The Pulse of Private Equity – 5/1/2023

Corporate M&A multiples have eased


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Corporate M&A multiples have eased to decade lows, according to PitchBook’s Q1 2023 Global M&A Report. Last year’s multiple settled at 8.5x, down from 10x in 2021. A quarter into 2023, multiples continue to drop, now down to 7.7x. It’s only three months’ worth of data, but 7.7x is the lowest level since 2013. 8.5x was too, for that matter.