2017 has brought a frenzied pace of acquisitions in all aspects of our business. We have closed nine transactions through the end of May representing over $60 million in annual revenues. To a large degree this is a result of pent-up demand as many sellers postponed selling in 2016 waiting on the outcome of the presidential election.
The majority of the transactions were in the vending and micro-market arena followed by office coffee, bottled water and wholesale coffee roasting. Buyers were predominantly larger public and private companies seeking strategic acquisitions with operating synergies.
Demand remains high for office coffee and filtered water businesses. Valuations for these companies were strong as multiple buyers pursued most deals. Selling prices for vending and micro-market businesses were generally stronger than we've seen in the past three years. Up-to-date technology has become an important criteria in the valuation process as virtually all acquirers are utilizing sophisticated vending management systems.
The outlook for the balance of 2017 is bullish. The cost of capital remains at historic lows and there are numerous buyers with money budgeted for acquisition growth.
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