The Argos Index®

Our quarterly analysis of European private mid-market companies.

Since its launch in 2006, our index has tracked the evolution of Eurozone private mid-market company valuations. Together with Epsilon Research, the online platform for the management of non-quoted M&A transactions, we publish the Argos Index® every quarter. The sample transactions are selected using the following criteria:
  • Acquisition of a majority stake
  • Company based in a Eurozone country
  • Mid-market size (equity value of €15m-€500m)
  • All industries except financial services, real estate and high-tech
  • Availability of relevant financial data

The mid-market Argos Index® is stable in the first quarter of 2019, at a historically high level of 10.1x EBITDA

This stability conceals a divergence between the continued increase in multiples paid by strategic buys, to 11.0x EBITDA, and the decline in multiples paid by private equity funds to 9.3x EBITDA – which is still considered a high multiple.