Q1 2024

Business Services M&A Update


  • In Q1, the S&P/BMV Commercial Services Index increased 2.0%, but was outperformed by the S&P 500 which increased 10.8% over the same period.
  • The median EV/EBITDA multiple for reported private equity deals decreased to 9.6x in Q1 from 14.5x in 2023, and decreased for strategic deals to 6.6x from 7.7x over the same period.
  • Deal volume in the Business Services sector increased 8.7% in Q1 to 920 deals from 846 in Q4 2023, but decreased 9.7% from 1,019 deals in Q1 of the prior year.
  • As a % of total capital invested in M&A transactions in Q1, PE participation increased to 54.5%, up from 50.8% in 2023.
  • Europe was the most active region in Q1 with 405 deals. Most notable in Europe was Apax Partners’ $889.5 million buyout of WGSN, a London-based provider of global trend forecasting and consulting services in February 2024.

Please view our Q1 2024 Business Services M&A Update below:

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