Content
- Ongoing rise in the Argos Index®, to 11.6x EBITDA
- Investment funds paid record-level multiples
- The share of multiples > 15x rose sharply in H1
- Listed companies were especially active in the mid-market, buoyed up by the steady rise in equity markets
- Significant recoveryin mid-market M&A activity
- Of all regions in the eurozone, Benelux experienced the most active recovery in H1 mid-market M&A activity
Main conclusions
- The Argos Index® continued to rise, to 11.6x EBITDA, a new all-time high
- Investment funds paid record-level multiples, up to 12.9x EBITDA
- The share of multiples > 15x rose sharply in H1, accounting for one fourth of transactions
- Mid-market M&A activity recovered significantly
Median EV/EBITDA multiple on a six-month rolling basis
Source: Mid-market Argos Index® / Epsilon Research
All on the Argos Index ®
MANAGING PARTNER
Louis Godron
“The Argos Index® was born out of the desire to create a database for the unlisted market that would be both methodologically robust and rich in high-quality information. Robustness is the index’s salient characteristic.”
MANAGING PARTNER
Frank Hermann
“When the CEO of a company wonders if now is the right time to sell, the Argos Index® supplies essential business cycle information and helps him or her make a decision. The Argos Index® derives its legitimacy from its longevity and independence.”
FOUNDER, EPSILON RESEARCH
Grégoire Buisson
“If the Argos Index® is now a benchmark in Europe, it’s because we use information from our EMAT (Epsilon Multiple Analysis Tool) database that has been proven to be reliable. The index has always been based on this methodology. We work meticulously, transaction by transaction, examining documents, analyzing annual reports, reconstituting transactions and building hypotheses.”