In contrast with previous years, when strategic buyers dominated the industry financial buyers have accounted for a significant portion of the merger and acquisition (M&A) market in 2017.  From 2016 to 2017, private equity groups (PEGs) increased their share of acquisitions from 13.5% to 37.2% of activity.  Due to the increased competition from PEGs, which has driven up valuations, strategic buyer volume has decreased from 94 transactions year-to-date (YTD) in 2016 to 59 during the same period in 2017.