Direct lending LBO volume has fallen 21% year-over-year to an estimated $30.2 billion across 92 deals, as mega-buyouts over $2 billion have been absent since early March. In the second quarter alone, direct lenders financed just 36 LBOs with a combined volume of $7.9 billion, marking a nearly six-year low. The last mega-buyout was Thoma Bravo's acquisition of WWEX Group, backed by over $5 billion in unitranche financing from a club of 33 lenders agented by Ares. Overall private credit loan origination across all deals dropped to an estimated $29.2 billion in the second quarter through June 22, down from $74.1 billion in the first quarter and $66.4 billion in the same period last year. US PE deal value totaled just $117 billion in the second quarter through June 23, less than half of first-quarter levels and the lowest since early 2020.
Thoma Bravo is mentioned as the buyer in the last mega-buyout, but the article focuses on the overall deal drought, not on Thoma Bravo specifically.
WWEX Group was the subject of the last mega-buyout mentioned, but the article focuses on the drought in large deals, not on WWEX's performance.