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.

Our New Deal Volume Model
Says 2026 Will Be Flat

GV Issue #28: December 2025

One end-of-the-year ritual in the M&A business, as in other industries, is assessing what the next year will look like. In our world, there’s a pronounced bent toward optimism—deal people looking for the next opportunity are like sailors trying to sniff a breeze.

This year, I decided to try to do better, and to do it by wrapping together three themes of widespread interest—(1) what will drive deal volume next year; (2) how is this affected by elevated levels of political risk; and (3) how is artificial intelligence expanding our abilities to do financial analysis and serve business owners?

With an assist from ChatGPT 5.1, we built a multi-variable regression model.

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This is Different
(And Not In A Good Way)

GV Issue #27: September 2025

Private business buyers and advisors continue to say that as corporate performance and macro-economic conditions clarify, they see a swelling pipeline of businesses to be offered for sale. Certainly, Greenberg Variations Capital has never had more clients ready to enter or re-enter the market.

Many deals will get done. However, a number of developments this summer cause me to worry that we are still overweighting the desire of sellers and buyers to transact and underweighting the systemic challenges that caused deal volume to slow in the first place.

These recent developments include not just the jousting over tariffs and interest rates, but federal interventions in support of some industries (e.g., steel, semi-conductors) and against others (e.g., electric vehicles, wind-based energy).

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