Q1 2023

Business Services M&A Update


  • The S&P/BMV Commercial Services Index increased 11.7% in Q1 2023 and outperformed the S&P 500 index, which increased 7.5% in the same period.
  • The median EV/EBITDA multiple in the Business Services sector for reported PE deals increased to 12.4x in Q1 2023 from 9.7x in 2022, and increased for strategic deals to 7.4x from 7.1x over the same period.
  • M&A deal volume in the sector was down 8.9% to 1,019 completed transactions in Q1 2023 compared to 1,119 deals in Q4 2022 and down 24.7% from 1,354 deals in Q1 of the prior year.
  • Total capital invested increased 13.8% to $38.0 billion in Q1 2023 from $33.4 billion in Q4, but decreased 38.5% from $61.8 billion in Q1 of the prior year.
  • Europe was the most active region in Q1 2023 with 461 deals. Most notably in Europe was the $8.9 billion acquisition of Serra Lopes Cortes Martins and Associados by Cuatrecasas in January 2023.

Get in Touch with Us!