2024 Arizona M&A Year in Review

Arizona closed 2024 with $3 billion in reported M&A deal volume—a recalibrated performance that reflects broader macroeconomic shifts after a decade of peaks and resets.

Our 2024 Arizona M&A Year in Review Report explores how rising interest rates, evolving corporate strategies, and investor sentiment have influenced business sales and transaction trends across the state. While high-activity years like 2021 ($35bn) and 2022 ($19bn) were driven by abundant capital and post-COVID momentum, 2024 marked a return to more disciplined, value-focused dealmaking.

Private equity in Arizona remained engaged but selective, with $2 billion deployed in 2024, compared to $15 billion in 2022. Strategic buyers also recalibrated, prioritizing operational alignment and long-term fit.

Despite the pullback in total volume, Arizona’s M&A landscape remains resilient, with business owners, investors, and advisors adapting to a more measured environment.

Click to access the full report and uncover key insights into Arizona business sales, buyer behavior, and private capital deployment—all shaping the road ahead for 2025.

Note: To understand what private equity firms, family offices, and strategic buyers are pursuing across Arizona, review our in-depth analysis in the Arizona M&A Private Equity Wishlist on our M&A Intelligence Blog. You can also explore our extended coverage in The M&A Window for Founders in Phoenix, Tucson & the Great Southwest and Arizona’s M&A Future: Why Phoenix & Scottsdale Are Attracting Private Equity Attention, which highlight capital flows, demographic shifts, and industry consolidation across the state.

💡 Take the first step toward a confidential conversation and contact William & Wall today for expert sell-side M&A advisory and investment banking guidance for middle-market business owners.