Last month, BDO released the latest edition of its Private Company Price Index Report (PCPI), giving an important overview of the state of M&A activity in the UK in the first quarter of this year. The key takeaway from this PCPI report is the return of UK deal volumes to pre-pandemic levels, following several quarters of busier dealmaking.
BDO commented that M&A data showed that “the ‘new normal’ is looking very much like the ‘old normal’”. However, within the headline figures, there are more complex stories and factors at play and it’s worth delving into how dealmaking is shaping up.
In terms of valuations, acquisitions completed by trade buyers in the first quarter (tracked through the PCPI) had average multiples of 10.7x. Private equity acquisitions, meanwhile, (tracked through the Private Equity Price Index, or PEPI, which is also included in the PCPI report) had average multiples of 11.8x. In both cases, these figures represented slight declines from the previous quarter.
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