Q2 2023

Business Services M&A Update


  • The S&P/BMV Commercial Services Index decreased 4.9% in Q2 and underperformed the S&P 500 index, which increased 6.1% in the same period.
  • The median EV/EBITDA multiple for reported private equity deals increased to 14.5x in 1H from 9.7x in 2022 and increased for strategic deals to 8.1x from 7.1x over the same period.
  • M&A deal volume in the Business Services sector decreased 26.4% in Q2 to 750 deals from 1,019 in Q1 and decreased 36.7% from 1,283 deals in Q2 of the prior year.
  • As a % of total capital invested in M&A transactions in 1H, PE participation decreased significantly to 37.7%, down from 48.8% in 2022.
  • Europe was the most active region in Q2 with 343 deals. Most notably in Europe was Teleperformance’s $3.6 billion acquisition of Majorel, an operator of an end-to-end business services platform, in April 2023

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