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

4.2x

3.7x

2.6x

3.3x

4.2x

4.6x

2.8x

4.1x

2.5x

1.5x

Average: 3.3x

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

Table 4: California middle market M&A transactions