Clearwater International Multiples Heatmap: Q1 2022

Report Data Insight 9 June

Clearwater International Multiples Heatmap: Q1 2022

In-depth analysis of the acquisition multiples paid for European private equity transactions

In this issue:

  • European overview: Russia’s invasion of Ukraine, surging energy prices and supply chain disruption combined to create an exceptionally challenging environment for dealmakers in Q1 2022. While these upheavals resulted in some transactions being delayed, PE activity overall continued apace with a wave of TMT, industrials and chemicals, and consumer transactions helping to lift quarterly volumes. Total deal value was down by 16% quarter-on-quarter to €63.4bn – although, to put this in context, the value achieved in Q4 2021 (€75.5bn) was the highest on record. Q1’s figures are strong by any conventional yardstick and far above the average of recent years.
  • Spotlight on Southern Europe: Dealmaking in Europe’s Southern region – comprising Spain, Italy and Portugal – slowed somewhat in Q1 2022. Despite this, there were some notable hotspots, including in the healthcare, food and beverage, and TMT sectors. Clearwater International’s Bruno Pinho, partner in Portugal, and Josemaría Torrens, director in Spain, discuss.
  • Healthcare sector focus: Strong fundamentals, robust revenue models and scope for consolidation are key attractions of the healthcare sector, as Clearwater International’s Ramesh Jassal, director and international head of healthcare, and Stefan Sachsenhauser, managing director and head of healthcare in DACH, explain.
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