Introduction
U.S. M&A activity continued to rebound in the first half of 2021 from depressed levels of activity seen in 2020 due to the COVID-19 pandemic. In the first half of 2021, reported TEV/EBITDA multiples on private equity transactions across all tranches of enterprise value remained fairly consistent with observed multiples in 2020, though multiples in the $100-$250 enterprise value range did tick up somewhat in the first half of 2021, which is likely a result of increased buyer demand. Overall, multiples for both strategic and private equity deals were largely unchanged from levels observed in 2019 and 2020. Levels of activity observed in the first half of 2021 suggest that the renewed buyer and seller appetite seen in the back half of 2020 has carried over into 2021.
Also in This Issue
U.S. Deal Value & Volume
EBITDA Multiples
EBITDA Multiples by Buyer Type
U.S. Deal Volume by Industry
Debt Multiples
Number of Deals by Buyer Type