Socially distancing from high multiples
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The median M&A multiple clocked in at 8.2x in Q1. That’s down from last year’s 9.8x median, according to PitchBook’s just-released North American M&A Report. One quarter does not a year make, but 2020 is probably an exception. The Q1 dip included two normal months, which won’t be the case going forward.