Strong deal flow, record levels of unspent capital, and valuations remaining at a high level characterize the M&A environment for senior living and post-acute providers, reports Jed Cheney (CliftonLarsonAllen LLP), a principal in CLA’s healthcare transaction services group. During a recent webinar, Cheney gave a good overview of the types of entities in this sector and their value drivers, including the impacts of COVID-19. Responding to a question from the audience, Cheney says that, from his perspective, he has not seen a marked change in earnouts and contingencies. From an escrow standpoint, he is still seeing the typical 5% being put into escrow. Another audience question: Are current transaction multiples good to use for future reference? Yes, says Cheney, who is seeing the same level of multiples as before the pandemic, which is “good for sellers,” he notes. This is a good example of the fact that the pandemic has impacted different sectors in different ways—some negative, some positive, and some not much at all.