Paris (Frankreich) – 15.November 2019
Die unabhängige, europäische Investmentgesellschaft Argos Wityu und Epsilon Research, eine Online-Plattform für das Management von M&A-Transaktionen von nicht börsennotierten Unternehmen, legen heute den Argos Index® Mid-Market für das 3. Quartal 2019 vor. Dieser Index misst seit dem Jahr 2006 die Entwicklung der Unternehmensbewertungen nicht börsennotierter Mid-Market-Unternehmen der Eurozone, die im Verlauf der letzten sechs Monate den Gegenstand einer Mehrheitsbeteiligung bildeten.
neusten bericht herunterladen However, this stability conceals two underlying differences:
A steady difference between the multiples paid by strategic buyers, which increased to 11.0x EBITDA this quarter, and those paid by private equity funds, which were virtually stable at 9.6x EBITDA.
Multiples of listed mid-market companies in the Eurozone stood at 8.4x EBITDA, which is 30% below the acquisition multiple for unlisted mid-market companies in the Eurozone, at 11.0x EBITDA. The gap is narrower for acquisitions made by private equity funds.
M&A activity in Europe continues to slow due to a sharp decline in the number of institutional sellers
The reversal of the M&A market’s upward trajectory (in volume) that began in early 2019 has been confirmed by a decline in value of 11% worldwide and 32% in Europe. Eurozone mid-market M&A activity followed the same trend in Q3 2019, declining 26% in volume and 34% in value compared to the second quarter.
Although the volume of private equity exits has been stable for several years, the number of corporate sales of subsidiaries has fallen since 2018. This decline sharpened in Q3 2019. Divestiture of subsidiaries, once the principal source of unlisted transactions, now only accounts for 30% of them. This lack of supply partly explains the volume decline, despite it being a seller’s market.