Table 4: Texas middle market M&A transactions

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

5.5x

3.7x

3.1x

2.9x

2.7x

1.7x

1.4x

1.4x

1.4x

1.2x

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

Average:2.5x

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

2.7x

1.4x

1.2x

1.4x

5.5x

2.9x

3.1x

3.7x

1.7x

1.4x

Average: 3.7x

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

Table 4: Texas middle market M&A transactions

Average:2.5x