Clearwater International Multiples Heatmap: Q3 2022

Report Data Insight 15 December

Clearwater International Multiples Heatmap: Q3 2022

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

Mergermarket is pleased to present the Clearwater International Multiples Heatmap: Q3 2022, published in association with Clearwater International and Unquote. The report identifies key themes driving European Private Equity (PE) activity on a quarterly basis.

In this issue:

  • European overview: The tempo of European PE activity slowed markedly in Q3 2022. Dealmaking conditions continued to tighten, with rising inflation, higher interest rates and mounting supply-side constraints playing on acquirers’ minds. Against this increasingly complex background, the average long-term EV/EBITDA multiple for European PE transactions eased from the historic high achieved in Q2 2022.
  • Spotlight on US sponsors: Despite mounting headwinds, US PE sponsors remain a force to be reckoned with when it comes to European inbound investment. David Cannon, Managing Director of KeyBanc Capital Markets, Clearwater International’s US partner, explains the enduring attraction of European targets – and why dealmakers are getting more creative.
  • TMT sector focus: Resilient fundamentals, recurring revenues, and robust environmental, social & governance (ESG) credentials make TMT an increasingly attractive sector for PE investors, as Clearwater International Partner Wesley Fell-Smith explains.
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