Even as average valuations on deals improved in many of GF Data’s size tiers throughout the third and fourth quarters deal activity fell to a low not seen since 2017, with just 57 deals completed by GF Data’s contributors in the fourth quarter. Together with deals completed in the prior three quarters, 2023’s tally reached just 269 total transactions reported — a decline of nearly 19% from 2022’s total, and 46% off from the 501 deals tracked by GF Data in 2021.