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

Mid-market Argos Index® Q2 2019

  • Acquisition prices of unlisted European SMEs remain stable at a historic high (10.0x EBITDA)
  • M&A activity in Europe slows in the 1st half of 2019