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Industrials has always been a leading industry for dealflow on the Axial platform, and Q1 of 2024 was no exception. Last quarter, the number of deals marketed in the industrials space on Axial was the highest it’s been since mid-year 2022, and it held fast (by more than 30%!)
One item of note is that while technology was ranked only the fourth highest industry as it relates to total dealflow in Axial in 2023, deals in the tech sector had the leading pursuit rate at 8.92%.
Technology ranked 4th in dealflow but had the highest average pursuit rate, 8.76%, of all sectors. See below for the full Q3 deal activity overview on the Axial platform, and for a more detailed breakdown by industry, check out The SMB M&A Pipeline: Q3 2023.
On October 1, we closed on our acquisition of Global Infrastructure Partners. Our planned acquisition of Preqin is accelerating this exciting private markets data and analytics journey for BlackRock and our clients. This approach is yielding profitable growth and operating leverage. With that, I'll turn it over to Larry.
On September 1st, after clearing the FTC second request time frame, we executed the Globus NuVasive merger. Pulse sales have been impacted by customer uncertainty with the merger, while international remains focused on continued market penetration and NSO on market reentry of key technology.
JLL Partners is dedicated to partnering with companies that it can fundamentally help build into market leaders through a combination of strategic mergers and acquisitions, market repositioning, and product and service line expansion. We know how to operate in situations that are not “packaged” for sale.
While M&A revenues are still low across The Street, I was pleased that we participated in some of the significant deals announced in the quarter, such as Diamondback's merger with Endeavour Energy and Catalent's merger with Nova Holdings. Advisory revenues declined given the low level of announced merger activity last year.
Our win rates remain strong, and we are delivering operating leverage. Or are you guys looking to make some acquisitions in that space? We never precluded an acquisition. But with that, we're very disciplined, I think, in how we approach acquisitions, especially these days. Our teams are executing well.
We'll leverage leading technology regardless of whether it was developed at Kensho, developed elsewhere within the divisions or come via a vendor or a partner. Excluding the impact of Engineering Solutions in all periods, but including approximately $10 million from this year's tuck-in acquisitions, revenue growth would have been 7%.
As we begin 2025, seven years after our IPO in 2018, I want to highlight 2024 and reflect on how far our balance sheet has come since, well, going way back to our preemergence in the summer of 2017 when VICI had total leverage of roughly 10.5 In connection with the Eldorado-Caesars merger, we retired the CMBS debt. years to maturity.
In fact, that was pre -merger with Manny Hanny and Chemical, and JP Morgan, and et cetera. Unfortunately, you know, they went through a series of about a dozen mergers — RITHOLTZ: Right. RITHOLTZ: There was just a run of acquisitions until they’re the behemoth. How did you get to Chase? KENCEL: Sure. KENCEL: Right.
Paula Sambo of Bloomberg reports Canada pension fund's credit head wants to take advantage of leveraged buyout boom: Canada’s largest pension fund plans to nearly double the size of its credit holdings over the next five years, and it’s counting on an upturn in leveraged buyouts to generate some of that growth. KKR & Co.
One such example is the UBS Leveraged Loan Index partnership. In 2024, we expanded the collection of multi-asset class indices offered through S&P Dow Jones Indices, and we launched the Leveraged Loan Indices in partnership with UBS. This engagement can also serve as opportunities to partner or co-invest with our customers.
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