All InsightsRegister to Receive an Advance Copy
Please complete the form below to register to receive our 2025 Work Capital Purchase Price Adjustment Study before it is released to the general public. Once submitted, you will receive an email confirmation to confirm your request, and the study will be emailed to you as soon as it's available.
If you have any questions, please email our team at learnmore@srsacquiom.com.
Working capital purchase price adjustments (PPAs) have become nearly ubiquitous – present in more than 90% of private-target M&A transactions today, up from 50% just a decade ago. What is behind this shift? What other PPA trends are emerging?
The 2025 SRS Acquiom M&A Working Capital Purchase Price Adjustment Study analyzes more than 1,200 private-target acquisitions, most of which are not publicly reported. These deals were valued at more than $298 billion with finalized PPAs. The study also includes drafting considerations and additional insights from SRS Acquiom experts who, together, have resolved more than 2,600 PPAs.
Learn more about:
- How do PPA provisions vary based on deal dynamics?
Explore trends in PPA customization and negotiations between deal parties.
- Has the market determined a “norm” for sizing PPA escrows?
Glean insights about separate escrows and their trending median size.
- Who is paying attention to PPAs, and why?
Learn more about the time and importance afforded to PPA post-closing reviews and negotiations.
Pre-register to receive the study above.
Kip Wallen
Senior Director, Thought Leadership tel:720-452-5364
Kip Wallen is a senior director leading the SRS Acquiom thought leadership practice. He leverages his extensive expertise and SRS Acquiom proprietary data to produce resourceful content regularly utilized by market practitioners. Kip has broad experience in M&A and provides guidance on market standards and trends.
Previously, Kip was a Director with the SRS Acquiom Transactional Group, where he collaborated with clients and counsel to negotiate M&A documents including purchase, escrow, payments, and other transactional agreements. Before joining SRS Acquiom, Kip was an attorney with a Denver-based boutique business law firm where he assisted clients with M&A transactions as well as general corporate governance and securities matters.
Kip is an avid supporter of the Colorado Symphony, serving as Treasurer and Trustee. He is an active participant on the American Bar Association’s M&A Committee. In 2016, Kip completed Leadership 20 with the Denver chapter of the Association for Corporate Growth.
Kip received his J.D. from the Sturm College of Law at the University of Denver and an M.S. in Economics, B.S. in Economics and B.A. in International Relations from Lehigh University. He is a member of the Colorado bar.