Table 4: 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

Table 4: California middle market M&A transactions

4.2x

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

3.7x

2.6x

3.3x

4.2x

4.6x

2.8x

4.1x

2.5x

1.5x

Average: 3.3x