Table 5: Philadelphia & Central Pennsylvania region 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

33.9x

Average enterprise value / EBITDA multiples (1) (2)(3)

20.2x

11.4x

14.9x

18.1x

15.1x

4.5x

13.6x

NDR

5.0x

Average: 15.2x

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.3) NDR – No data recorded