engage with customers and constituents more effectively. Underlying technologies have advanced to the point that they can demonstrate specific ROIs to clients quickly and also make the adoption seamless. Years ago, before cloud-based offerings were so prevalent, the rollout of enterprise software and subsequent adoption posed substantial challenges to rapid adoption; now you see incredible velocity in terms of adoption of cloud-based applications across all sectors which continues to drive investor and strategic interest.

Let’s move on to the dealmaking environment. What is your take on the persistence of the M&A cycle throughout 2018?

Scott: 2018 has been a very good year for M&A overall relative to 2017, and that has occurred even as there has been an uptick in public equity volatility, rising interest rates and, one could argue, a trade environment that is more fraught with uncertainty. So, given the strength despite those factors, it really bodes well for 2019. It should be noted that even given the rise in interest rates, debt is still very accessible to financial and strategic acquirers at historically low rates and with light covenant packages, so that will also continue to encourage deal volume. Moving on specifically to financial acquirers, private equity and venture capital firms are sitting on dry powder estimated in excess of a trillion dollars, according to PitchBook data. There’s no doubt that money has to be put to work, which will also further encourage transaction volume. Last but not least, the drive for innovation via acquisition, where both non-technology companies as well as tech companies are looking to acquire talent and shore up product offerings, remains a strong driver. Across the landscape, there are quite a few strong factors still in place that look to set up 2019 as another strong year for the TMT M&A cycle.

Are any of those drivers going to intensify? Namely, the acquisition of tech companies by non-tech companies?

Will: If you think about it, technology is more of a horizontal than a vertical. No industry is immune to innovation, and so the lines between Tech and other industries are being blurred. For example, industrial companies are making major investments in technology to avoid disruption. Financial institutions were early adopters of technology, and now banks look much less like traditional banks than they do technology companies with specific focus on moving dollars around via 1s and 0s.

Let’s talk about another driver. What about PE firms, especially with regard to tech?

Will: We have had a healthy amount of PE outcomes this year and we’ve seen a definite focus on tech on the part of PE buyers. It’s not just the pressure of the vast amount of dry powder on hand, but also the emergence of themes for key PE investors. Some of the largest PE funds are acting more like strategics, even within technology, utilizing the same buy-and-build strategy that has worked well in the past. Given that, we’re also seeing many more generalist funds enter software, as they want to compete, and can focus on smaller firms employing that rollup strategy. It is possible, consequently, that PE firms will continue to be more consistently active within the space than strategic buyers for the foreseeable future.
Scott: Increasingly, PE is looking at the acquisition of software businesses with recurring, subscription-based revenue models as a great defensive asset by virtue of the potential free cash flow generation, especially in the case of an economic downturn that seems to be more and more on people’s minds nowadays.

Is the experience of generalist PE funds truly applicable to many areas of tech, however?

Will: I’d argue the generalists are moving into areas that don’t require an operating team with very deep experience in a particular part of the software stack. They tend to initially focus on areas where they’ve had prior experience, namely a specific vertical application or an entire suite of solutions that address the needs of a particular industry. That way they can leverage understanding of the more familiar environment in which that solution is operating.
Scott: PE groups understand various ecosystems and are aware they need to develop an angle to become competitive, so they utilize that same knowledge of a vertical to help develop a hypothesis, and then also hire operating partners to lend experience. In other cases, some learn by trial and error, by not winning in processes initially but going through the work required.

Let’s take it back a few steps to the macro take. What are the primary concerns in this environment, especially looking ahead to 2019, that investors and acquirers should be more aware of?

Scott: Beyond the valuation environment—which is always a focus and remains high —cross-border issues are becoming more of a concern to firms with a global presence. Political landscapes remain in flux around the world which has created uncertainty around trade relationships, tariffs and IP ownership, to name a few.

Will that translate into a level of competition dissuading M&A activity in 2019 at all?

Scott: Acquirers, both strategic and financial, have been more selective in the deals they pursue aggressively. But the depth of the U.S. PE market has increased the number of participants overall in the general deal environment. Even as the level of competition goes up, it spurs PE groups to contemplate selling businesses earlier as their natural inclination is to monetize businesses of good quality and similar scale, which could contribute to continued activity. If you can’t be a buyer as you can’t compete with current prices and heightened interest from rivals, why not be a seller?
Will: Hold times are decreasing in part, as some PE firms are able to reach their goals more quickly, given the market is good. In addition, PE buyers are growing more aggressive to differentiate themselves, beyond arenas such as price.
Scott: What we saw consistently in 2018 was PE funds spending more on diligence earlier in processes in order to be able to further differentiate their proposals and ultimately close transactions more quickly.

Moving on, do you see greater growth in any particular sectors, or to return to technology, any particular segments of technology, such as enterprise software?

Scott: Vertical software will continue to be attractive for the reasons outlined above. Two sub-themes that became prominent throughout 2018 however, were: 1) solutions centered around the supply chain; and 2) governance, risk and compliance (GRC). To take the first, there’s an increased need for consistent quality of information and then consequent proliferation of that information across all parties, especially in e-commerce. Regarding the second, given major changes such as the General Data Protection Regulation in Europe or the Consumer Financial Protection Bureau in the US, it’s clear that there are vast opportunities to help businesses stay in compliance and avoid the new potential incidences of fines.
Will: The drumbeat about adoption of more sophisticated security software, both in terms of prevention and identification, as well as remediation, is not going to decline. It’s always in the headlines—look at the recent leak of half a billion accounts’ information for Marriott. There won’t be any decline in acquisitions within that sector.

Have security concerns derailed or complicated any acquisition processes you’ve seen?

Will: We haven’t seen any occur thus far. Confidentiality agreements and other standard agreements remain enforced and are well in place on all transactions. It’s in everyone’s interest to keep things efficient and systematic so proceedings conclude sooner and the business isn’t exposed for any long period of time.

Last but not least—do you think current multiples are that sustainable, moving into 2019?

Will: Even two years ago, it was hard to imagine valuations going much higher. However, based on transactions we’ve been involved with this year, they have continued to rise. I tend to avoid prognosticating, but it’s worth noting a plateau in valuations would still equal a healthy level for the market, given how rich they have gotten. For PE funds, return thresholds are a matter of concern, currently, if not significant concern as of yet, so a plateau would be reassuring on that front.
Scott: A new normal has been created, especially in software, around concepts such as valuing businesses off of forward recurring revenues, etc. Given the volume of software deals that have been completed over the past two to three years, it’s hard to see the new normal materially changing until conditions have changed. And they all remain virtually intact going into 2019.

The post Q&A: Reviewing key trends in M&A and technology that will shape 2019 appeared first on Lincoln International.

Lincoln International’s Global Industrials Group finished 2018 with 73 sell-side deals, keeping it at the top of Mergermarket’s industrials league table for a second consecutive year. The group led all firms in 2018 in both cross-border outcomes and sales to strategic acquirers.

Our global team of more than 80 professionals continues the firm’s historic and ongoing leadership in the sector. The year ahead looks equally robust as the team enters 2019 with a large backlog and plenty of positive indicators, including:

• Underlying middle market and industrials sector fundamentals remain strong: Lincoln’s Middle Market Index continues to show increasing valuations of private middle market industrial companies while leading indicators generally remain positive. Moreover, the mid-market has, thus far, not demonstrated the instability of the public markets in recent months.
• Macrotrends are creating disruption, yet haven’t slowed interest: Rising tariffs and trade tensions, oil price volatility and uncertainty in many global economies are demanding agility from industrial leaders.
• Innovation revolutionizing, connecting and advancing the sector: From technology integration and autonomous vehicles to IoT and automation, the industrials sector continues to generate new products, solutions and ways of doing things.

We look forward to discussing these and other dynamics creating opportunities and complexity within the sector, and the horizon for investing in 2019.

Industrials by the Numbers:

The post Global Industrials Group Ranks #1 for Sell-Side Transactions Again in 2018 appeared first on Lincoln International.

Team completed numerous high profile deals in 2018 taking global deal count to 80 since 2015

2018 was another strong year for Lincoln’s growing global Healthcare Group. Continued innovation, technology driven transformation and increasing focus on patient outcomes are driving high deal flow, and in the near-term, we see no obvious structural threats that put these trends at risk of reversing course. 2019 promises to be an equally dynamic year that the Lincoln Healthcare team enters with great momentum. Recent highlights include:

• 22 transactions in 2018 in an array of sectors including home healthcare, healthcare IT, vision care, analytical testing, surgical products, clinical research and veterinary care.
• Clients continue to value Lincoln’s detailed, research-based solutions, bespoke data-analytical materials, and highly targeted, customized buyer approaches for securing the best outcome.
• Expanded capabilities and credentials through the additions of two Managing Directors: Matthew Lee to lead healthcare in the UK and Brian Bock in Med Tech out of our San Francisco office.

Selected key sector trends that we are observing for 2019 include:

• Healthcare Services / IT: ongoing shifts to home & community care, low-cost chronic care management, physician consolidation, consumer and self-directed care, and outsourcing to reduce cost and improve care – all of which are driving substantial private equity deal activity
• MedTech: growing focus on value and clinical benefits, continued shifts to minimally invasive procedures, outsourcing to reduce costs and enhance speed to market, and proliferation of connected, smart devices, all leading to both global and non-traditional M&A activity
• Pharma & Lab Services / Life Sciences: shifts toward personalized, patient-specific medicine, outsourcing of non-core services, focus on large molecule drugs, continued innovation in molecular/genetic arenas, and importance of digitization, all driving a vibrant global M&A environment and compelling valuations

Healthcare by the Numbers:

The post Global Healthcare Group at Lincoln International: Strong Foundation & Deal Flow appeared first on Lincoln International.

Education Technology & Services M&A activity was particularly strong in 2018, driven primarily by industry consolidation and increasing private equity interest in the space.

The post Education Technology & Services Market Update Q4 2018 appeared first on Lincoln International.

The restaurant industry experienced a more encouraging end to 2018, highlighted by seven months of consecutive same store sales growth from June through December, compared to 2017, which
posted positive same-store sales for only two months during the entire year.

The post Restaurants DealReader 2H 2018 appeared first on Lincoln International.

Lincoln extends expertise in Chemicals & Materials with two premier transactions in Q4 2018.

The post Chemicals DealReader Q4 2018 appeared first on Lincoln International.

The Commerce Enablement sub-sector experienced significant M&A activity in 2018.

The post Commerce Enablement Market Update Q4 2018 appeared first on Lincoln International.

2018 was an active year for M&A in the Distribution market across numerous sub-verticals. Both strategic and private equity buyers remained very active.

The post Distribution Market Update Q4 2018 appeared first on Lincoln International.