Deal flow

JRI Hospitality CEO Jason Ingermanson discusses acquisition discipline, private equity interest and why Freddy’s Frozen Custard & Steakburgers could eventually go public.

February deal volume fell sharply from year-ago levels as valuation gaps and uneasy global sentiment keep activity muted.

Deal volume and value both edged lower last year as uncertainty and valuation gaps stalled transactions — but growing clarity on policy and costs is fueling cautious optimism for 2026.

Long-term changes in capital sources, risk appetite and deal structures are reshaping how transactions get done.

Despite November’s slump, early signals in tech, real estate and select industrials point to a coming rebound as stabilizing rates and AI-driven strategies pull dealmakers back to the table.