Table 5: California 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

10.6x

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

Source: S&P Capital IQ.1) Includes only transactions with disclosed enterprise value between $10 million and $1 billion.2) Includes only transactions with disclosed multiples and excludes multiples deemed to be outliers.

16.8x

7.7x

12.8x

7.4x

10.0x

13.9x

12.6x

10.7x

16.4x

Average: 11.9x