Mid-market Argos Index® for the third quarter of 2024
The mid-market Argos Index® for the third quarter of 2024, published by Argos Wityu, the independent European investment fund, and Epsilon Research, the online platform for the management of unlisted M&A transactions, is now available. Launched in 2006, this index tracks the valuations of unlisted eurozone SMEs in which a majority stake has been acquired during the last six months.
“In the third quarter of 2024, acquisition prices for unlisted eurozone SMEs rose to 9.5x EBITDA. The index was boosted by a progressive recovery in M&A activity and a rebound in LBO transactions in the mid-market (between €15 million and €500 million). Higher prices were driven by the availability of capital and improved funding conditions, against the backdrop of a rapid fall in inflation that prompted the ECB to start a rate-cutting cycle. However, the process is a gradual one because of the major geopolitical uncertainties that remain in place, along with the eurozone’s weak economic growth,” said Louis Godron, Chair of Argos Wityu.
Argos Index® 2024 年第 3 四半期
3年間にわたる11.6x EBITDAから8.9x EBITDAに至る継続的な低下を経
て、Argos Index® は第3四半期に9.5x EBITDAに回復した。ミッドマーケットの
ローワーセグメント・アッパーセグメント共にマルチプルの伸びが見られ、第
1四分位数と第3四分位数はそれぞれ7.2x EBITDAと12.3x EBITDAに上昇して
いる。マルチプルはまた、投資ファンドとストラテジックバイヤーの両方につい
て上昇しているが、プライベートエクイティファンドの買収価格マルチプルは
10.1x EBITDAに達する大幅な伸びを見せ、その回復が市場をけん引した。
Argos Index® 3rd Quarter 2024
After 3 years of continuous decline, from 11.6x to 8.9x EBITDA, the Argos
Index® bounced back in Q3 to 9.5x EBITDA. Multiples are up on both the
lower and upper mid-market: multiples of the first and third quartiles are
up to respectively 7.2x and 12.3x EBITDA. Multiples climbed also for both
investment funds and strategic buyers – although the recovery of multiples
paid by private equity funds pulled the market with a strong increase to
10.1x EBITDA.
