Clearwater International Multiples Heatmap: Q2 2021

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Mergermarket is pleased to present the Clearwater International Multiples Heatmap: Q2 2021, published in association with Clearwater International and Unquote. The report identifies key themes driving European Private Equity (PE) deals’ EV/EBITDA multiples on a quarterly basis.
In this issue:
  • European overview: After a record-breaking first quarter, the pace of European PE dealmaking eased in Q2 2021 – although activity remained at near-historic highs.
  • Spotlight on the UK and Ireland: While dealflow slowed in the UK and Ireland in Q2, the region remains the busiest market in Europe – and a rich pool of attractive assets in the technology, financial and healthcare sectors has pushed average entry multiples to new heights.
  • Food and beverage sector focus: In the 12 months to Q2 2021, the average pricing for buyouts in the food and beverage space has increased by 2.2 turns of EBITDA to reach 11.7x. The pace of increase has been faster than that seen for the average valuation of European PE buyouts across all sectors, which went up by 1.4x in the same timeframe.