Multiple worries
According to the man on the street, multiples nowadays stand at around 7x EBITDA for assets, up to 9x if it’s a ‘quality asset’ (meaning it stands at 9x, since I know of no GP willing to admit he buys low-quality assets). This is down markedly from the double-digits seen yesteryear when leverage was plentiful and Lehman Brothers still existed.
More on Exits
Livingbridge exits Red Box in sale to US-based Uniphore
Deal for voice software group takes the GP’s Fund V close to full realisation, with Direct Ferries as only business left in the 2012 vehicle
Inflexion’s Scott Dunn valued at GBP 121m in trade exit
Sale to Australian travel agency Flight Centre marks the 13th exit for the GP’s 2010 buyout fund
Foresight reaps 3.5x money in Mowgli exit to TriSpan
Sale of Indian restaurant chain is the sixth exit from the firm’s first Regional Investment fund
Equistone to exit Acuity in sale to Permira
Sale of financial services research group follows process with early discussions between vendor and bidders
Latest News
McDermott adds to German PE team with Noerr and Latham duo
Noerr’s Holger Ebersberger and Latham & Watkins’ Hanno Witt to join the firm’s Munich office
MML launches lower-mid-market strategy for UK, Northern European B2B assets
London-headquartered GP invested in AI provider MIcompany in first deal for new strategy this week
Revo Capital preps third fund for 2023 launch
VC firm aims to raise USD 75m-150m from private and public investors including blue-chip institutional LPs in Europe, MENA and US
Oakley raises EUR 2.85bn for fifth flagship fund
More than twice the size of its 2019 predecessor, the vehicle will allow for larger equity tickets, more investments and bolt-ons