Argos Mid-Market Index

The Argos Mid-Market Index reached a record level in the 2nd quarter at 9.9x EBITDA

The Argos Mid-Market Index reached a record level in the 2nd quarter at 9.9x EBITDA


The Argos Mid-Market Index continues to grow in the second quarter, with an increase of 4.2% to 9.9x EBITDA, its highest level since 2004.
The increase is driven by the Lower Mid- Market (+4.3%), the multiples of the Upper Mid-Market have been stable since the first quarter of 2017 at the very high level of more than 10x EBITDA. Prices paid by private equity funds as well as trade buyers are at record levels.

M&A Mid-Market activity in the Eurozone in the 2nd quarter is in line with that of the 1st quarter (in volume as in value) and shows a fall over the first half of 10% in volume and 25% in value compared to the previous semester.


Download the complete Index version: Indice Argos June 2018

About Argos Wityu

Argos Wityu is an independent European private equity group with offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris. Since its creation in 1989, Argos Wityu has carried out more than 75 transactions focusing on management buy-outs and buy-ins in small and medium companies. Argos Wityu typically takes majority stakes ranging from €10m to €100m in companies with revenues of €20m to €600m.

With €960m 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 Resarch

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 7,500+ 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).


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