Huntington Subsidiary Capstone Reports 18.9% Drop in 2025 Consumer M&A
Huntington Bancshares' Capstone Partners subsidiary reported consumer M&A deals plunged 18.9% in 2025, driving median EV/EBITDA multiples to a ten-year low of 9.2x. The firm noted large transactions over $250 million climbed to 30.6% of deals and predicts gradual M&A improvement in 2026 driven by PE exits and discretionary sector momentum.
1. Report Overview
Capstone Partners, a subsidiary of Huntington Bancshares, released its Annual Consumer M&A Report analyzing public market valuations, deal volumes, private equity activity and sector-specific trends in 2025.
2. 2025 M&A Performance
The report shows consumer industry deal count declined 18.9% year-over-year in 2025, with median EV/EBITDA multiples falling to 9.2x, marking the lowest level in a decade, and public strategic acquisitions contracting 33.8%.
3. 2026 Outlook Drivers
Key factors supporting a gradual M&A rebound include a record 30.6% share of deals over $250 million, a 29.4% month-end rise in PE add-on transactions and growing discretionary sector activity in tactical products, outdoor recreation and e-commerce.
4. Implications for Huntington Bancshares
Increased advisory volume from larger consumer deals and anticipated acceleration of PE exits could boost Capstone’s revenue contribution to Huntington Bancshares, potentially enhancing its investment banking segment performance in 2026.