Greenberg Variations Capital

A superior experience for business owners in one-off or targeted transactions.

Greenberg Variations Capital (GVC) is an M&A firm designed to provide a more closely tailored, cost-efficient experience to clients who do not need or want to transact in a full auction setting. The principal in GVC is Andy Greenberg, a nationally recognized advisor to private companies and founder of the leading analytical tool for valuations in the middle market deal space.

The Greenberg Variations

The Greenberg Variations is a private newsletter summarizing Andy’s observations based on
GVC’s client experience, GF Data’s reporting activities and interactions with other deal professionals.

I Was Wrong—Time for
a Do-Over

GV Issue #25: February 2025

M&A 2025: I Was Wrong—Time for a Do-Over In the final months of last year, deal professionals and analysts arrived at a consensus forecast for 2025. After a year of gradually increasing volume, improved macro-conditions combined with pent-up seller demand would lead to a land rush of quality deals coming to market.

I was part of this consensus. The land rush isn’t happening—at least not yet.

Deal activity remains sluggish. One measure I cited back in the fall was the U.S. Conference Board’s Expectations Index, which by definition is more forward looking than the more widely cited confidence index.

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2025 Could Be The Year

GV Issue #24: January 2025

Going back a year, a lot of us in the private M&A market thought that in terms of valuations and deal volume, 2024 would be a Super Bowl year. It’s been a good year. We made the playoffs, but why didn't we make the Super Bowl?

Now it looks like 2025 could be the year. Four sources of downdraft last year look like they’re headed the right way now.

One, corporate performance. In the industrial sectors where my firm, Greenberg Variations Capital is active, many OEMs loaded up on inventory to get ahead of their customers coming out of the pandemic.

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