Matt Wolf
speaker
221 appearances
14 recordings
2 series
first heard Jan 2025
last heard Jun 2025
Matt Wolf’s voice in public audio — every appearance, attributed to the second.
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Appearances
And you're right, you have to grow ourselves out of it or face inflation.
Happy to. So Elliott Davis is the premier consulting audit tax firm based in the Southeast, serving clients nationally based off of our industry expertise. We're a very nimble firm, really aligned and focused on serving core middle market and lower middle market clients across a variety of of industry. So excited to be here.
It's a great firm, great people, really understand how to sit side by side with sponsors and operators and help grow businesses, including in our new evolving and challenging operating environment.
Thank you, Scott.
Yeah, thanks, Scott. So, Matt Wolf, I'm a director at Elliott Davis. I spent my career in healthcare valuation and private equity, working on private equity-backed healthcare companies really through the life cycle.
And over the past decade or so, I've really focused on the analyst side of that as well and studying the market, putting together our content and talking about it to really anybody who will listen to me. So I'm always... Always excited to be on the show and talk about that. And, you know, I guess with the... Vielen Dank. Vielen Dank. Vielen Dank.
volume um you know it's we're now also kind of in the middle of conference seasons i've been talking to a lot of sponsors just about what they're seeing what they're trying to do and everybody wants to get deals done they want to deploy capital they want to exit long in the tooth um Aber die Zeitung kann noch nicht richtig sein und wir suchen für die richtigen Ziele.
Die Verwaltungszyklen sind länger. Die makroökonomische Unwahrheit, die politische Unwahrheit, die bleibt immer mehr. Einige Ziele, nicht alle.
You know, one interesting data point, though, is in terms of IPO announcements, just the number of announcements are actually up year to date over the past couple of years, which is which is a good sign, I think, you know, at least in terms of the number of announcements, not necessarily the total number.
you know, market cap trying to go public, but at least the number of companies going public is, you know, those announced IPOs is higher than it's been the past couple years, year to date, which I think is strong, right? We want strong capital markets. It's an important part of the overall economy, even in the real economy, right? Access to capital. And so there's some bright spots there too.
It's just, you know, this policy uncertainty will create
Ja, absolut. Und die Faktoren, die ich weiterhin schaue, sind in Bezug auf diesen Pause, es ist wirklich zweifelhaft. Einer ist einfach die Vintage der Investitionen, die da draußen sind, richtig? Also zum Beispiel Gesundheitsberatungsunternehmen, also Anbieter, Pflegegruppen, Dinge wie das, die privat beteiligt sind.
We now have, we're approaching 60% of the PE-backed ones have been held for five or more years by their primary sponsor, right? Those need to get turned over. That will push deal activity. And then we also look at dry powder and middle market buyout funds. And this is, again, more healthcare specific, but it's around $250 billion of dry powder for funds that say they invest in healthcare.
And there's, you know, overlap because some funds will invest across multiple sectors. But that's an incredible amount of dry powder. a very aging portfolio that needs to turn over. And that will continue to push to get deals done. And I think we're still working through this cycle of moving from an era where
Investors were rewarding growth at all costs into now this new environment where investors want sustainable cash flows. They want margin. They want financial sustainability. And for companies that have that financial sustainability story, they will have access to capital markets. They will have interest in deals. And we will see those deals happen.
And looking through the IPOs that have been announced, We see that. That's a consistent theme in the stories. Whereas even two years ago, you're still getting a lot of, well, we need to go public so that we can get capital to scale up and be profitable. That's not the story anymore. So, yes, definitely a pause.
And the sort of duration of that pause is going to look different for different segments of the real economy, different industries, different sizes of companies. But there are some underlying macroeconomics, some underlying capital market factors that will continue to drive deal volume, right?
It's not going to be, you know, like the absolute craziness of 2021, but it's not going to go to zero either.
Absolut. Und es ist so ein guter Punkt, den du mitbringst, Scott, ob es um professionelle Geräte im Allgemeinen geht, ob es um Physiotherapeuten oder andere Verkaufsfirmen geht, oder was auch immer.
Wir hatten diese PE-Vorschläge, als Geld weniger teuer war, die essentiell finanziell ingeniert wurden, um den Verbrauchern, den Verbrauchern dieser Unternehmen, um wirklich das Gleiche oder mehr zu machen,
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