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East Wind Current - Issue Six
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Issue 6 | AUG 2025
THE
Current
In this issue:
Welcome to the sixth edition of our bulletin, a regular take on the deal-making environment in our industry verticals
WELCOME Our Managing Partner Joshua Schwartz reflects on 1H 2025 and the outlook for 2H 2025
Groundhog Day
EAST WIND OVERVIEW AND UPDATE East Wind announces promotion of Dill Howard to Associate and welcomes Antonio Vitale (Analyst) to the team
PROFILE The Last Mile of Influence: Demystifying the Creator Economy with Jamie Gutfreund, founder of Creator Vision
M&A INSIGHTS Trends in Tax and Accounting M&A
MARKET ROUNDUP Public market performance and notable 1H 2025 transactions for the education, media & entertainment, and consumer & retail sectors
SPOTLIGHT Q&A with East Wind VP Christopher Guerrieri
Issue 6 | Welcome
Punxsutawney Phil
Joshua Schwartz
Managing Partner
As Summer 2025 winds down, we are pleased to provide you with some last minute beach reading, in the form of the latest edition of The East Wind Current. We don’t know about you, but it seems like everyone is talking about the Creator Economy these days. To bring some clarity to the conversation, East Wind Managing Director Jason Birke sat down with Jamie Gutfreund, founder of Creator Vision, a consultancy that partners with brands, investors, and technology companies to design strategies for the future of media. Jamie is a digitally savvy global marketing and business development executive whose career spans leadership roles at Microsoft, Expedia, and Creative Artists Agency. With a track record of launching groundbreaking campaigns and guiding successful IPOs, she brings a unique perspective on the opportunities and challenges shaping this fast-moving sector. In their discussion, Jamie explored the rapid evolution of the Creator Economy, the infrastructure required to support its scale, and how brands, investors, and technology platforms can position themselves to capture the next wave of growth. Looking back at the first half of 2025, markets faced heightened trade-policy volatility—most notably the 'Liberation Day' tariffs in April, which triggered a sharp market pullback. Inflation stayed above the Fed’s 2% target, and while interest rates remained unchanged, uncertainty surrounding the timing and extent of future cuts persisted. The S&P 500 ended the first half of the year with a 6% gain, despite plunging nearly 15% amid the tariff‑induced sell‑off in early April—only to recover robustly by late June to close at historic highs. As our year-end Market Roundup reveals, publicly traded companies across most of the sectors we cover performed well in terms of revenue and EBITDA growth compared to the broader market. However, stock price performance relative to the broader index was mixed. Notable standouts from a growth perspective include Workforce and Lifelong Learning, Marketing Technology, Live Entertainment, and E-Commerce. In contrast, some sectors lagged behind, such as Broadcasting, Limited Entertainment, Apparel and Accessories, and Leisure Products. In private markets, U.S. venture activity experienced a sharp rebound in 1H 2025, with deal volume rising 76% YoY. The growth was driven largely by a handful of outsized Q1 transactions as well as sustained investor
appetite for AI-driven businesses, which continues to draw disproportionate capital flows. Notably, the surge was concentrated in the growth stage, suggesting that investors are willing to write larger checks into proven companies despite broader market caution. Meanwhile, M&A activity in the U.S. edged up 3% over the same period. The uptick underscores a gradual reawakening of dealmaking, though it remains far from the peaks seen in prior cycles. Finally, the latest Pitchbook data shows that as of year-end 2024, U.S. Private Equity dry powder stood at $2.3 trillion, underscoring the substantial capital overhang in the market. This abundance of unspent commitments is expected to further support deal activity, as funds face mounting pressure to deploy capital amid intensifying competition for high-quality assets. David Kaufthal and Jason Birke return in this edition to discuss the drivers and dynamics of the ongoing consolidation in the accounting and tax advisory services industry. In this edition of the Current, we chose to highlight one of our rising stars, Christopher Guerrieri (AllianceBernstein; MBA, Columbia Business School; BA, Villanova University). Christopher has just celebrated five years at the firm, and in the Spotlight section of this edition, he shares insight into his career path and pivot into investment banking, his role at East Wind, and what he believes sets East Wind apart from other firms. We also feature one internal promotion amongst the East Wind Team (Dill Howard, Associate) and one new member of the team (Antonio Vitale, Analyst), as we continue to advance the highest quality talent to better service our clients’ needs. In Harold Ramis’ 1993 classic Groundhog Day, Bill Murray plays a weatherman trapped in a time loop, waking on successive mornings to the same day, February 2 in Punxsutawney. Until recently, each new fiscal quarter since late 2022 has brought to mind a similar time warp, where the hope of breaking out of a lackluster capital markets environment was continually dashed by persistent headwinds that adversely impacted growth, exacerbated valuation gaps and introduced other dynamics that are not helpful to getting deals done. In the movie, the loop is broken, and Murray’s character returns to normal, only when he is able to work on and improve himself, and evolve from a self-absorbed, narcissist to a caring, altruist. There is now more than anecdotal evidence suggesting the markets we operate in are returning to a more robust condition. The movie reminds us that the repetitive state does not last forever, and breaking the cycle at times has as much to do with our own contributions and behaviors as with external factors.
Market Data Source: Pitchbook.
Issue 6 | East wind overview
East Wind Overview
Selected Services
An independent, industry-focused investment banking firm providing bulge-bracket quality advisory services to companies and financial sponsors primarily across three specialty industry verticals as well as companies serviced by its General Industries and Special Situations Group
Advisory Services
Mergers & Acquisitions (Buy-side and Sell-side)
Fairness Opinions & Valuations
Tender Offers & Takeover Defense
Cross Border Advisory
Leveraged & Management Buyouts
Strategic Alliances & Consulting
Restructuring
Proxy Contests
Media & Entertainment
Education & Human Capital
Consumer & Retail
Financing Advisory Services1
Bank Credit Facilities & other Senior Debt
Consents & Exchange Offers
ESOPs
Mezzanine Financing
Public Equity & High Yield Advisory Services
Recapitalizations
PIPEs
Private Placements
General Industries & Special Situations
Healthcare
Business Services
East Wind is differentiated by its bulge-bracket standards, senior-level attention, significant execution experience in both M&A and capital raising, and high-level access to key decision-makers within its core verticals
(1) Securities are offered through East Wind Securities, LLC, a FINRA-licensed broker-dealer.
Issue 6 | East wind overview
rECENT dEALS
VFG Deal Type: Sell-Side M&A June 2025
Sensical Deal Type: Sell-Side M&A February 2025
We acted as exclusive financial advisor to VFG Advisory LLC in connection with its strategic investment from Exonas Capital, Avante Capital Partners and Brightwood Capital. VFG is a leading taxation and accounting services provider for over 1,500 clients nationally including SMB’s, high net worth individuals, family offices and non-profits. With offices in the U.S. and India, VFG serves clients across a diverse range of industries and is recognized for its commitment to exceptional service. Exonas Capital is a Connecticut based investment firm identifying, executing, and managing private equity investments in the lower and middle markets. Avante Capital Partners is a private credit and equity firm focused on providing flexible capital solutions to growing, lower middle market businesses. Brightwood Capital Advisors, LLC is a private credit firm with a long-standing track record of investing in middle-market businesses.
We acted as exclusive financial advisor to Common Sense Networks, a for-profit affiliate of Common Sense Media, in its sale of Sensical to Cricket Media. Common Sense Networks (CSN) creates innovative solutions like Sensical that further the mission of the nonprofit parent organization. Sensical, is a free/ad-supported app, FAST and Subscription streaming service for kids that offers thousands of entertaining, age-appropriate videos and podcasts featuring beloved characters and trusted creators. With over 50 topic-driven channels, Sensical is grounded in science and 100% COPPA compliant, providing families with an engaging, worry-free media experience. Cricket Media, Inc. is a global education company dedicated to creating high-quality print and digital learning products that inspire and engage children, families, mentors, and educators. Since its launch in 1973, Cricket Magazine has set the standard for thoughtful, engaging children’s literature, earning the moniker “The New Yorker for children.”
Issue 6 | East wind overview
pROMOTIONS & New Hires
We are pleased to announce the well-deserved promotion of Dill Howard to Associate and The New Hire of Antonio Vitale to Analyst. Congratulations Dill and Antonio!
Antonio Vitale Analyst
Dill Howard Associate
Dill joined East Wind as an analyst in 2022. He previously interned with Closed Loop Partners’ Venture Group, where he focused on investments that support a circular economy. In the summer of 2021, Dill worked as an equity analyst intern at The New American Energy Fund. Prior to that, he worked as an analyst intern with Spouting Rock Asset Management’s Small Cap Growth Fund. Dill graduated Magna Cum Laude with a BA in Economics from Colgate University.
Antonio joined East Wind as an analyst in 2025. He previously interned at East Wind, assisting on buy-side and sell-side engagements. Antonio graduated cum laude from Villanova University with a BBA in Applied Quantitative Finance and a minor in Mathematics. He was also a portfolio manager of Villanova's student-managed Wildcat Fund.
Issue 6 | PROFILE Feature
The Last Mile of Influence: Demystifying the Creator Economy with Jamie Gutfreund
We sat down with Jamie Gutfreund to discuss the rapid evolution of the Creator Economy, the infrastructure it needs to scale, and how brands, investors, and technology companies can capture its next wave of growth. Jamie Gutfreund is a recognized authority on the creator economy who brings expertise across both the creative and technology sides of marketing. She has advised global brands, investors, and start-ups on how to evaluate opportunities, guide investments, and build scalable strategies in a rapidly shifting landscape. She serves as co-chair of the IAB Creator Economy Board, is an advisor to the Cannes Lions International Festival of Creativity, and is a featured writer for Forbes on the business of creators. Jamie advises creator industry start-ups and served as a board member for Tubular Labs, a leader in social video measurement. Her career includes leadership roles at Microsoft, Expedia, WPP, Hasbro, and CAA. She has also produced original research and frameworks that help marketers maximize their investments in creator marketing, including the Creator Rosetta Stone with The Harris Poll and Apples to Apples with East Wind Advisors and Creator Playground. Today, she leads Creator Vision, a consultancy that helps brands, investors, and technology companies design strategies for the future of media, as budgets shift from TV to platforms like TikTok, YouTube, and Meta.
Jamie Gutfreund
Founder
The global Creator Economy - including revenues generated by creators and platforms across content types, monetization channels (ads, sponsorships, subscriptions, merchandise) and creator tools - is expected to exceed $160 billion this year. Driven by growth in social media consumption, tens of billions in spending by brands on influencer marketing (which have proven to generate superior returns and higher audience engagement) and $1+ trillion spent annually in social commerce, the Creator Economy is expected to grow at a 28% CAGR over the next four years, reaching over $430 billion.
Q: When did you first see the potential of the Creator space? I was drawn to the creator space around 2008, when I was at CAA. That was the moment YouTubers like Michelle Phan and Philip DeFranco were starting to succeed and I could see the shift happening. I remember attending one of the first VidCons and seeing the fan love firsthand—it was clear this was more than entertainment, it was a cultural movement. The real turning point came years later during the pandemic, when I was CMO at MGA Entertainment. We had paid media commitments but could not film traditional TV commercials, which relied on kids being on set. We turned to creators and their families. It was faster, more effective and it worked. That was the moment I saw just how powerful creators could be in driving business results.
Issue 6 | PROFILE Feature
Q: How would you describe the current state of the Creator Economy? We are well past the “do creators matter” debate. The money from brands is flowing. What is missing is infrastructure. For marketers, this means moving from a collection of disconnected campaigns to a repeatable process that can scale. Right now the market is still fragmented, with brands and agencies working with dozens of point solutions, each of which solves a part of the campaign workflow. The smart players are now exploring integrated systems that provide the functionality and analytics required to apply the same rigor to creator marketing that they apply to their other digital and traditional media investments.
Q: There was a big surge of Creator presence at Cannes Lions this year. What is driving the momentum? Consumption of traditional media keeps shrinking, especially with younger audiences. For marketers, the power of creators is that they can connect with audiences who are otherwise unreachable. At the same time, the quality of creator content is improving and some is now recognized as premium, on par with other trusted media. Cannes was the proof point. Creator content does not just entertain, it sells and it does so with a level of credibility and cultural relevance that traditional ads today cannot match.
Q: How has your work with both brands and creator tech companies shaped your perspective? Most brands still treat creator marketing as a series of disconnected campaigns. Budgets are siloed, teams are siloed and the campaign data is scattered. Marketers are consequently missing out on the broader picture about how their creator investments are performing. Every piece of creator content is a data point — who engaged, on which platform, in response to which message and what they did next. For a global brand, that adds up to thousands of signals a month. And it is not just audience behavior. Creator data shows which creators deliver the strongest results, what types of content resonate, which platforms perform best, and how engagement translates into actions like search, traffic or purchase. If that information is captured and organized, it can fuel media mix models and predictive AI, turning creator marketing from one-off campaigns into an engine for business intelligence.
Issue 6 | PROFILE Feature
Q: The industry is buzzing about consolidation. Do you agree it is underway? Yes, it is happening now. Early “Creator 1.0” companies grew quickly during the pandemic, but many relied on service-heavy models that do not scale. That makes them ripe for acquisition. Holding companies have been acquiring these 1.0 players in an effort to ramp up quickly by buying relationships and capabilities. But what comes next is more important. The evolution of creator marketing has two sides: one focused on creativity and talent, the other on performance and results. Until now, those worlds have mostly operated in silos. Consolidation is starting to bring them together. For marketers, that means access to partners who can deliver both—the creative power to produce premium content and the infrastructure to measure, optimize and scale it. That integration will define the next stage of growth.
Q: You recently launched Apples-to-Apples, a framework for mapping Creator SaaS and services companies. Why now? Because the space is noisy. There are dozens of B2B creator companies and, from the outside, many look the same. Talent discovery, workflow, measurement—it all blurs together. Apples-to-Apples was designed to cut through the confusion. For marketers, the framework shows that different goals require different tools. Driving affiliate sales is not the same as building awareness and different capabilities are required for each objective. For investors, it clarifies which companies are just tactical solutions and which are building the infrastructure for scale.
Q: Has the research that went into building and organizing the framework revealed anything new about where the industry is headed? Yes. Creator marketing is moving from talent discovery to the “last mile of influence,” how content actually drives business results. Another exciting development to watch is the rise of episodic storytelling and longer-term brand-creator relationships. YouTube has always supported long-form video, but creators are now producing for YouTube episodic series that feel more like TV shows. That shift is building loyalty and trust in ways short-form content cannot. At the same time, connected TV is becoming a new distribution channel for creators. Platforms like Samsung TV Plus and Tubi are beginning to back original creator-led programming. Superstar creators like Dhar Mann, Mark Rober, and Michelle Khare are leaning into episodic and long-form storytelling for these platforms. For marketers, this means creator content is no longer just about scrolling on mobile, it is premium programming on the biggest screen in the house.
Issue 6 | PROFILE Feature
Q: AI is changing every industry. How is it shaping creator marketing? AI is being used in two primary ways: efficiency and creativity. On the efficiency side, it helps companies scale content creation and drive down costs. On the creativity side, it is opening the process to more voices, giving creators, experts and consumers new ways to participate in shaping content and experiences. L’Oréal, under the leadership of Chief Digital and Marketing Officer, Asmita Dubey, has been an early mover. Within its portfolio, L’Oréal Paris launched Beauty Genius, an AI beauty assistant built to close a gap in the mass retail channel, where shoppers do not have access to the expert guidance available in department stores or prestige beauty retailers. Beauty Genius provides personalized product recommendations and education across more than 750 items. Since its launch in October 2024, it has powered over half a million conversations, and a new WhatsApp partnership will extend that service to billions of users. In addition to Beauty Genius, L’Oréal is scaling AI from pilots to infrastructure, reshaping how the company competes and creates. At the center of this transformation, Dubey is driving what she calls the “new infrastructure of creativity”, a strategy that lowers barriers to contribution and raises the quality of output, equipping teams and creators with the tools to work faster, think bigger and shape how beauty shows up in culture. For marketers and investors, the lesson is the same: efficiency is critical, but infrastructure that supports the expansion of creativity is vital.
Q: For investors looking at this space, where are the opportunities? The Creator Economy has more than enough workflow tools, but it needs infrastructure that supports creativity at scale. The companies that will define the next stage of growth in this segment are the ones connecting creator activity directly to business results in a repeatable, predictable way. For marketers, this means finding partners who can make creator programs measurable and sustainable. For investors, the biggest opportunities are:
- Creator commerce platforms that link content directly to purchase activity and integrate organic with paid media.
- Data platforms that turn campaign signals into predictive insights.
- Integrated measurement, attribution, allocation and implementation tools that give brands the confidence to make creator marketing a core budget line, not a test.
Interview Conducted By:
Jason Birke Managing Director
Samuel Moses Analyst
Antonio Vitale Analyst
Issue 6 | M&A InSIGHT
Trends in Tax and Accounting M&A
David Kaufthal
Jason Birke
Partner
Managing Director
The accounting and tax advisory services industry continues to consolidate at the notable pace experienced over the past few years. There were approximately 100 acquisitions of such firms in the US from January 1st through August 8th 2025, nearly 20% more than the same period in 2024, according to Pitchbook. Industry transactions span a wide breadth of firms, from single-partner regional players with a dozen employees to multi-partner international networks with 10,000+ FTEs. In June 2025, for example, Baker Tilly completed its $7Bn merger with Moss Adams, a transaction backed by Hellman & Friedman and Valeas Capital. In January, Blackstone acquired Citrin Cooperman in a $2B+ deal, implying an EBITDA multiple of approximately 15x, according to Preqin, a seemingly compelling exit for New Mountain, which had paid 11x Citrin’s EBITDA in 2021. East Wind is pleased to have recently contributed to momentum in the middle market, advising Vision Financial Group on its partnership with Exonas Capital, Avante Capital Partners and Brightwood Capital Advisors. Below, we explore current M&A drivers and dynamics we have noted through our coverage of this segment of Professional Services.
Demographics Fewer students are pursuing accounting careers, opting instead for dynamic, technology-focused fields that do not require the completion of a rigid licensing process. Data cited in a recent Kent State University study suggests that, despite approximately 75% of CPAs in the US nearing retirement, the resulting attrition of seasoned practitioners is not being offset by new entrants into the field. The total number of accounting graduates has decreased by 20% since 2010 and there are approximately 340,000 fewer accountants now than there were five years ago. The shrinking talent pool raises recruiting costs which, for small firms lacking full-time HR and recruiting personnel, pose an acute challenge. Succession planning for such firms is similarly difficult since most lack a deep bench of partner-track middle managers given aforementioned trends. Joining forces with a strategic acquirer or experienced financial sponsor pursuing a “buy-and-build” strategy can help address these challenges.
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Issue 6 | M&A InSIGHT
Issue 6 | M&A InSIGHT
Private Equity Accounting firms exhibit financial characteristics that are compelling to private equity investors: highly recurring revenue, low client churn, strong margins and low capital requirements. The accounting industry tends to be relatively resilient during economic downturns because demand is driven by law, as there is no choice but to file and pay taxes or face harsh penalties. The highly fragmented accounting industry landscape is ripe for financial sponsor-led buy-and-build strategies wherein investors acquire and combine under one umbrella corporation regional firms. In so doing, they often manage to bolster geographic coverage, amass specialist capabilities and client base scale, creating opportunities to extract synergies from cross-selling, centralizing back-office functions and implementing operational improvements. By successfully following the familiar playbook, investors can build accounting powerhouses and create significant equity value via multiple arbitrage at exit. The popularity of alternative practice structures has supported the proliferation of PE-led Accounting and Tax advisory sector deals over the past five years including investments in EisnerAmper, Grant Thornton, Baker Tilly, Cherry Bekaert and CohnReznick. The alternative practice strategy has accounting firms split into two legal entities: an attest practice, in accordance with industry regulations, that is owned and managed by CPAs and another that provides tax and other consulting services and can be owned by professional investors. AI-driven Productivity Advancements in optical character recognition – the extraction of data from documents using artificial intelligence and machine learning – are mitigating many of the complexities accounting professionals historically faced in preparing client deliverables. AI is also automating labor-intensive research, compliance and reporting tasks associated with tax and assurance work. Together, these developments engender enhanced throughput and capacity, freeing practitioners to sell and deliver higher-margin services, such as strategic business or estate planning and consulting engagements. National firms invest significantly to develop, implement, maintain and update such systems, employing meaningful data engineering and operations teams to ensure stability. Such investments are too costly for smaller, regional firms that, instead, revert to off-the-shelf software alternatives offering a fraction of the productivity gains as the tools employed by their larger peers. Merging into a “platform” that possesses robust AI capabilities mitigates the risk of being outcompeted on AI by larger firms.
International Regulatory Complexity Accounting firms seek to build cross-border capabilities to more effectively navigate increasingly divergent reporting standards and compliance frameworks. The intricate web of international regulations, ranging from the EU’s evolving sustainability reporting dictates to OECD global minimum tax rules, has driven cross-border mergers between mid-tier accountancies. Outlook We expect accounting industry deal volume to remain strong for the foreseeable future as macroeconomic conditions improve, inflation moderates, interest rates ease and the broader M&A environment improves.
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Issue 6 | Market Roundup
Public Market Performance Education & Human Capital
EV/2025E EBITDA
EV/2025E Revenue
1H25 Change in Stock Price
2025E Revenue Growth
2025E EBITDA Growth
Bright Horizons (BFAM) KinderCare (KLC) Nerdy (NRDY) Scholastic (SCHL) Stride (LRN)
4%
8%
PreK-12
4%
Adtalem Global Education (ATGE) American Public Education (APEI) Chegg (CHGG) Grand Canyon Education (LOPE)
Laureate Education (LAUR) Perdoceo Education (PRDO) Strategic Education (STRA) Universal Technical Institute (UTI)
Post Secondary
27%
6%
9%
Coursera (COUR) Docebo (DCBO) Duolingo (DUOL) Franklin Covey (FC) Healthstream (HSTM)
Roper (ROP)Skillsoft (SKIL) Udemy (UDMY) Workday (WDAY)
Workforce & Lifelong Learning
(13%)
7%
26%
John Wiley & Sons (WLY) McGraw Hill (MH) Pearson (PSON) RELX (REL) Tyler (TYL) Wolters Kluwer (WKL)
Blackbaud (BLKB) Clarivate (CLVT) Constellation Software (CSU) D2L (DTOL) Graham (GHC) Informa (INF)
Diversified Education
3%
7%
11%
Medians are shown for each sector. Market data is as of August 27, 2025. Select multiples were excluded when deemed not meaningful. Growth in revenue and EBITDA are not adjusted for M&A, if any. Non-US firms whose performances are related to the US market are included. Categorizations are not always precise because firms included may crossover various segments. Listed companies are illustrative, not exhaustive. Source: Pitchbook
12
Issue 6 | Market Roundup
Notable 1H25 Transactions education & Human Capital
13
Issue 6 | Market Roundup
Notable 1H25 Transactions education & Human Capital
14
Issue 6 | Market Roundup
Notable 1H25 Transactions education & Human Capital
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Issue 6 | Market Roundup
Public Market Performance Media & Entertainment
EV/2025E EBITDA
EV/2025E Revenue
2025E Revenue Growth
2025E EBITDA Growth
1H25 Change in Stock Price
Magnite (MGNI) Outbrain (OB) PubMatic (PUBM) Taboola (TBLA) The Trade Desk (TTD) Nexxen International (NEXN) Viant Technology (DSP)
Cardlytics (CDLX) Criteo (CRTO) Digital Turbine (APPS) DoubleVerify (DV) Integral Ad Science (IAS) LiveRamp (RAMP)
Advertising Technology
6%
11%
(21%)
Accenture (ACN) Dentsu (4324) Entravision Communications (EVC) Ipsos (IPS) M&C Saatchi (SAA) Omnicom (OMC)
Next 15 Group (NFG) Publicis (PUB) S4 Capital (SFOR) Stagwell (STGW) Interpublic (IPG) WPP (WPP)
Advertising & Marketing Services
(14%)
0%
3%
Klaviyo (KVYO) Oracle (ORCL) Salesforce (CRM) Semrush Holdings (SEMR) Sprinklr (CXM) Sprout Social (SPT) Zeta Global Holdings (ZETA)
Adobe (ADBE) Amplitude (AMPL) AppLovin (APP) Braze (BRZE) Coveo (CVO) HubSpot (HUBS)
Marketing Technology
(17%)
13%
32%
comScore (SCOR) Dun & Bradstreet (DNB) Experian (EXPN) Equifax (EFX) TransUnion (TRU) ZoomInfo Technologies (ZI)
Marketing Information
(4%)
3%
6%
Medians are shown for each sector. Market data is as of August 27, 2025. Select multiples were excluded when deemed not meaningful. Growth in revenue and EBITDA are not adjusted for M&A, if any. Non-US firms whose performances are related to the US market are included. Categorizations are not always precise because firms included may crossover various segments. Listed companies are illustrative, not exhaustive. Source: Pitchbook
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Issue 6 | Market Roundup
Public Market Performance Media & Entertainment
EV/2025E EBITDA
EV/2025E Revenue
1H25 Change in Stock Price
2025E Revenue Growth
2025E EBITDA Growth
Banijay Group (BNJ) Comcast (CMCSA) Endeavor (EDR) Fox (FOXA) The Walt Disney (DIS) Warner Bros. Discovery (WBD)
Diversified Media & Entertainment
4%
(2%)
12%
AMC Networks (AMCX) LionsGate Entertainment (LGF.A) Thunderbird Entertainment Group (TBRD) WildBrain (WILD)
Filmed Entertainment
(13%)
(55%)
10%
CTS Eventim (EVD) Live Nation Entertainment (LYV) Sphere Entertainment (SPHR) Madison Square Garden Entertainment (MSGE)
Live Entertainment
15%
12%
20%
Gray Television (GTN) Sinclair Broadcast Group (SBGI) Townsquare Media (TSQ) Tegna (TGNA) Nexstar Media Group (NXST) The E.W. Scripps (SSP)
Broadcasting
(12%)
(43%)
(1%)
Medians are shown for each sector. Market data is as of August 27, 2025. Select multiples were excluded when deemed not meaningful. Growth in revenue and EBITDA are not adjusted for M&A, if any. Non-US firms whose performances are related to the US market are included. Categorizations are not always precise because firms included may crossover various segments. Listed companies are illustrative, not exhaustive. Source: Pitchbook
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Issue 6 | Market Roundup
Public Market Performance Media & Entertainment
EV/2025E EBITDA
EV/2025E Revenue
1H25 Change in Stock Price
2025E Revenue Growth
2025E EBITDA Growth
Gannett (GCI) Lee Enterprises (LEE) Graham Holdings (GHC) News Corporation (NWSA) New York Times (NYT)
0%
5%
Publishing
7%
fuboTV (FUBO) iHeartMedia (IHRT) Netflix (NFLX) Roku (ROKU) Sirius XM (SIRI) Spotify (SPOT)
Digital Audio & Video
35%
6%
3%
Alphabet (GOOGL) Bumble (BMBL) Match Group (MTCH) Meta Platforms (META) Snap (SNAP)
Interactive Media
10%
4%
(9%)
Marketing Information
Medians are shown for each sector. Market data is as of August 27, 2025. Select multiples were excluded when deemed not meaningful. Growth in revenue and EBITDA are not adjusted for M&A, if any. Non-US firms whose performances are related to the US market are included. Categorizations are not always precise because firms included may crossover various segments. Listed companies are illustrative, not exhaustive. Source: Pitchbook
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Issue 6 | Market Roundup
Notable 1H25 Transactions Media & Entertainment
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Issue 6 | Market Roundup
Notable 1H25 Transactions Media & Entertainment
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Issue 6 | Market Roundup
Notable 1H25 Transactions Media & Entertainment
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Issue 6 | Market Roundup
Public Market Performance Consumer
EV/2025E EBITDA
EV/2025E Revenue
1H25 Change in Stock Price
2025E Revenue Growth
2025E EBITDA Growth
Crocs (CROX) Steven Madden (SHOO) Caleres (CAL) Hanesbrands (HBI) Kontoor Brands (KTB) Levi Strauss (LEVI) On Holding (ONON)
Oxford Industries (OXM) PVH (PVH) Ralph Lauren (RL) Tapestry (TPR) Under Armour (UAA) V.F. (VFC)
Apparel & Accessories
(22)%
0%
(14%)
DICK'S Sporting Goods (DKS) Foot Locker (FL) Victoria's Secret (VSCO) Warby Parker (WRBY)
Best Buy (BBY) Lululemon Athletica (LULU) Urban Outfitters (URBN) Abercrombie & Fitch (ANF) Bath & Body Works (BBWI)
Specialty Retail
(21)%
4%
(7%)
Amazon.com (AMZN)eBay (EBAY) Etsy (ETSY) 1-800-FLOWERS.COM (FLWS)
Chewy (CHWY)Hims & Hers Health (HIMS) Revolve Group (RVLV)
5%
13%
0%
E-Commerce
The TJX Companies (TJX) Ollie's Bargain Outlet (OLLI) Costco (COST) Dollar Tree (DLTR) BJ's Wholesale Club (BJ)
Burlington Stores (BURL)Dollar General (DG) Target (TGT) Tractor Supply Company (TSCO) Walmart (WMT)
Value / Mass Retail
9%
5%
6%
Medians are shown for each sector. Market data is as of August 27, 2025. Select multiples were excluded when deemed not meaningful. Growth in revenue and EBITDA are not adjusted for M&A, if any. Non-US firms whose performances are related to the US market are included. Categorizations are not always precise because firms included may crossover various segments. Listed companies are illustrative, not exhaustive. Source: Pitchbook
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Issue 6 | Market Roundup
Public Market Performance Consumer
EV/2025E EBITDA
EV/2025E Revenue
1H25 Change in Stock Price
2025E Revenue Growth
2025E EBITDA Growth
Arhaus (ARHS) iRobot (IRBT) Newell Brands (NWL) Ethan Allen Interiors (ETD) Floor & Decor (FND)
The Home Depot (HD) Lowe's (LOW) La-Z-Boy (LZB) Restoration Hardware (RH) Williams-Sonoma (WSM)
(13%)
1%
1%
Home
Cricut (CRCT) Hasbro (HAS) Mattel (MAT) Peloton (PTON)Sonos (SONO)
Acushnet (GOLF) Topgolf Callaway (MODG) Vista Outdoor (VSTO) YETI (YETI)
Leisure Products
(2)%
(5%)
(1%)
Simply Good Foods (SMPL)The Chefs' Warehouse (CHEF) Kraft Heinz (KHC) Mondelez (MDLZ) Conagra (CAG) Campbell Soup (CPB) General Mills (GIS) Hormel Foods (HRL)
Hershey (HSY)McCormick (MKC) Performance Food (PFGC) J. M. Smucker (SJM) Sysco (SYY) TreeHouse Foods (THS) US Foods (USFD)
Food & Food Distributors
(4%)
2%
(6%)
Bloomin' Brands (BLMN) The Cheesecake Factory (CAKE) Cracker Barrel (CBRL) Jack in the Box (JACK) Papa John's (PZZA) Texas Roadhouse (TXRH) Wendy's (WEN) CAVA Group (CAVA)
Domino's Pizza (DPZ)Darden Restaurants (DRI) Brinker (EAT) Restaurant Brands (QSR) Sweetgreen (SG) Shake Shack (SHAK) Yum! Brands (YUM)
Restaurants
5%
5%
4%
Medians are shown for each sector. Market data is as of August 27, 2025. Select multiples were excluded when deemed not meaningful. Growth in revenue and EBITDA are not adjusted for M&A, if any. Non-US firms whose performances are related to the US market are included. Categorizations are not always precise because firms included may crossover various segments. Listed companies are illustrative, not exhaustive. Source: Pitchbook
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Issue 6 | Market Roundup
Notable 1H25 Transactions Consumer
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Issue 6 | Market Roundup
Notable 1H25 Transactions Consumer
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Issue 6 | Market Roundup
Notable 1H25 Transactions Consumer
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Issue 6 | SPOTLIGHT: Q&A with East Wind Vice President Chris Guerrieri
Q: Tell us about your background and how you got into investment banking? I took a non-traditional route into investment banking. After completing my undergraduate studies at Villanova, I began my career in the wealth management industry, initially working as a financial advisor helping clients with their retirement planning, and then later transitioning into a portfolio management role in AllianceBernstein’s Private Client Equity Group. In my role at AB, I helped manage two of the firm’s flagship growth equity portfolios. At that time, there was a wave of high-profile tech IPOs, including Lyft, Zoom and Uber, that really caught my attention. Following these huge events in the news served as a catalyst for my pivot to investment banking. I decided to pursue an MBA at Columbia Business School to hone my financial skills, and leverage that opportunity as a pathway to break into investment banking. I spent the summer of 2020 with East Wind as an MBA intern and continued through the following fall semester on a part-time basis. Shortly thereafter, I received a full-time offer to join the firm post-graduation. Funny enough, given my entire internship experience was virtual due to the pandemic, I helped the firm win a mandate and worked on the live deal all before actually meeting any of the team in person!
Vice president Chris Guerrieri shares insight into His investment banking career
Q: What attracted you to East Wind, and how has your experience been so far? During my recruiting at business school, I specifically focused on boutique investment banks serving the lower middle market. This was a deliberate decision that was influenced by my family’s background owning and operating two businesses in the NYC tri-state area. I wanted to pursue a career in investment banking that enabled me to bring real expertise to family-owned and entrepreneur-led companies. This targeted approach led me directly to East Wind, given the firm’s dedication to bringing bulge-bracket quality advisory services to these types of middle market companies. My summer internship here greatly affirmed that the firm’s focus and culture were an ideal fit for my goals, so I was excited to join on a full-time basis after graduation. My experience at East Wind has been exceptional so far; I have not only grown from an Associate to a Vice President, but have also had the opportunity to contribute to many transformational transactions across our industries of focus. In addition to deal-related work, I’ve become instrumental in the firm’s recruiting efforts and with financial sponsor coverage efforts, both of which have been rewarding experiences.
Q: What do you think sets East Wind apart from other firms? What truly sets East Wind apart is the unwavering senior-level attention given to every client and transaction. Here, our most senior resources are intimately involved in every aspect of a deal, from the very beginning of an engagement to closing. This hands-on, high-level engagement is a profound value-add, not only for our clients, but for the junior bankers that are learning and growing in the firm. This level of engagement is not always the case at other firms and, for us, it ensures a highly strategic perspective that permeates our entire team.
Q: As a vice president you often spearhead the deal’s execution efforts. What are the key priorities when you think about successful deal execution? As a Vice President, my top priority for successful deal execution is quarterbacking the entire process from start to finish. While all transactions are unique and require tailored approaches, successfully spearheading a deal always involves proactively managing the timeline and coordinating with all internal and external parties to ensure all transaction participants, and every workstream, is moving in tandem toward a common end goal. I believe the most critical skill for a deal lead is the ability to anticipate and make sure the client is always prepared for what comes next, especially with any potential issues that could arise. As one of my colleagues likes to say “you always need to be prepared for the other shoe to drop!” By doing so, you can develop contingency plans and address challenges before they have a chance to unduly derail a process. Ultimately, this allows us to navigate deal complexities and drive a transaction to a successful and efficient close to achieve our clients’ objectives.
Q: What do you like to do outside of work? I enjoy spending most of my free time with my wife and two kids. With the little time that I have leftover, I try to get out on the golf course with friends, although this often leads to some self-inflicted pain given the current state of my golf game!
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