Small and medium-sized firms (SMEs) continue to play an important role in the Italian economy. The over 200,000 SMEs with revenues ranging from €5 million to €50 million collectively generate a total turnover exceeding €1.4 trillion, accounting for approximately 70% of the overall total. They are also the most highly coveted purchases. Over the last five years, more than 80% of mergers and acquisitions (M&A) involving medium-sized and big businesses included enterprises with a turnover of less than €50 million. Over the last five years, about 152,000 businesses in Italy have changed hands, the majority of which are microenterprises. On average, 30,000 enterprises are acquired each year, or more than 80 each day. It is believed that almost 15 million Italians own stock in firms and industries. The value of stakes held by individuals exceeds 1,600 billion euros. Business sales constitute only a small portion of business ownership transfers, since in many cases the shares or interests in joint-stock companies are exchanged. The North accounted for more than half of all company sales (55%), followed by Central Italy (23%), and the South and Islands (22%). In the Lower Middle Market segment, only 14% of transactions reach private equity funds, which are the main investors. Yet 70% of completed private equity transactions involved family-owned businesses.