Middle market dominates for LBO activity with direct lenders stealing share from syndicated market

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The middle market continues to remain a hot spot for LBO activity – however the numbers don’t always show it. Pre credit crisis (2004-2008), roughly 65-80% of syndicated LBOs financed were for middle market issuers as opposed to large corporate issuers. When looking at 2018, that figure has dropped to just 50% – a meaningful decline.