Whilst global mergers and acquisitions have declined rapidly in the first quarter of the year, deals in the physical security industry have held up relatively well. Comparing the last quarter of 2008 with the first quarter of 2009, activity measured by numbers of deals has remained steady, whilst demand in sales of security equipment has fallen. “We believe that in value terms there is likely to be less spent on acquisitions in 2009 but the volume of deals may well increase.” This confirms our opinion that a decline in sales output is not going to have a major impact on mergers and acquisitions unless the market believes we are about to fall off the edge of the cliff. However liquidity will, so we believe that in value terms there is likely to be less spent on acquisitions in 2009 but the volume of deals may well increase. The exit price will fall and mergers will […]