The dominant theme in the current environment for middle market private equity is the challenge created by rising deal valuations caused by too much dry powder chasing too few opportunities. However, the lower middle market of private equity has offered, and is expected to continue to offer, some respite for PE investors looking to avoid a lofty valuation environment. Independent sponsors have been a mainstay of the lower middle market since before the recent financial crisis. The lower middle market is generally defined as companies generating less than $10 million of EBITDA, but more than $2...