Argos Mid-Market Index June 2015: Index is stable, but still high

Argos Mid-Market Index June 2015: Index is stable, but still high

Argos Mid-Market Index June 2015: Index  is stable, but still high green_squares

The Argos Mid-Market index saw a marginal fall in the second quarter of 2015 (-1%) to 8.3x EBITDA. However, it remains at a historically high level (12% above its long term average).


This relative stability hides contrasting changes in the multiples offered by strategic buyers and by private equity funds:

– Prices paid by trade buyers were slightly down (-3%) in the 2nd quarter to 8.4x EBITDA after the strong growth seen in the previous quarter. This contraction is linked to uncertain economic factors once again present in the Eurozone which translate into setbacks in stock markets and increases in sovereign bond rates.

– Multiples paid by private equity funds increased to 8.2x EBITDA, after the fall in the 1st quarter.


Mid-Market M&A activity in the Eurozone picked up in the 2nd quarter (+9% volume and +14% value), but remains stable over the first half: the number of transactions is identical to the 2nd half of 2014 (at 550 deals), with a reduction in value terms. This trend is similar in both segments of the market (€15m to €150m and €150m to €500m), with the second segment still covering one quarter of Mid-Market transactions.

« After the strong growth in multiples paid by trade buyers in the first quarter, in the second quarter we see more of an alignment between the prices paid by the two types of buyers (strategic and financial) » remarks Gilles Mougenot, Président of Argos Wityu Partners.

About Argos Wityu

Argos Wityu is an independent European private equity group with offices in Paris, Milan, Brussels and Geneva. Since its creation in 1989, Argos Wityu has carried out more than 60 transactions focusing on management buy-outs and buy-ins in small and medium companies. Argos Wityu typically takes majority stakes ranging from €10m to €60m in companies with revenues of €20m to €400m.

With €675m under management, the firm has developed a track record of unusual, complex and off market transactions where the firm’s combination of local presence and international experience is able to add value to the small and medium-sized businesses it invests in.


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 6,000+ 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) Cloud-based software for M&A contacts and project management (“M&A CRM Suite”); and for valuation projects (comparables, private equity fund portfolios).


About the Argos Mid-Market Index

The Argos Mid-Market Index measures the evolution of European private mid-market valuations. Based on the median of historical EV/EBITDA multiples, on a six-month rolling basis, it is carried out by Argos Wityu and Epsilon Research, and published every three months. The transaction sample fulfils the following criteria:

  • Mid-market companies (equity value between €15m and €500m),
  • Target based in a euro zone country,
  • Acquisition of a majority stake,
  • Specific industries excluded (financial services, real estate, high-tech).

Next Argos Mid-Market Index: Thursday November 19th, 2015


Argos Wityu: Gilles MOUGENOT, Raphaël BAZIN
Press: Stéphanie LAFITTE,, Tél. +33 1 53 67 20 50
Epsilon Research: Grégoire BUISSON,, Tél. +33 1 47 70 30 24

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