{"id":42708,"date":"2019-02-20T12:02:39","date_gmt":"2019-02-20T10:02:39","guid":{"rendered":"https:\/\/newserver.fyb.de\/argos-mid-market-index-q4-2018-company-valuations-reach-record-level\/"},"modified":"2019-02-20T12:02:39","modified_gmt":"2019-02-20T10:02:39","slug":"argos-mid-market-index-q4-2018-company-valuations-reach-record-level","status":"publish","type":"post","link":"https:\/\/www.fyb.de\/en\/argos-mid-market-index-q4-2018-company-valuations-reach-record-level\/","title":{"rendered":"Argos Mid-Market Index Q4 2018: company valuations reach record level"},"content":{"rendered":"

Frank\u00adfurt am Main, Germany \u2014 Argos Wityu<\/strong>, an inde\u00adpen\u00addent, pan-Euro\u00adpean invest\u00adment firm, and Epsi\u00adlon Rese\u00adarch<\/strong>, an online plat\u00adform for unlis\u00adted M&A tran\u00adsac\u00adtions, unvei\u00adled the Argos Index\u00ae Mid-Market for the fourth quar\u00adter of 2018<\/strong>. Deve\u00adlo\u00adped in 2006, the index has measu\u00adred the deve\u00adlo\u00adp\u00adment of company valua\u00adtions of unlis\u00adted mid-market compa\u00adnies in the euro\u00adzone in which private equity funds had acqui\u00adred a majo\u00adrity stake in the six months prece\u00adding the survey since it was first published. With the current edition, the Argos Index reports speci\u00adfic data for the German M&A market for the first time.<\/p>\n

Stra\u00adte\u00adgic buyers drive valua\u00adtions, index reaches all-time high of 10.1x EBITDA.
\n<\/strong>The deve\u00adlo\u00adp\u00adment of the multi\u00adples can be explai\u00adned on the one hand by stra\u00adte\u00adgic buyers, who paid an average EBITDA multi\u00adple of 10.7x in the fourth quar\u00adter as part of acqui\u00adsi\u00adti\u00adons, but also by finan\u00adcial inves\u00adtors, who valued compa\u00adnies at 9.8x EBITDA.<\/p>\n

Essen\u00adti\u00adally, the price increase is due to increased acti\u00advity in Euro\u00adpean mid-market M&A tran\u00adsac\u00adtions \u2014 in the second half of 2018, tran\u00adsac\u00adtion volu\u00admes increased by 18 percent and cumu\u00adla\u00adtive tran\u00adsac\u00adtion values by 17 percent. The diffe\u00adrence is parti\u00adcu\u00adlarly large compared to the multi\u00adples of mid-cap listed companies(1), whose valua\u00adtion has fallen by 11 percent to 8.0x EBITDA(2).<\/p>\n

Valua\u00adtions for unlis\u00adted compa\u00adnies showed momen\u00adtum in the second half of the year that was inde\u00adpen\u00addent of deve\u00adlo\u00adp\u00adments on the stock markets(3). This can be explai\u00adned by seve\u00adral factors, inclu\u00adding high cash holdings by large compa\u00adnies and high levels of \u201cdry powder\u201d from private equity inves\u00adtors who are raising incre\u00adasingly large amounts of capi\u00adtal, as well as stra\u00adte\u00adgic buyers looking to acquire compa\u00adnies in search of growth, and the ever-incre\u00adasing demand from insti\u00adtu\u00adtio\u00adnal inves\u00adtors looking to improve their returns by inves\u00adt\u00ading in unlis\u00adted companies(4).<\/p>\n

Germany: high M&A volume drives purchase prices<\/strong>
\nFor the first time, the Argos Index also analy\u00adzes the German M&A market. In 2018, EBITDA multi\u00adples in Germany increased by 8 percent to 9.8x EBITDA, or by 3.8 multi\u00adple points since the low point at the end of 2009. This price deve\u00adlo\u00adp\u00adment is driven by a dyna\u00admic M&A market, whose volume increased by 18 percent in 2018.<\/p>\n

Since 2013, the deve\u00adlo\u00adp\u00adment of German multi\u00adples has been in line with those of the euro area. The crises of 2009 (finan\u00adcial crisis) and 2012 (euro crisis) had no impact on valua\u00adtion multi\u00adples in Germany compared with the deve\u00adlo\u00adp\u00adment of valua\u00adtion levels in the euro zone.<\/p>\n

About Argos Wityu
\n<\/strong>Foun\u00added in 1989 as Argos Sodi\u00adtic, Argos Wityu is an inde\u00adpen\u00addent pan-Euro\u00adpean invest\u00adment company with offices in Brussels, Frank\u00adfurt, Geneva, Luxem\u00adbourg, Milan and Paris. Argos Wityu focu\u00adses on manage\u00adment buy-outs, buy-ins and spin-offs for small and medium-sized compa\u00adnies with an enter\u00adprise value between \u20ac25 and \u20ac200 million. The funds advi\u00adsed by Argos Wityu invest in majo\u00adrity stakes with equity tickets between 10 and 100 million euros. Since its incep\u00adtion, Argos Wityu has laun\u00adched seven funds and comple\u00adted more than 75 tran\u00adsac\u00adtions. The focus is on growth and trans\u00adfor\u00adma\u00adtion rather than high debt. The group has built a very strong track record in uncon\u00adven\u00adtio\u00adnal off-market tran\u00adsac\u00adtions, where Argos Wity\u00adu\u2019s combi\u00adna\u00adtion of inter\u00adna\u00adtio\u00adna\u00adlity and local presence has contri\u00adbu\u00adted to the deve\u00adlo\u00adp\u00adment of small and medium-sized enter\u00adpri\u00adses. The current Fund VII (520 million euros), which was laun\u00adched at the end of 2017, has alre\u00adady comple\u00adted ten tran\u00adsac\u00adtions and is alre\u00adady more than 50 percent inves\u00adted. In total, Argos Wityu mana\u00adges funds with a volume of appro\u00adxi\u00adm\u00adately 1 billion euros. In Germany, the company has stakes in aktiv\u00adop\u00adtik, the fifth-largest chain of opti\u00adci\u00adans and acou\u00adsti\u00adci\u00adans, and in Wibit Sports, the world market leader for floa\u00adting water parks. The invest\u00adment in Wibit brings to five the number of global market leaders in their respec\u00adtive indus\u00adtries in Argos Wity\u00adu\u2019s 21-company invest\u00adment port\u00adfo\u00adlio: Gantrex, Henri Selmer, Sasa Demarle, Wibit and Zodiac Milpro. http:\/\/argos.wityu.fund<\/p>\n

About Epsi\u00adlon Research<\/strong>
\nEpsi\u00adlon Rese\u00adarch has deve\u00adlo\u00adped the first online plat\u00adform for unlis\u00adted M&A tran\u00adsac\u00adtions aimed at profes\u00adsio\u00adnals such as M&A advi\u00adsors, private equity inves\u00adtors or experts. The Epsi\u00adlon plat\u00adform provi\u00addes access to data, analy\u00adtics, soft\u00adware tools as well as other services requi\u00adred for the valua\u00adtion of unlis\u00adted compa\u00adnies: (1) EMAT, the largest data\u00adbase of tran\u00adsac\u00adtion multi\u00adples of unlis\u00adted compa\u00adnies in Europe, with details on 8,000+ tran\u00adsac\u00adtions between \u20ac1m and \u20ac500m enter\u00adprise value across all indus\u00adtries, (2) studies and indi\u00adces regu\u00adlarly published by Epsi\u00adlon, such as the Argos Index, (3) cloud-based soft\u00adware for M&A cont\u00adacts and project manage\u00adment (\u201cM&A CRM Suite\u201d) as well as for valua\u00adtion projects (compa\u00adra\u00adtive multi\u00adples and port\u00adfo\u00adlios of PE funds).<\/p>\n

About the Argos Mid-Market Index<\/strong>
\nThe Argos Mid-Market Index measu\u00adres the deve\u00adlo\u00adp\u00adment of company valua\u00adtions of unlis\u00adted mid-market compa\u00adnies in the euro\u00adzone. The analy\u00adsis is conduc\u00adted by Epsi\u00adlon Rese\u00adarch for Argos Wityu and published quar\u00adterly. EV\/EBITDA multi\u00adples repre\u00adsent median values of mid-market M&A tran\u00adsac\u00adtions on a six-month rolling basis. The under\u00adly\u00ading sample is based on the follo\u00adwing crite\u00adria: Acqui\u00adsi\u00adtion of majo\u00adrity stakes, target company is head\u00adquar\u00adte\u00adred in the euro\u00adzone, mid-market (equity value between \u20ac15 million and \u20ac500 million), exclu\u00adsion of certain sectors (finan\u00adcial services, real estate and high-tech), avai\u00adla\u00adbi\u00adlity of rele\u00advant tran\u00adsac\u00adtion data.<\/p>\n","protected":false},"excerpt":{"rendered":"

Frank\u00adfurt am Main, Germany \u2014 Argos Wityu, an inde\u00adpen\u00addent, pan-Euro\u00ad\u00adpean invest\u00adment firm, and Epsi\u00adlon Rese\u00adarch, an online plat\u00adform for unlis\u00adted M&A tran\u00adsac\u00adtions, unvei\u00adled the Argos Index\u00ae Mid-Market for the fourth quar\u00adter of 2018. Deve\u00adlo\u00adped in 2006, the index has measu\u00adred the deve\u00adlo\u00adp\u00adment of company valua\u00adtions of unlis\u00adted mid-market compa\u00adnies in the euro\u00adzone in which private [\u2026]<\/p>\n","protected":false},"author":2,"featured_media":42720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"footnotes":""},"categories":[886,1364,1366,1388],"tags":[],"class_list":["post-42708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-en","category-featured-en","category-news-en","category-shortcuts-en"],"yoast_head":"\nArgos Mid-Market Index Q4 2018: company valuations reach record level - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/argos-mid-market-index-q4-2018-company-valuations-reach-record-level\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Argos Mid-Market Index Q4 2018: company valuations reach record level - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Frank\u00adfurt am Main, Germany \u2014 Argos Wityu, an inde\u00adpen\u00addent, pan-Euro\u00adpean invest\u00adment firm, and Epsi\u00adlon Rese\u00adarch, an online plat\u00adform for unlis\u00adted M&A tran\u00adsac\u00adtions, unvei\u00adled the Argos Index\u00ae Mid-Market for the fourth quar\u00adter of 2018. Deve\u00adlo\u00adped in 2006, the index has measu\u00adred the deve\u00adlo\u00adp\u00adment of company valua\u00adtions of unlis\u00adted mid-market compa\u00adnies in the euro\u00adzone in which private […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fyb.de\/en\/argos-mid-market-index-q4-2018-company-valuations-reach-record-level\/\" \/>\n<meta property=\"og:site_name\" content=\"FYB Financial Yearbook\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-20T10:02:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fyb.de\/wp-content\/uploads\/2019\/02\/a-lhlodyve_400x400.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tatjana Anderer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tatjana Anderer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.fyb.de\/en\/argos-mid-market-index-q4-2018-company-valuations-reach-record-level\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.fyb.de\/en\/argos-mid-market-index-q4-2018-company-valuations-reach-record-level\/\"},\"author\":{\"name\":\"Tatjana Anderer\",\"@id\":\"https:\/\/www.fyb.de\/en\/#\/schema\/person\/4308b3086925bc8567ceba3ebd69b4ce\"},\"headline\":\"Argos Mid-Market Index Q4 2018: company valuations reach record level\",\"datePublished\":\"2019-02-20T10:02:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.fyb.de\/en\/argos-mid-market-index-q4-2018-company-valuations-reach-record-level\/\"},\"wordCount\":840,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.fyb.de\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.fyb.de\/en\/argos-mid-market-index-q4-2018-company-valuations-reach-record-level\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.fyb.de\/wp-content\/uploads\/2019\/02\/a-lhlodyve_400x400.jpg\",\"articleSection\":[\"General\",\"Featured\",\"News\",\"SHORTCUTS\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.fyb.de\/en\/argos-mid-market-index-q4-2018-company-valuations-reach-record-level\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.fyb.de\/en\/argos-mid-market-index-q4-2018-company-valuations-reach-record-level\/\",\"url\":\"https:\/\/www.fyb.de\/en\/argos-mid-market-index-q4-2018-company-valuations-reach-record-level\/\",\"name\":\"Argos Mid-Market Index Q4 2018: company valuations reach record level - 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