FROM THE EDITOR
A Year in Review
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KATHRYN MULLIGAN Editor-in-Chief, Middle Market Growth kmulligan@acg.org
orking on this edition of Middle Market Growth has me thinking about the days before we printed last year’s summer issue at the end of April 2020, and our last-minute edits to reflect the evolving state of the pandemic. Our cover story for that edition featured Family RV Group, a collection of recreational vehicle dealerships. Although the article was underway before most of us heard of COVID-19, its focus turned out to be timely. Sales surged as people used RVs as a way to self-isolate after exposure to the virus, and to travel or camp during the lockdowns. We tried to incorporate new information as the situation changed, including Family RV’s designation as an essential business, and its new policies for keeping showrooms safe. We had to cancel our photoshoot altogether. For me, that edition encapsulates the confusion and uncertainty that we all experienced last spring, when there was little information about the disease and everyone was scrambling to adapt. That makes it all the more incredible to look at where we are today. Instead of laying off workers, middle-market companies are now struggling to fill open positions. Deal activity is such that investors are concerned about whether the partners they rely on for due diligence, quality of earnings and other critical functions can support the high transaction volume. Family RV Group was part of the 2021 deal deluge—its investor, Kidd & Company, sold the business to the country’s largest privately held RV dealer, RV Retailer, in March. That rapid pace of change is forcing every organization to be nimble in order to survive, and ACG’s media group is no exception. You’re likely reading this letter in print, a format that we believe still has a place, even in the digital age. We’ll continue to use these pages to report on long-term trends and serve up in-depth articles with staying power. We also know that a fast-changing world requires outlets for reporting on real-time developments. To complement print, we’re using ACG’s GrowthTV video channel, the Middle Market Growth Conversations podcast, and our website, middlemarketgrowth.org, to address developments that happen between our print production cycles. The days of “all the news that’s fit to print” are long gone, so we won’t promise that in these pages. What you will find is reporting and commentary on the enduring trends affecting the middle market. For timely coverage in between issues, join us online. //
MIDDLE MARKET GROWTH // SUMMER 2021
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