Clearwater International Multiples Heatmap: Q4 2020

23 February 2021

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Unquote is pleased to present the Clearwater International Multiples Heatmap, published in association with Clearwater International. The report identifies key themes driving European Private Equity (PE) deals’ EV/EBITDA multiples on a quarterly basis.
 
In this issue:
  • European overview: A strong performance in the second half of the year meant that any drop-off in activity was not as pronounced as was first feared, with 2020 deal value and volume falling by just 5% and 6% year-on-year, respectively. At 11x, average multiples paid in PE-backed transactions across Europe reached a new high in the final quarter of the year.
  • Spotlight on France: With a strong rebound in dealdoing after the Q2 2020 lockdown, the French PE market remains the busiest in Europe – and deal-hungry sponsors with deep pockets should ensure processes remain heated in the coming months.
  • Consumer sector focus: As investors shift their focus on defensive assets, the consumer sector saw both a sharp increase in activity and a rise in average pricing as 2020 drew to a close.