According to Christopher Nicholas, of Shields & Company, Waltham, MA, “On the supply side, we have about 60 percent of the 15 million privately-held businesses in the U.S. are owned by business owners born before 1964. It will generate an estimated $11 trillion of wealth transfer. On the demand side, we continue to see a half-trillion dollars in private equity overhang with strategic buyers that are looking to augment organic growth through acquisitions. Coupled with a very supportive debt market, we see a robust deal market.” Nicholas noted key middle-market sectors are business services, Healthcare IT, and traditional manufacturers which are going through a bit of revival.