Table 5: Great Lakes middle market M&A transactions

H1-2019 H2-2019 H1-2020 H2-2020 H1-2021 H2-2021 H1-2022 H2-2022 H1-2023 H2-2023

14.0x

Average enterprise value / EBITDA multiples (1) (2)

Source: S&P Capital IQ.1) Includes only transactions with disclosed enterprise value between $10 million and $1 billion.2) Includes only transactions with disclosed multiples and excludes multiples deemed to be outliers.

11.6x

7.6x

12.1x

9.1x

11.7x

12.0x

13.7x

9.3x

14.5x

Average: 11.6x