Canadian mid-market M&A activity in Q4 2019 bounced back slightly from a slow Q3 2019 as aggregate deal value increased to $4.2 billion, across 51 disclosed transactions. In comparison, Q3 2019 totaled a modest $2.7 billion in aggregate deal value across 43 transactions. Q3 and Q4 2019 displayed the lowest deal volumes seen through the last four years, suggesting cautious optimism towards making transactions in the turbulent global environment.