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Mergers & Acquisitions

What Buyers Want in a More Selective Distribution M&A Market

Distribution deal activity remains resilient, but buyers are applying greater scrutiny to margins, recurring revenue and competitive differentiation. PMCF’s Joe Wagner explains which assets are commanding premiums, how acquisition priorities are changing and what prospective sellers should do now.

August 21, 2026

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The distribution M&A market entered 2026 with considerable buyer appetite, but a higher bar for which businesses attract strong interest. U.S. deal activity remained relatively stable during the first quarter, with 78 announced transactions compared with 82 a year earlier, according to PMCF Investment Banking, while global activity declined 12.4% amid tariff volatility, sourcing uncertainty and supply chain disruption. In 2Q, MDM tracked 78 distributor transactions in industrial, commercial and building supply verticals,

and through July, our count of 28.1 deals per month in 2026

is well ahea…

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