Global tariff changes have created significant valuation uncertainty in the M&A market, according to Paul Aversano of Alvarez & Marsal. The US administration's recent tariff policies have made it difficult for buyers and sellers to assess input costs and projections, complicating transaction pricing. Aversano noted that currency fluctuations, particularly movements in the dollar, add another layer of complexity to cross-border deals.

In the Nordics, Bain Capital has announced a majority investment in Tingstad, a Swedish family-owned distributor of non-food consumables. The Gothenburg-based company, founded in 1959, serves customers across HoReCa, culture, facilities management, grocery and retail sectors with over 700 employees and sales offices in 13 cities. Bain will partner with owner Paul Jigberg, who retains a minority stake, to support Tingstad's next growth phase.

This acquisition marks Bain's continued expansion in the Nordic region, following investments in Ahlstrom in Finland and Eleda in Sweden. The deal demonstrates that despite tariff-related uncertainties affecting valuations broadly, private equity firms remain active in pursuing strategic investments in specific sectors and regions where growth opportunities exist.