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The podcast on Lower Middle Market (LMM) M&A is based on an analysis published by Kaitlinn Thatcher at Axial, tracking Small and Midsize Business (SMB) merger and acquisition (M&A) activity on the M&A platform. This quarterly report breaks down aggregated metrics, including quarterly deal volumes, financial characteristics, and pursuit rates across various industry categories. 

The analysis highlights that 3,320 deals came to market in Q3 2025, marking a 7.93% year-over-year increase, with Healthcare posting the largest growth at +27.3%. 

The data also examines the supply-demand alignment between deal volume and buyer interest (pursuit rate), noting that Industrials ranked first in both categories. At the same time, sectors like Technology showed a clear mismatch, suggesting high competition for limited opportunities.

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