What Early M&A Research Signals Reveal Across Industries
M&A doesn’t start with a banker.
It starts with research.
Long before a process is launched — and well before advisors are engaged — management teams begin exploring:
- exit strategies
- business valuation
- private equity
- investment banking topics
This discovery phase is where intent forms.
And this past week’s deals show it clearly.
Across five acquisitions announced between March 23–30, companies were actively researching M&A-related topics 15–24 months before the deals became public .
The Signals Behind This Week’s Deals
The Equity Group
Acquired by: Ruder Finn
Industry: Investor Relations
Announced: March 23, 2026
High M&A score: March 2024 (~24 months early)
Signals detected:
- private equity
- business valuation
- investment bank
Investor relations firms sit close to capital markets — and when they begin researching valuation and private equity topics, it often signals early strategic positioning ahead of a sale.
Olaplex
Acquired by: Henkel
Industry: Consumer Haircare
Announced: March 26, 2026
High M&A score: August 2024 (~19 months early)
Signals detected:
- business valuation
- investment bank
- earnout provision
In consumer deals, research into valuation and earnouts typically reflects preparation for negotiation and deal structuring, not just exploration.
Terns Pharmaceuticals
Acquired by: Merck & Co.
Industry: Biopharmaceuticals
Announced: March 25, 2026
High M&A dealmaker score: May 2024
High M&A score: July 2024 (~20 months early)
Signals detected:
- company acquisition
- investment bank
- earnout provision
Biopharma companies often research deal structures early — especially earnouts — to align outcomes with pipeline performance and milestones.
Andesa Services
Acquired by: Terminus Capital Partners
Industry: Insurance Technology
Announced: March 26, 2026
High M&A score: May 2024 (~22 months early)
Signals detected:
- investment bank
- corporate law firm
- seller financing
Research into m&a legal topics and financing structures signals execution planning, particularly in industries with regulatory and transactional complexity.
Nothing Bundt Cakes
Acquired by: KKR
Industry: Food & Beverage / Retail
Announced: March 25, 2026
High M&A dealmaker score: July 2024
Research activity by KKR: January 2025
High M&A score: December 2024 (~15 months early)
Signals detected:
- business carve-out
- investment bank
- business merger
Consumer retail deals often involve carve-outs and sponsor-backed strategies — and research into these areas signals early-stage restructuring and acquisition readiness.
Industry Breakdown: What We’re Seeing
Consumer & Retail (Olaplex, Nothing Bundt Cakes)
Heavy focus on valuation and deal structuring.
Signals around earnouts, carve-outs, and mergers.
Strong alignment with private equity discvoery research.
These industries show high sensitivity to pricing and structure, with early research reflecting negotiation prep.
Healthcare / Biopharma (Terns Pharmaceuticals)
Early focus on deal structuring (earnouts, acquisition strategy).
Alignment with milestone-based valuation models.
Signals here indicate planning around uncertainty and future performance.
Financial & Professional Services (The Equity Group, Andesa Services)
Long lead times (20–24 months)
Early research into advisor discovery topics, financing, and legal frameworks
These sectors show earlier and more deliberate preparation cycles.
M&A Cycle Trends
Across every deal this week, the same sequence appears:
- Research begins
- Intent forms
- Process launches
- Deal is announced
The earliest step — research — is where the advantage lies.
Not when companies engage advisors. But when they start researching topics around selling their business.
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