Source: S&P Capital IQ.
(1) Includes only transactions with disclosed enterprise value between $10 million and $1 billion.
(2) The H2 - 2022 Enterprise Value / EBITDA multiple is derived from two transactions with multiples of 27.4x and 25.0x, respectively.
(3) The H1 - 2021 Enterprise Value / EBITDA multiple is derived from a single, disclosed transaction.

Table 5: Texas middle market M&A transactions
Average enterprise value / EBITDA multiples ^{(1) (2) (3)}