Table 4: Great Lakes middle market M&A transactions

H1-2019 H2-2019 H1-2020 H2-2020 H1-2021 H2-2021 H1-2022 H2-2022 H1-2023 H2-2023

2.0x

Average enterprise value / Revenue multiples (1) (2)

Source: S&P Capital IQ.1) Includes only transactions with disclosed enterprise value between $10 million and $1 billion.

1.5x

1.2x

2.1x

3.4x

2.6x

2.9x

1.8x

1.6x

3.2x

Average: 2.2x