The M&A markets were surprisingly resilient through a tumultuous 2020. After a brief respite during the 2nd quarter, while the world struggled to get its hands around the impact and "new normals" created by Covid, the M&A markets came roaring back over the second half of the year. Carrying that momentum into 2021, and buoyed by both Covid fatigue for owners as well as the threat of meaningful tax reforms (i.e. higher tax rates) in the U.S., last year proved to be a record year for most involved in M&A. Based on our Grace Matthews chemical index and transaction tracker, ...