M&A middle market trends show uncertain market conditions and recessionary fears continue to drive caution in the M&A markets. Despite the current environment, dry powder and add-on acquisitions support market optimism in the second half of 2022. The current macroeconomic and geopolitical environments continue to add uncertainty to the endeavors of business owners and private equity sponsors. Although dealmaking has been slower throughout the first half of the year, reason for optimism remains within the market. A substantial amount of dry powder still exists within the private equity ecosystem. M& middle market trends show valuations moderate with market volatility, fewer quality businesses are expected to be brought to the market. Owners that enter the market in the second half of the year may capitalize from competitive processes created by significant demand chasing limited supply.