Birch Lake flags middle — market valuation squeeze driving shift to structured capital
Birch Lake Partners flagged a “barbell” M&A market as megadeals rose about 40% year over year, while sub-$100M volumes jumped nearly 46% in Q1. Core middle-market deals of roughly $100 million to $250 million EV remained muted, with fewer bidders pressuring price and process outcomes. Valuation gaps drove more structur