While 2020 started out active for middle market M&A, transactions that were not well underway by the time the pandemic started to impact the economy were often postponed or taken off the market. Of the transactions that continued to move forward, many were repriced. Buyers used the pandemic induced uncertainty to re-trade prices, often by 30% or more. Also, transactions in markets that were perceived to benefit from the pandemic – from video conferencing to home delivery to telehealth – experienced accelerated growth in revenues and valuations. Buyers, Sellers and intermediaries who continued to operate during this time rapidly deployed technology to expedite transactions remotely and reduce in person activities.