Business Services M&A Update

RESOURCE HIGHLIGHTS

• In Q3, the S&P 500 Commercial & Professional Services Index increased by 3.1% and outperformed a 2.0% increase in the S&P
  500 over the same period.
• The median EV/EBITDA multiple for reported private equity deals in the Business Services sector increased to 13.5x in YTD 2026
  from 12.7x in 2025, and increased for strategic deals to 10.0x from 8.7x in the prior year.
• M&A deal volume in the sector increased 9.8% in Q3 to 1,110 deals from 1,011 in Q2, and increased 10.3% from 1,006 in Q3 of the prior year.
• North America was the second most active region in Q3, behind Europe, with 448 deals. Most notably in North America was KKR’s $3.0 billion acquisition of Crowe, a Chicago-based provider of public accounting, consulting, and technology services.
• Total capital invested in M&A transactions increased 68.0% in Q3 to $16.8B from $10.0B in Q2, in large part from the Crowe deal mentioned above.