For the full year 2024, the BeautyMatter Deal Index tracked 297 deals, up 15.1% from 2023, when it tracked 258. The year started off strong in Q1, when deal activity was up 16.1%, but started to feel like a bit of a roller coaster by Q2, when activity fell 20.3%, and growth deals in particular bottomed out with the lowest number of deals in the history of the Index. Q2 saw just 16 growth deals, a far cry from the average of 43 per quarter over the last four years. But the back half of the year saw a recovery led by strong M&A activity. Q3 and Q4, combined, were up 34.3% and led to a strong finish for 2024. For the year, M&A comprised about 55% of deals, while growth represented 43%. The remaining 2% of deals were the six IPOs the Index tracked in 2024, the most since 2021.
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