Q2 2024

Business Services M&A Update

In Q2, the S&P/BMV Commercial Services Index decreased by 4.1% and was outperformed by the S&P 500, which increased 4.1% over the same period.
The median EV/EBITDA multiple for reported PE deals declined in 1H 2024 to 9.6x from 14.5x in 2023, and for strategic deals declined to 6.7x in 1H 2024 from 7.7x in 2023.
M&A deal volume increased 2.7% in Q2 to 945 deals from 920 in Q1, and increased 26.0% from 750 deals in Q2 of the prior year.
As a % of total capital invested in M&A transactions in 2024, PE participation decreased in 1H 2024 to 41.0% from 50.8% in 2023.
North America was the most active region in Q2 with 409 deals. Most notably in the North American market was Kelly Services’ $485.0 million acquisition of Motion Recruitment Partners, a Massachusetts-based provider of information technology staffing services, in June 2024.