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Date: Fri, 20 Jun 2025 11:03:29 -0400
From: Melissa Smith <msmith@iglobalforum.com>
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To: andrew@sterlingcal.com
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Subject: =?utf-8?Q?New_Blog_Post:_What_2025=E2=80=99s_M&A_Land?=
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The New Rules of Engagement

2025 M&A Outlook Strategies for Independent Sponsors in a Shifting Market (=
https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/cHycy04/VX0HRc2C4M7pW2S9Sx7=
6hswqrW1TDTHt5y1ypvN4gTlKF5n4LbW7Y9pgv6lZ3p2W21V27N5STVSYN3lg-3kb20YNW4rp_l=
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8llMkk0F3GjNsQW5m6YM62dH6nzM3lm6fVRj_LW6hQTG998zwMlf1ZQhjR04 )

Hi Andrew,

The dealmaking environment is shifting=E2=80=94and 2025 is shaping up to be=
 a pivotal year for independent sponsors.

From tighter capital to evolving LP expectations, the path forward is compl=
ex=E2=80=94but filled with opportunity for those who adapt.

In our latest post, =E2=80=9CNavigating 2025=E2=80=99s M&A Crossroads: What=
 Independent Sponsors Need to Know,=E2=80=9D we explore:

=E2=9C=85 How macroeconomic pressures are reshaping the M&A landscape

=E2=9C=85 What capital providers are prioritizing in today=E2=80=99s deals

=E2=9C=85 Key strategies for staying competitive in a changing market

Read the Full Article
(https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/cHycy04/VX0HRc2C4M7pW2S9Sx=
76hswqrW1TDTHt5y1ypvN4gTlKF5n4LbW7Y9pgv6lZ3p2W21V27N5STVSYN3lg-3kb20YNW4rp_=
lw2pMBhqW77V0yk8cXZvRW7p6BHk5_y9tXW3s83h253X-ycW83JYCF7tWq8HW4jVSgR73g6frW3=
Rh3Gf4cTTm0W790R7d6JKyt7W66HvCS6mhTlFN8DXhXbpbVPfW6_nZD-5YG5-7W8x9xVp2GX7sf=
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gW1BDmyb3KjSQsW72_MDX5V8rJZW6YGG1N1HSNq7N4cpb-vm_hzRN6cNVSXVC3wFN7Jk4zpF0Rd=
wW3sls8P28SlmkW1V0K_p2-r6PJW7FL5hz6nD06VW3_slgG8JZwM0W96805s2T_k4KW2X_RSz6s=
g8llMkk0F3GjNsQW5m6YM62dH6nzM3lm6fVRj_LW6hQTG998zwMlf1ZQhjR04 )

Whether you're mid-deal or planning your next raise, these insights are wel=
l worth your time.

Kind regards,

Melissa Smith

iGlobal Forum

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presentation" width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
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      <td align=3D"center" valign=3D"top" style=3D"font-family:Arial, sans-=
serif; color:#444444; word-break:break-word; text-align:center; padding:0px=
; font-size:0px">
        <a href=3D"https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/cHycy04/=
VX0HRc2C4M7pW2S9Sx76hswqrW1TDTHt5y1ypvN4gTlKF5nXHsW7Y9pgv6lZ3mlW1HVdGK4ljvN=
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KcJf7lDZL204" target=3D"_blank" style=3D"color:#00a4bd" data-hs-link-id=3D"=
0" data-hs-link-id-v2=3D"mACdDcNF">
        <img alt=3D"2025 M&amp;A Outlook Strategies for Independent Sponsor=
s in a Shifting Market" src=3D"https://hs-5753891.f.hubspotemail.net/hub/57=
53891/hubfs/2025%20M%26A%20Outlook%20Strategies%20for%20Independent%20Spons=
ors%20in%20a%20Shifting%20Market.png?width=3D1196&amp;upscale=3Dtrue&amp;na=
me=3D2025%20M%26A%20Outlook%20Strategies%20for%20Independent%20Sponsors%20i=
n%20a%20Shifting%20Market.png" style=3D"outline:none; text-decoration:none;=
 border:none; max-width:100%; font-size:16px" width=3D"598" align=3D"middle=
">
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  </tbody>
</table></div>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:Arial, sans-serif; font-size:15px; color:#444444; word-break:brea=
k-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_157190881717845=
7" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module=
" style=3D"color: inherit; font-size: inherit; line-height: inherit;" data-=
hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_co=
s_wrapper_module_1571908817178457_" class=3D"hs_cos_wrapper hs_cos_wrapper_=
widget hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: i=
nherit; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-=
cos-type=3D"rich_text"><p style=3D"mso-line-height-rule:exactly; line-heigh=
t:175%">Hi Andrew,</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">&nbsp;</p>
<p data-start=3D"192" data-end=3D"304" style=3D"mso-line-height-rule:exactl=
y; line-height:175%">The dealmaking environment is shifting=E2=80=94and 202=
5 is shaping up to be a pivotal year fo<span style=3D"font-weight: normal;"=
>r independent sponsors.</span></p>
<p data-start=3D"306" data-end=3D"432" style=3D"mso-line-height-rule:exactl=
y; line-height:175%">&nbsp;</p>
<p data-start=3D"306" data-end=3D"432" style=3D"mso-line-height-rule:exactl=
y; line-height:175%">From tighter capital to evolving LP expectations, the =
path forward is complex=E2=80=94but filled with opportunity for those who a=
dapt.</p>
<p data-start=3D"306" data-end=3D"432" style=3D"mso-line-height-rule:exactl=
y; line-height:175%">&nbsp;</p>
<p data-start=3D"434" data-end=3D"482" style=3D"mso-line-height-rule:exactl=
y; line-height:175%">In our latest post, <strong data-start=3D"717" data-en=
d=3D"796">=E2=80=9CNavigating 2025=E2=80=99s M&amp;A Crossroads: What Indep=
endent Sponsors Need to Know,=E2=80=9D</strong> we explore:</p>
<p data-start=3D"434" data-end=3D"482" style=3D"mso-line-height-rule:exactl=
y; line-height:175%">&nbsp;</p>
<p data-start=3D"484" data-end=3D"670" style=3D"mso-line-height-rule:exactl=
y; line-height:175%">=E2=9C=85 How macroeconomic pressures are reshaping th=
e M&amp;A landscape<br data-start=3D"545" data-end=3D"548">=E2=9C=85 What c=
apital providers are prioritizing in today=E2=80=99s deals<br data-start=3D=
"606" data-end=3D"609">=E2=9C=85 Key strategies for staying competitive in =
a changing market</p></div></div></td></tr></tbody></table>
</div>
<!--[if gte mso 9]></table><![endif]-->
<!--[if (mso)|(IE)]></td><![endif]-->
    <!--[if (mso)|(IE)]></tr></table><![endif]-->
    </div>
  =20
  </div>
  <div id=3D"module_1626447804157" class=3D"hse-section" style=3D"padding-l=
eft:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; Margin-left:auto; Margin-right:auto; bord=
er-left:1px solid #cccccc; border-right:1px solid #cccccc; box-sizing:borde=
r-box; background-color:#ffffff" bgcolor=3D"#ffffff">
   =20
    <!--[if (mso)|(IE)]>
      <table align=3D"center" style=3D"width:600px;border-left:1px solid #c=
ccccc;border-right:1px solid #cccccc" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" class=3D"hse-border hse-border-m" width=3D"600" bgcolo=
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=3D"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D=
"font-family:Arial, sans-serif; font-size:15px; color:#444444; word-break:b=
reak-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_157190881717=
84573" class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_mo=
dule" style=3D"color: inherit; font-size: inherit; line-height: inherit;" d=
ata-hs-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><table align=
=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presen=
tation" style=3D"border-collapse:separate!important">
    <tbody><tr>
      <td align=3D"center" valign=3D"middle" bgcolor=3D"#E69138" style=3D"f=
ont-family:Arial, sans-serif; font-size:15px; color:#444444; word-break:bre=
ak-word; border-radius:8px; cursor:auto; background-color:#E69138; mso-padd=
ing-alt:12px 18px">
        <a href=3D"https://cHycy04.na1.hubspotlinks.com/Ctc/I5+113/cHycy04/=
VX0HRc2C4M7pW2S9Sx76hswqrW1TDTHt5y1ypvN4gTlKF5nXHsW7Y9pgv6lZ3mWW8c-gV68JYkR=
sW8bkTzl4z8fSTW1PFd6g2mB2htN6-vyYCB1hPSW2g9sv96WKmXZW3ZhPTX56_yrlW3zY5Gk8Gw=
717W2pH2Bb3k5WmhW8RfYpt3nbRQhW9439Qj96LZmWVkZpqn8hNkGfW8vY_lc8ZrZNFW2_Dpjj8=
_DY8fW7D5QCp7jPCSsW4xD2jz6dNz4cW8cLhPJ5Wjm2jW8GJ1Yh3s5NYWW1QBQd98D9SM4W8h2t=
w01_c2fsW7D9lH_1fLw0KW3cs2DP6xtZP4W6gd49l6lVZmZN7RkVqrPzbZZW6FvqLH2mZt6hW5l=
cz4f8GS8RbW3J7TJM5pFrJvW1J9kgv3cZNXxMdkCQ_316-mW58ys6-92t9XCW4gZkGY2T50LlW2=
MC18j7P6tv2W7BhkSl34LMtlW7l_rwl8zccY4W7R0TD8878Y15W46NPKs78Kx8hW7WjNzN3Ng54=
LW47y-pt8sdHXnW7QzbQj5mBdqcW6GPsxs3ZpLzVW7twB203B4qJLW8mLxTD7s2c2wW11_1kL6L=
TcKqdMRmrv04" target=3D"_blank" style=3D"color:#00a4bd; font-size:16px; fon=
t-family:Arial, sans-serif; Margin:0; text-transform:none; text-decoration:=
none; padding:12px 18px; display:block" data-hs-link-id=3D"1" data-hs-link-=
id-v2=3D"xE1PsMPl">
          <strong style=3D"color:#ffffff;font-weight:bold;text-decoration:n=
one;font-style:normal;">Read the Full Article</strong>
        </a>
      </td>
    </tr>
  </tbody></table></div></td></tr></tbody></table>
  <table role=3D"presentation" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" class=3D"" style=3D""><tbody><tr><td class=3D"hs_padded" style=3D"fo=
nt-family:Arial, sans-serif; font-size:15px; color:#444444; word-break:brea=
k-word; padding:10px 20px"><div id=3D"hs_cos_wrapper_module_17290562038872"=
 class=3D"hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" =
style=3D"color: inherit; font-size: inherit; line-height: inherit;" data-hs=
-cos-general-type=3D"widget" data-hs-cos-type=3D"module"><div id=3D"hs_cos_=
wrapper_module_17290562038872_" class=3D"hs_cos_wrapper hs_cos_wrapper_widg=
et hs_cos_wrapper_type_rich_text" style=3D"color: inherit; font-size: inher=
it; line-height: inherit;" data-hs-cos-general-type=3D"widget" data-hs-cos-=
type=3D"rich_text"><p data-start=3D"934" data-end=3D"1027" style=3D"mso-lin=
e-height-rule:exactly; line-height:175%">Whether you're mid-deal or plannin=
g your next raise, these insights are well worth your time.</p>
<p data-start=3D"957" data-end=3D"1067" style=3D"mso-line-height-rule:exact=
ly; line-height:175%">&nbsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Kind regards,</=
p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">Melissa Smith&n=
bsp;</p>
<p style=3D"mso-line-height-rule:exactly; line-height:175%">iGlobal Forum</=
p></div></div></td></tr></tbody></table>
</div>
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  =20
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left:10px; padding-right:10px">
   =20
   =20
      <div class=3D"hse-column-container hse-border hse-border-m" style=3D"=
min-width:280px; max-width:600px; Margin-left:auto; Margin-right:auto; bord=
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   =20
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          <p style=3D"font-size: 12px; line-height: 125%;">iGlobal Forum, 6=
 East 43rd Street, 19th Floor, New York,NY,10017,United States of America,<=
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<p style=3D"font-size: 12px; line-height: 125%;"><span style=3D"color: #e69=
138;"><a href=3D"https://hs-5753891.s.hubspotemail.net/hs/preferences-cente=
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