B2B manufacturers and distributors weathered many headwinds in 2022, not the least of which are a slowing economy, rising inflation and ongoing supply chain disruption.

But as capital expenditures rise, a combination of high business valuations, strong earnings, and low-cost debt may also encourage companies to add technology capabilities, gain share, and expand in new markets with mergers and acquisitions.

Despite major headwinds, manufacturers and distributors turned in a solid performance in 2022. B2B manufacturers and distributors collectively grew their combined sales to …