I covered the late-May M&A activity in this week’s Growth Shuttle Insider because it shows where PE underwriting is getting stricter in practice.
The broader mid-market is not frozen, but buyers are asking for much cleaner evidence than they accepted a few years ago.
AI infrastructure is attracting capital within infrastructure:
– compute demand
– dedicated capacity
– power availability
– financing structures that can support long-term utilization
Healthcare and services platforms are still moving when the cash flow quality is clear enough to survive diligence.
The more difficult position is for generalist mid-market companies still leaning on broad growth narratives, adjusted EBITDA, platform synergies, AI roadmaps, or cross-sell potential without enough operating evidence underneath. None of those themes are invalid, but they need to be supported by actual revenue quality, margin durability, cash conversion, and current buyer assumptions.
A deeper read on the market in this week’s newsletter below.
Growth Shuttle InsiderGrowth Shuttle Insider
Late-May Dealmaking Shows Capital Chasing AI Infrastructure and Cash-Flow Assets
Mario Peshev
