Distribution M&A markets have changed significantly in the past six months. Deals, especially in the last quarter, have started to dry up and valuations are dropping fast. Yet there is still a lot of private equity money looking for a place to land. Yesterday I had the pleasure of moderating a discussion with Brent Grover of Evergreen Consulting and Jim Miller of Supply Chain Equity Partners. These two gentlemen have complementary perspectives with strong distribution expertise, but they did not bear much good news.  
 
We clearly are on the back side of the peak of valuations. With tighter debt markets, financial buyers won’t be driving the market the way they have the past few years, but they will be a factor, Miller noted. His take is that there will still be add-on …