The middle market isn’t cheap
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Middle market activity has never been as strong as it is now. What used to be a space to find bargains has turned into just another frenzied market, one among many. The median valuation-to-EBITDA multiple for all middle-market M&A transactions is up yet again this year, to 10.7x. That number includes both strategic and financial buyers, though the underlying dynamics of the market have shifted of late.