LMMMAlower middle market M&A

147 industry groups

Acquisitions by industry group

The four-digit NAICS level is where the numbers start to describe a recognisable business. A restaurant and a hotel are both "Accommodation and Food Services", but one changes hands for a median of a few hundred thousand dollars and the other for several million. Every group below cleared 25 financed acquisitions since FY2019.

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Ranked by volume

Industry groups by financed acquisitions, FY2019 to date
Industry groupSectorAcquisitionsCapitalMedian loanMedian rateMedian termCancelled
7225 Restaurants and Other Eating PlacesAccommodation and Food Services4,582$3.0bn$395,0008.00%10 years10.4%
7211 Traveler AccommodationAccommodation and Food Services2,025$5.6bn$2,555,0007.00%25 years5.4%
8111 Automotive Repair and MaintenanceOther Services (except Public Administration)1,757$1.8bn$664,3007.50%10 years8.6%
4453 Beer, Wine, and Liquor RetailersRetail Trade1,442$1.4bn$676,1007.75%10 years11.0%
5617 Services to Buildings and DwellingsAdministrative and Support and Waste Management and Remediation Services1,395$1.0bn$460,4008.00%10 years7.2%
2382 Building Equipment ContractorsConstruction1,202$1.4bn$756,0008.00%10 years7.3%
5412 Accounting, Tax Preparation, Bookkeeping, and Payroll ServicesProfessional, Scientific, and Technical Services911$696M$500,0008.00%10 years9.0%
2389 Other Specialty Trade ContractorsConstruction886$1.1bn$750,0008.25%10 years8.0%
6213 Offices of Other Health PractitionersHealth Care and Social Assistance831$465M$337,5007.75%10 years8.2%
4451 Grocery and Convenience RetailersRetail Trade823$683M$546,0007.50%10 years9.8%
7139 Other Amusement and Recreation IndustriesArts, Entertainment, and Recreation785$629M$388,0008.00%10 years9.7%
5242 Agencies, Brokerages, and Other Insurance Related ActivitiesFinance and Insurance757$795M$720,7007.00%10 years8.7%
8121 Personal Care ServicesOther Services (except Public Administration)728$443M$350,0008.00%10 years9.0%
6244 Child Care ServicesHealth Care and Social Assistance692$873M$796,3507.50%14.9 years11.5%
4571 Gasoline StationsRetail Trade624$1.3bn$1,650,0009.00%25 years11.7%
8129 Other Personal ServicesOther Services (except Public Administration)608$487M$479,5008.25%10 years8.8%
8123 Drycleaning and Laundry ServicesOther Services (except Public Administration)547$406M$450,0008.00%10 years12.2%
4471 Gasoline Stations with Convenience StoresRetail Trade540$821M$1,219,3005.75%25 years12.9%
6216 Home Health Care ServicesHealth Care and Social Assistance535$568M$709,0007.65%10 years9.8%
5419 Other Professional, Scientific, and Technical ServicesProfessional, Scientific, and Technical Services513$578M$762,5007.25%10 years8.1%
2381 Foundation, Structure, and Building Exterior ContractorsConstruction497$625M$769,4008.25%10 years7.8%
2383 Building Finishing ContractorsConstruction494$517M$631,8508.75%10 years7.7%
4441 Building Material and Supplies DealersRetail Trade446$488M$768,3507.31%10 years8.0%
6233 Continuing Care Retirement Communities and Assisted Living Facilities for the ElderlyHealth Care and Social Assistance397$576M$1,000,0007.20%25 years7.5%
6212 Offices of DentistsHealth Care and Social Assistance385$406M$788,0006.55%10 years9.4%
4452 Specialty Food RetailersRetail Trade382$238M$352,7007.75%10 years11.4%
5413 Architectural, Engineering, and Related ServicesProfessional, Scientific, and Technical Services380$468M$774,7508.00%10 years9.5%
4841 General Freight TruckingTransportation and Warehousing362$475M$1,012,7507.50%10 years12.3%
5415 Computer Systems Design and Related ServicesProfessional, Scientific, and Technical Services357$508M$1,000,0008.08%10 years7.8%
3231 Printing and Related Support ActivitiesManufacturing350$316M$492,3008.06%10 years5.4%
5311 Lessors of Real EstateReal Estate and Rental and Leasing346$464M$1,052,5006.00%25 years6.0%
5614 Business Support ServicesAdministrative and Support and Waste Management and Remediation Services331$205M$396,6008.25%10 years10.5%
4461 Pharmacies and Drug StoresRetail Trade313$413M$1,035,0006.00%10 years9.0%
8122 Death Care ServicesOther Services (except Public Administration)304$483M$1,360,7006.75%25 years4.7%
4921 Couriers and Express Delivery ServicesTransportation and Warehousing300$246M$674,0008.00%10 years9.1%
1123 Poultry and Egg ProductionAgriculture, Forestry, Fishing and Hunting282$401M$1,126,2006.50%15 years7.2%
3399 Other Miscellaneous ManufacturingManufacturing281$313M$642,4007.75%10 years7.6%
5416 Management, Scientific, and Technical Consulting ServicesProfessional, Scientific, and Technical Services281$363M$800,0008.00%10 years6.3%
7224 Drinking Places (Alcoholic Beverages)Accommodation and Food Services279$162M$348,7008.00%10 years10.3%
2361 Residential Building ConstructionConstruction266$306M$685,0008.25%10 years9.2%
4413 Automotive Parts, Accessories, and Tire RetailersRetail Trade263$248M$665,0007.25%10 years7.7%
4561 Health and Personal Care RetailersRetail Trade261$341M$986,0009.75%10 years8.4%
6116 Other Schools and InstructionEducational Services259$178M$375,0008.00%10 years7.8%
3327 Machine Shops; Turned Product; and Screw, Nut, and Bolt ManufacturingManufacturing237$353M$1,040,0007.75%10 years10.6%
4238 Machinery, Equipment, and Supplies Merchant WholesalersWholesale Trade225$318M$1,044,0007.65%10 years7.8%
5313 Activities Related to Real EstateReal Estate and Rental and Leasing216$217M$670,8508.25%10 years7.7%
6241 Individual and Family ServicesHealth Care and Social Assistance215$257M$640,0008.75%10 years6.9%
4239 Miscellaneous Durable Goods Merchant WholesalersWholesale Trade214$302M$974,0007.70%10 years8.5%
5418 Advertising, Public Relations, and Related ServicesProfessional, Scientific, and Technical Services208$260M$722,5008.25%10 years11.1%
4599 Other Miscellaneous RetailersRetail Trade206$196M$566,1009.50%10 years7.2%
4591 Sporting Goods, Hobby, and Musical Instrument RetailersRetail Trade201$162M$450,0009.50%10 years7.8%
5629 Remediation and Other Waste Management ServicesAdministrative and Support and Waste Management and Remediation Services195$207M$629,0007.50%10 years8.9%
4539 All Other Miscellaneous Store Retailers (except Tobacco Stores)Retail Trade194$137M$373,4006.00%10 years6.7%
4491 Furniture and Home Furnishings RetailersRetail Trade182$187M$601,3009.50%10 years8.1%
5239 Other Financial Investment ActivitiesFinance and Insurance170$198M$755,0007.50%10 years6.6%
8114 Personal and Household Goods Repair and MaintenanceOther Services (except Public Administration)165$116M$426,5008.25%10 years11.3%
4442 Lawn and Garden Equipment and Supplies RetailersRetail Trade162$152M$576,5007.64%10 years6.4%
3329 Other Fabricated Metal Product ManufacturingManufacturing157$254M$1,165,0007.50%10 years10.8%
4511 Sporting Goods StoresRetail Trade155$93.9M$331,0006.00%10 years4.3%
8113 Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and MaintenanceOther Services (except Public Administration)152$171M$859,5007.83%10 years7.3%
4244 Grocery and Related Product Merchant WholesalersWholesale Trade144$189M$903,1008.00%10 years7.1%
4249 Miscellaneous Nondurable Goods Merchant WholesalersWholesale Trade140$203M$1,025,5007.50%10 years7.3%
5414 Specialized Design ServicesProfessional, Scientific, and Technical Services135$97.3M$464,8008.31%10 years5.6%
6211 Offices of PhysiciansHealth Care and Social Assistance134$161M$785,3507.74%10 years11.3%
7223 Special Food ServicesAccommodation and Food Services130$122M$525,0008.25%10 years4.4%
3323 Architectural and Structural Metals ManufacturingManufacturing130$217M$1,243,4007.50%10 years9.1%
3118 Bakeries and Tortilla ManufacturingManufacturing128$93.0M$347,0008.25%10 years9.2%
4481 Other Clothing StoresRetail Trade121$53.2M$250,0006.25%10 years9.0%
4412 Other Motor Vehicle DealersRetail Trade121$199M$1,420,0006.50%10 years13.6%
4234 Professional and Commercial Equipment and Supplies Merchant WholesalersWholesale Trade121$162M$860,0008.25%10 years5.5%
3371 Household and Institutional Furniture and Kitchen Cabinet ManufacturingManufacturing120$163M$990,0008.00%10 years5.5%
2362 Nonresidential Building ConstructionConstruction118$208M$1,430,7508.00%10 years5.6%
4411 Automobile DealersRetail Trade116$297M$2,499,2007.00%12.8 years14.7%
5613 Employment ServicesAdministrative and Support and Waste Management and Remediation Services115$158M$843,0008.13%10 years11.5%
3219 Other Wood Product ManufacturingManufacturing115$150M$831,0007.50%10 years15.4%
5411 Legal ServicesProfessional, Scientific, and Technical Services114$101M$624,2507.25%10 years8.8%
4581 Clothing and Clothing Accessories RetailersRetail Trade111$77.6M$440,0009.50%10 years5.1%
4842 Specialized Freight TruckingTransportation and Warehousing106$122M$818,4007.50%10 years10.2%
5621 Waste CollectionAdministrative and Support and Waste Management and Remediation Services104$91.3M$497,5008.00%10 years2.8%
4422 All Other Home Furnishings StoresRetail Trade100$82.3M$540,1506.00%10 years11.5%
5322 Consumer Goods RentalReal Estate and Rental and Leasing100$82.6M$520,9008.25%10 years2.0%
5616 Investigation and Security ServicesAdministrative and Support and Waste Management and Remediation Services97$96.3M$500,0007.75%10 years8.5%
4236 Household Appliances and Electrical and Electronic Goods Merchant WholesalersWholesale Trade95$158M$1,208,7007.25%10 years7.8%
4593 FloristsRetail Trade94$38.9M$246,0009.25%10 years3.1%
7212 RV (Recreational Vehicle) Parks and Recreational CampsAccommodation and Food Services92$101M$900,0007.00%25 years8.0%
4541 Electronic Shopping and Mail-Order HousesRetail Trade90$108M$757,7006.00%10 years8.2%
4233 Lumber and Other Construction Materials Merchant WholesalersWholesale Trade87$140M$1,358,0007.50%10 years7.4%
4884 Support Activities for Road TransportationTransportation and Warehousing81$105M$903,1007.50%10 years10.0%
4237 Hardware, and Plumbing and Heating Equipment and Supplies Merchant WholesalersWholesale Trade76$129M$1,257,1007.50%10 years5.0%
3261 Plastics Product ManufacturingManufacturing75$136M$1,638,8006.75%10 years9.6%
5619 Other Support ServicesAdministrative and Support and Waste Management and Remediation Services74$77.1M$618,9507.88%10 years11.9%
5324 Commercial and Industrial Machinery and Equipment Rental and LeasingReal Estate and Rental and Leasing74$135M$1,227,5007.55%10 years9.8%
4922 Local Messengers and Local DeliveryTransportation and Warehousing73$72.1M$826,0007.50%10 years12.0%
3121 Beverage ManufacturingManufacturing73$73.2M$612,0008.00%10 years7.6%
4594 Office Supplies, Stationery, and Gift RetailersRetail Trade73$45.8M$453,0008.59%10 years6.4%
4532 Gift, Novelty, and Souvenir StoresRetail Trade72$37.1M$303,6006.25%10 years6.5%
6231 Nursing Care Facilities (Skilled Nursing Facilities)Health Care and Social Assistance69$111M$1,251,4007.35%25 years11.5%
4231 Motor Vehicle and Motor Vehicle Parts and Supplies Merchant WholesalersWholesale Trade68$82.9M$863,8007.38%10 years13.9%
3339 Other General Purpose Machinery ManufacturingManufacturing67$101M$1,209,3007.75%10 years8.2%
4543 Other Direct Selling EstablishmentsRetail Trade63$45.1M$461,5005.75%10 years17.1%
8112 Electronic and Precision Equipment Repair and MaintenanceOther Services (except Public Administration)62$68.5M$492,0007.25%10 years7.5%
3328 Coating, Engraving, Heat Treating, and Allied ActivitiesManufacturing61$72.3M$870,5007.75%10 years3.2%
5312 Offices of Real Estate Agents and BrokersReal Estate and Rental and Leasing58$50.5M$479,4008.00%10 years10.8%
4531 FloristsRetail Trade57$25.4M$200,0005.50%10 years9.5%
6239 Other Residential Care FacilitiesHealth Care and Social Assistance55$62.3M$1,000,0007.00%25 years17.9%
3335 Metalworking Machinery ManufacturingManufacturing55$77.3M$1,027,0006.75%10 years14.1%
4552 Warehouse Clubs, Supercenters, and Other General Merchandise RetailersRetail Trade55$51.5M$400,0009.25%10 years8.3%
6214 Outpatient Care CentersHealth Care and Social Assistance54$74.0M$968,2009.00%10 years8.5%
3279 Other Nonmetallic Mineral Product ManufacturingManufacturing52$65.5M$837,2506.88%10 years11.9%
6111 Elementary and Secondary SchoolsEducational Services51$51.4M$665,0007.25%10 years10.5%
3119 Other Food ManufacturingManufacturing51$51.1M$429,5007.50%10 years8.9%
3391 Medical Equipment and Supplies ManufacturingManufacturing51$66.0M$955,6007.50%10 years7.3%
4885 Freight Transportation ArrangementTransportation and Warehousing50$65.2M$904,5007.00%10 years5.7%
2371 Utility System ConstructionConstruction50$85.9M$1,082,0007.50%10 years7.4%
3332 Industrial Machinery ManufacturingManufacturing49$73.3M$883,8007.55%10 years2.0%
4431 Electronics StoresRetail Trade44$29.5M$361,7506.00%10 years0.0%
4421 Furniture StoresRetail Trade44$52.1M$555,0006.00%10 years6.4%
4859 Other Transit and Ground Passenger TransportationTransportation and Warehousing44$42.8M$776,2508.00%10 years12.0%
6115 Technical and Trade SchoolsEducational Services43$50.1M$625,0007.50%10 years6.5%
4246 Chemical and Allied Products Merchant WholesalersWholesale Trade40$60.5M$991,5008.00%10 years2.4%
2379 Other Heavy and Civil Engineering ConstructionConstruction38$75.7M$1,640,4007.62%10 years7.3%
5511 Management of Companies and EnterprisesManagement of Companies and Enterprises37$76.5M$1,719,5008.00%10 years0.0%
4492 Electronics and Appliance RetailersRetail Trade37$32.4M$633,0008.50%10 years7.5%
4583 Jewelry, Luggage, and Leather Goods RetailersRetail Trade37$22.0M$405,0009.50%10 years7.5%
6232 Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse FacilitiesHealth Care and Social Assistance36$57.6M$1,105,5009.38%10 years7.7%
4232 Furniture and Home Furnishing Merchant WholesalersWholesale Trade35$44.6M$692,7008.00%10 years0.0%
5182 Computing Infrastructure Providers, Data Processing, Web Hosting, and Related ServicesInformation35$63.7M$1,200,0007.25%10 years14.6%
6215 Medical and Diagnostic LaboratoriesHealth Care and Social Assistance34$35.0M$714,0007.75%10 years8.1%
2131 Support Activities for MiningMining, Quarrying, and Oil and Gas Extraction33$48.2M$850,0007.50%10 years15.4%
4243 Apparel, Piece Goods, and Notions Merchant WholesalersWholesale Trade33$37.5M$470,0008.50%10 years5.7%
3116 Animal Slaughtering and ProcessingManufacturing32$25.6M$509,2507.55%14.4 years8.6%
3344 Semiconductor and Other Electronic Component ManufacturingManufacturing32$63.0M$1,754,0007.00%10 years13.5%
6117 Educational Support ServicesEducational Services32$21.6M$389,0008.00%10 years5.9%
3359 Other Electrical Equipment and Component ManufacturingManufacturing31$54.9M$1,285,8007.50%10 years11.4%
5323 General Rental CentersReal Estate and Rental and Leasing31$35.1M$770,0007.50%10 years16.2%
6219 Other Ambulatory Health Care ServicesHealth Care and Social Assistance29$23.6M$612,9007.75%10 years3.3%
3372 Office Furniture (including Fixtures) ManufacturingManufacturing29$43.7M$750,0006.50%10 years14.7%
3333 Commercial and Service Industry Machinery ManufacturingManufacturing29$39.9M$844,8006.95%10 years3.3%
7113 Promoters of Performing Arts, Sports, and Similar EventsArts, Entertainment, and Recreation28$39.0M$957,5008.50%10 years12.5%
5111 Periodical PublishersInformation26$36.3M$610,5006.00%10 years10.3%
1114 Greenhouse, Nursery, and Floriculture ProductionAgriculture, Forestry, Fishing and Hunting26$28.7M$609,6507.25%10 years13.3%
3362 Motor Vehicle Body and Trailer ManufacturingManufacturing26$47.7M$838,3508.25%10 years3.7%
7131 Amusement Parks and ArcadesArts, Entertainment, and Recreation25$39.1M$1,320,0008.75%10 years19.4%
2373 Highway, Street, and Bridge ConstructionConstruction25$45.3M$850,9006.75%10 years13.8%
3222 Converted Paper Product ManufacturingManufacturing25$43.3M$1,350,0006.00%10 years7.4%
4251 Wholesale Trade Agents and BrokersWholesale Trade25$29.5M$760,0008.95%10 years21.9%
4595 Used Merchandise RetailersRetail Trade25$17.1M$466,50010.00%10 years3.8%

Source: SBA 7(a) FOIA loan-level extract, change-of-ownership approvals, FY2019 onward. Data as of 30 June 2026. n = 39,126 financed acquisitions. 158 further industry groups appear in the file below the 25-deal floor and have no page.

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Grouped by sector

Retail Trade (32)

Accommodation and Food Services (5)

Other Services (except Public Administration) (8)

Construction (9)

Health Care and Social Assistance (13)

Professional, Scientific, and Technical Services (8)

Manufacturing (24)

Administrative and Support and Waste Management and Remediation Services (7)

Wholesale Trade (13)

Transportation and Warehousing (7)

Finance and Insurance (2)

Arts, Entertainment, and Recreation (3)

Real Estate and Rental and Leasing (6)

Educational Services (4)

Agriculture, Forestry, Fishing and Hunting (2)

Information (2)

Mining, Quarrying, and Oil and Gas Extraction (1)

Management of Companies and Enterprises (1)