Table 5: Texas 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

9.7x

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

7.4x

11.0x

8.7x

18.8x

13.0x

19.5x

7.2x

Average: 16.7x

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.

8.5x

18.9x

Average:12.3x