Volumes recover, multiples stabilise
After two years of subdued activity, mid-market transaction volumes across the DACH region and Benelux have recovered meaningfully. Median EV/EBITDA multiples have stabilised, with a clear premium for businesses demonstrating recurring revenue and high cash conversion.
What buyers are scrutinising
In our recent sell-side mandates, buyer diligence has concentrated on:
- Quality of earnings and normalised working capital
- Customer concentration and contract renewal terms
- Energy cost pass-through mechanisms
- Management depth and succession planning
Financing the deal
Private credit continues to underwrite a significant share of mid-market leveraged buyouts, offering unitranche structures with faster execution than syndicated alternatives. Bank lenders have returned for high-quality credits, often in club deals with two to four participants.
Preparing for a process
Owners contemplating a sale in 2027 should commission vendor due diligence early, resolve any legal-entity or tax structuring issues in advance, and establish a credible, bottom-up budget. A well-prepared process shortens exclusivity periods and protects value through signing.
This publication is for informational purposes only and does not constitute financial advice, an offer or a solicitation to buy or sell any financial instrument.