Argos Mid-Market Index

Acquisition prices of non-quoted European SMEs stabilized at record high level

Acquisition prices of non-quoted European SMEs reached a record high level

vignette_indexParis, February 20th, 2019 – Argos Wityu, independent pan-European investment company,
and Epsilon Research, online platform for the management of non-quoted M&A transactions,
publish today the Argos Index® mid-market for the 4th quarter 2018. Since its launch in 2006,
this index measures the evolution of Eurozone private Mid-Market company valuations for
which a majority stake has been acquired by a private equity fund during the last 6 months.
Strategic buyers are driving the valuations up, with the Index reaching the historical record
of 10.1x EBITDA.

Strategic buyers are driving the valuations up, with the Index reaching the historical record of 10.1x EBITDA.

This growth is underpinned by both strategic buyers  who paid 10.7x EBITDA for transactions in the 4th quarter, as well as by
private equity funds paying 9.8x EBITDA.

Prices are driven by the momentum in mid-market M&A activity in the Eurozone (+18% in volume, +17% in value over the second half of 2018).

The difference is particularly pronounced with mid-market quoted company multiples (1), which have fallen by 11% to 8.0x EBITDA (2).
In the second half of the year, prices of private companies have seen their own momentum, independent of the evolution of stock markets (3). This is influenced by the record levels of cash, held by large corporations or raised by private equity firms investing in private nonquoted companies, by the need of strategic buyers to rely on acquisitions to find growth sources as well as the ever-increasing attraction of non-quoted companies for institutional investors (4), looking for returns, and which reflects the continuing increases in amounts raised by private equity firms and the levels of dry-powder.
(1) EV/LTM EBITDA, mid-market, Euro Zone listed companies (source:
(2) To be noticed: quoted company multiples are taken on December 31st, whereas the Argos Index® is a quarterly
(3) EURO STOXX TMI Small has fallen by 16% in the 4th quarter 2018.
(4) According to the Coller Global Private Equity Barometer, Winter 2018-19, 41% of European LPs expect to increase their
allocations to private equity (vs 9% who will reduce).

Press Contact
Agency toBnext – Antoinette Darpy: + 33 (0)6 72 95 07 92 –

Download the complete Index version: Index Argos December 2018

About Argos Wityu
Argos Wityu is an independent private-equity group with offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.
Since its creation in 1989, the group has invested in more than 75 mid-sized companies (Enterprise Value ranging from 25 to
200 million Euros). Its majority ownership equity investments range between 10 and 100 million Euros per transaction. With
1 billion Euros under management, the group develops a unique investment strategy focusing on business transformation
and growth, instead of financial leverage, and on bringing solutions to complex business and shareholding situations.
For more information:
About Epsilon Research
Epsilon Research developed the first online platform for the management of non-quoted M&A transactions, aimed at
professionals: M&A advisers, private equity funds, valuators, corporates. The Epsilon Platform includes data, analysis reports,
software tools and services essential to private company valuation / deal management: (1) EMAT, the largest database of
European private company transaction multiples, with detailed analysis of 8,000+ M&A deals, ranging from €1m to €500m in
value, covering all industry sectors; (2) Indices and studies published regularly by Epsilon, such as the Argos Index; (3) Cloudbased
software for M&A contacts and project management (“M&A CRM Suite”); and for valuation projects (comparables,
private equity fund portfolios).
About Argos Mid-Market Index
The Argos Mid-Market Index measures the evolution of euro zone private Mid-Market company valuations. Carried out by
Epsilon Research for Argos Wityu and published every three months, it reflects median EV/EBITDA multiples, on a six-month
rolling basis, of Mid-Market M&A transactions in the euro zone. The sample of transactions is selected using the following
criteria: acquisition of a majority stake, target based in a euro zone country, Mid-Market (equity value in the €15m-€500m
range), certain activities excluded (financial services, real estate, high-tech), availability of relevant target financial data.


Argos Wityu:  Louis Godron, François Becque +33 1 53 67 20 50

Epsilon Research: Grégoire BUISSON,, Tél. +33 1 47 70 30 24

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