Capstone Partners Reports: Middle Market M&A Valuations Ease, Market Players Retain Confidence in a Turnaround in 2025
Capstone Partners has released its 2024 Middle Market M&A Valuations Index, revealing a stabilization in M&A activity despite ongoing challenges. Average middle market M&A valuations declined to 9.4x EV/EBITDA in 2024, down from 9.6x in 2023 and 9.9x in 2022.
Several sectors showed resilience with improved EBITDA purchase multiples, including Agriculture, Business Services, Consumer, Energy, Financial Technology & Services, Healthcare, and Industrial Technology. The share of deals closing at 10.0x EBITDA or higher increased by 56.3% in 2024.
Notable trends include:
- Average enterprise value of targets rose to $166.8 million in 2024 from $112.5 million in 2023
- Gross margins improved to 41.3% from 32.3% in 2023
- Interest coverage ratio increased to 4.3x from 3.7x in 2023
- Private equity platform acquisitions grew 4.7% YOY in 2024
Capstone Partners ha pubblicato il suo Indice di Valutazione M&A del Mercato Intermedio 2024, rivelando una stabilizzazione nell'attività di M&A nonostante le sfide in corso. Le valutazioni medie M&A del mercato intermedio sono scese a 9,4x EV/EBITDA nel 2024, in calo rispetto a 9,6x nel 2023 e 9,9x nel 2022.
Diversi settori hanno mostrato resilienza con un miglioramento nei multipli di acquisto EBITDA, tra cui Agricoltura, Servizi alle Imprese, Consumo, Energia, Tecnologia e Servizi Finanziari, Sanità e Tecnologia Industriale. La quota di affari conclusi a 10,0x EBITDA o superiore è aumentata del 56,3% nel 2024.
Tendenze significative includono:
- Il valore medio d'impresa degli obiettivi è aumentato a $166,8 milioni nel 2024 rispetto a $112,5 milioni nel 2023
- I margini lordi sono migliorati al 41,3% rispetto al 32,3% nel 2023
- Il rapporto di copertura degli interessi è aumentato a 4,3x rispetto a 3,7x nel 2023
- Le acquisizioni di piattaforme di private equity sono cresciute del 4,7% su base annua nel 2024
Capstone Partners ha publicado su Índice de Valoraciones M&A del Mercado Medio 2024, revelando una estabilización en la actividad de M&A a pesar de los desafíos continuos. Las valoraciones promedio de M&A del mercado medio cayeron a 9.4x EV/EBITDA en 2024, bajando de 9.6x en 2023 y 9.9x en 2022.
Varios sectores mostraron resiliencia con múltiplos de compra EBITDA mejorados, incluyendo Agricultura, Servicios Empresariales, Consumo, Energía, Tecnología y Servicios Financieros, Salud y Tecnología Industrial. La proporción de acuerdos cerrados a 10.0x EBITDA o más aumentó en un 56.3% en 2024.
Tendencias notables incluyen:
- El valor promedio de las empresas objetivo aumentó a $166.8 millones en 2024 desde $112.5 millones en 2023
- Los márgenes brutos mejoraron al 41.3% desde el 32.3% en 2023
- El ratio de cobertura de intereses aumentó a 4.3x desde 3.7x en 2023
- Las adquisiciones de plataformas de capital privado crecieron un 4.7% interanual en 2024
Capstone Partners는 2024년 중간 시장 M&A 평가 지수를 발표하며 지속적인 도전에도 불구하고 M&A 활동이 안정세를 보이고 있음을 밝혔습니다. 중간 시장 M&A 평균 평가는 2024년 9.4x EV/EBITDA로 감소했으며, 이는 2023년 9.6x 및 2022년 9.9x에서 하락한 수치입니다.
농업, 비즈니스 서비스, 소비재, 에너지, 금융 기술 및 서비스, 헬스케어, 산업 기술 등 여러 분야에서 EBITDA 구매 배수가 개선되며 회복력을 보였습니다. 2024년에는 10.0x EBITDA 이상으로 거래가 마감된 비율이 56.3% 증가했습니다.
주요 트렌드로는:
- 목표 기업의 평균 기업 가치가 2023년 1억 1천 2백 5십만 달러에서 2024년 1억 6천 6백 8십만 달러로 증가했습니다.
- 총 마진이 2023년 32.3%에서 41.3%로 개선되었습니다.
- 이자 보상 비율이 2023년 3.7x에서 4.3x로 증가했습니다.
- 사모펀드 플랫폼 인수는 2024년 4.7% 증가했습니다.
Capstone Partners a publié son Indice des Évaluations M&A du Marché Intermédiaire 2024, révélant une stabilisation de l'activité M&A malgré des défis persistants. Les évaluations moyennes M&A du marché intermédiaire ont chuté à 9,4x EV/EBITDA en 2024, contre 9,6x en 2023 et 9,9x en 2022.
Plusieurs secteurs ont montré une résilience avec des multiples d'achat EBITDA améliorés, notamment l'Agriculture, les Services aux Entreprises, la Consommation, l'Énergie, la Technologie et les Services Financiers, la Santé et la Technologie Industrielle. La part des transactions conclues à 10,0x EBITDA ou plus a augmenté de 56,3% en 2024.
Les tendances notables incluent :
- La valeur d'entreprise moyenne des cibles a augmenté à 166,8 millions de dollars en 2024, contre 112,5 millions de dollars en 2023
- Les marges brutes se sont améliorées à 41,3% contre 32,3% en 2023
- Le ratio de couverture des intérêts a augmenté à 4,3x contre 3,7x en 2023
- Les acquisitions de plateformes de capital-investissement ont augmenté de 4,7% d'une année sur l'autre en 2024
Capstone Partners hat seinen M&A-Bewertungsindex für den Mittelstand 2024 veröffentlicht, der eine Stabilisierung der M&A-Aktivitäten trotz anhaltender Herausforderungen zeigt. Die durchschnittlichen M&A-Bewertungen im Mittelstand sind 2024 auf 9,4x EV/EBITDA gesunken, nach 9,6x im Jahr 2023 und 9,9x im Jahr 2022.
Mehrere Sektoren zeigten Resilienz mit verbesserten EBITDA-Kaufmultiplikatoren, darunter Landwirtschaft, Unternehmensdienstleistungen, Konsumgüter, Energie, Finanztechnologie und -dienstleistungen, Gesundheitswesen und industrielle Technologie. Der Anteil der Abschlüsse, die bei 10,0x EBITDA oder höher abgeschlossen wurden, stieg 2024 um 56,3%.
Bemerkenswerte Trends sind:
- Der durchschnittliche Unternehmenswert der Zielunternehmen stieg 2024 auf 166,8 Millionen USD, von 112,5 Millionen USD im Jahr 2023
- Die Bruttomargen verbesserten sich von 32,3% auf 41,3% im Jahr 2023
- Das Zinsdeckungsverhältnis stieg von 3,7x auf 4,3x im Jahr 2023
- Die Übernahmen von Private-Equity-Plattformen wuchsen 2024 um 4,7% im Jahresvergleich
- Average enterprise value of targets increased 48% to $166.8M
- Gross margins improved significantly to 41.3% from 32.3%
- Interest coverage ratio strengthened to 4.3x from 3.7x
- Private equity platform acquisitions grew 4.7% YOY
- High-value deals (10.0x EBITDA or higher) increased 56.3%
- Average M&A valuations declined to 9.4x EV/EBITDA from 9.6x
- Median EBITDA multiple dropped for fifth consecutive year
- Interest coverage ratio remains below 2022's median of 5.8x
- High financing costs continue to constrain dealmaking
- 59.2% of middle market business owners challenged by high interest rates
Buyers remained highly selective in 2024, with high-quality assets, particularly in services-focused areas, still drew strong competition. The share of 2024 deals closing at 10.0x EBITDA or higher rebounded, rising
The
We are in the third year of an abnormally long M&A downcycle for private businesses, with market corrections generally lasting 12 to 24 months. This indicates that the market is overdue for a rebound in activity. Capstone has tracked several datasets that indicate the market is turning–including a reentrance of private equity platform acquisitions, which rose
Also included in this report:
- A breakdown of average middle market M&A valuations by industry.
- Discussion of middle market M&A transaction volume on an industry level.
- Commentary on the operating performance of target companies sold in 2024 compared to prior years.
To access to full report, click here.
ABOUT CAPSTONE PARTNERS
For over 20 years, the firm has been a trusted advisor to leading middle market companies, offering a fully integrated range of investment banking and financial advisory services uniquely tailored to help owners, investors, and creditors through each stage of the company's lifecycle. Capstone's services include M&A advisory, debt and equity placement, corporate restructuring, special situations, valuation and fairness opinions and financial advisory services. Headquartered in
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SOURCE Capstone Partners