The 2023 M&A Outlook from Citizens M&A Advisory in Detroit revealed both upbeat expectations for company performance and high desire for growth in a low-growth world in the coming year.

The annual survey of 400 leaders at U.S. middle-market companies and private equity (PE) firms also indicated that buyer and seller sentiment about mergers and acquisitions (M&A) will return to pre-pandemic norms as the macroeconomic backdrop stabilizes.

“Companies exited the pandemic era with a newfound resilience and, in many cases, better finances and more experienced management,” says Jason Wallace, head of Citizens M&A Advisory. “When the macro conditions normalize, we see a pipeline of buyers and sellers eager to return to the market.”