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This workbook corresponds to the charts and tables found in the 3Q 2015 Global PE Deal Multiples & T
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Phone: +1 206-257-7854

This dataset was compiled using data through 6/30/15.

Table of Contents

Page
Page
Page
Page

5
7
8
9

Investment Multiples
Revenue Change
Debt & Equity Levels
Fees & Closing Times

terly Deal Multiples and Trends Data Sheet.

d tables found in the 3Q 2015 Global PE Deal Multiples & Trends Report. Please feel free to contact us if you have

gh 6/30/15.

Click Here to Download the Report

Deal Multiples & Trends Report. Please feel free to contact us if you have any questions, comments or suggestio

e Report

you have any questions, comments or suggestions for improving this data set.

Median EV/EBITDA Multiples by Enterprise Value

2012
All
$0-$25M
$25M-$250M
$250M+

2013

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

6.8x

7.3x

8.4x

7.0x

6.4x

6.3x

7.6x

8.6x

5.0x

4.6x

4.5x

5.0x

5.0x

4.9x

6.0x

5.8x

6.9x

7.3x

7.4x

7.4x

5.7x

6.9x

7.0x

7.2x

10.1x

12.1x

9.7x

9.8x

9.5x

9.0x

10.7x

11.8x

14x
12x
10x
8x
6x
4x
2x
All

$0-$25M

$25M-$250M

0x
1Q

2Q

3Q

4Q

1Q

2Q

2012

3Q

4Q

1Q

2013

2Q

3Q
2014

Median EV/Revenue Multiple by Enterprise Value

2012
All
$0-$25M
$25M-$250M
$250M+

2013

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1.2x
0.8x
1.4x
1.9x

1.0x
0.8x
1.3x
2.3x

1.3x
0.8x
1.1x
2.5x

1.3x
0.7x
1.6x
1.9x

1.3x
0.9x
1.3x
2.3x

1.0x
0.8x
1.3x
2.4x

1.4x
1.2x
1.0x
1.7x

1.2x
1.0x
1.3x
1.4x

3.0x
2.5x
2.0x
1.5x
1.0x
0.5x
All

$0-$25M

$25M-$250M

$2

0.0x
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

1.0x
0.5x
All

$0-$25M

$25M-$250M

$2

0.0x
1Q

2Q

3Q
2012

4Q

1Q

2Q

3Q
2013

4Q

1Q

2Q

3
2014

EV/EBITDA Multiple

alue

2012
2014

2015

1Q

1Q

2Q

3Q

4Q

1Q

2Q

8.2x

6.7x

6.7x

8.3x

7.1x

6.9x

4.4x

5.0x

5.0x

5.8x

6.1x

5.0x

7.4x

8.2x

6.9x

8.8x

6.6x

6.0x

12.5x

11.1x

9.9x

10.2x

7.8x

11.3x

<0x
0x-2.5x
2.5x-5x
5x-7.5x
>7.5x

11%
4%
17%
26%
41%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
$25M-$250M
4Q

1Q

$250M+
2Q

3Q

4Q

2014

1Q
1Q

2Q

2Q
2015

EV/Revenue Multip

alue

2012
2014

2015

1Q

1Q

2Q

3Q

4Q

1Q

2Q

1.4x
1.0x
1.3x
2.2x

1.2x
1.2x
1.3x
2.1x

1.4x
0.9x
1.6x
1.6x

1.2x
0.7x
1.2x
2.0x

1.2x
0.6x
1.2x
2.2x

1.4x
0.8x
1.5x
2.6x

0x-0.5x
0.5x-1x
1x-1.5x
1.5x-2x
>2x

25%
21%
16%
10%
28%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%

25M-$250M
4Q

1Q

$250M+
2Q

3Q

0%
4Q

1Q

2Q

1Q

40%
30%
20%
10%

25M-$250M
4Q

1Q

$250M+
2Q

3Q
2014

0%
4Q

1Q

2Q

1Q

2015

>2x

EV/EBITDA Multiple Breakdown

2012

2013

2014

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

13%

8%

9%

10%

7%

6%

5%

8%

10%

6%

7%

2%

2%

2%

6%

4%

3%

6%

8%

5%

15%

17%

13%

19%

20%

10%

12%

16%

22%

19%

22%

17%

34%

25%

35%

26%

27%

17%

18%

30%

43%

56%

42%

44%

32%

53%

53%

52%

42%

41%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1Q

2Q

3Q

4Q

1Q

2Q

2012

3Q

4Q

1Q

2Q

2013

3Q

4Q

2014

1Q

2Q
2015

EV/Revenue Multiple Breakdown

2012

2013

2014

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

28%
21%
10%
8%
33%

19%
18%
18%
13%
32%

25%
20%
12%
11%
33%

17%
20%
19%
17%
27%

17%
32%
15%
11%
26%

18%
23%
15%
13%
31%

19%
20%
18%
12%
31%

13%
21%
18%
17%
30%

20%
26%
12%
8%
34%

6%
29%
19%
10%
35%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1Q

2Q

3Q
2012

4Q

1Q

2Q

3Q
2013

4Q

1Q

2Q

3Q
2014

4Q

1Q

2Q
2015

40%
30%
20%
10%
0%
1Q

2Q

3Q

4Q

2012
>2x

1Q

2Q

3Q

4Q

1Q

2Q

2013
1.5x-2x

1x-1.5x

3Q

4Q

1Q

2014
0.5x-1x

2Q
2015

0x-0.5x

014

2015

4Q

4Q

1Q

2Q

5%

6%

10%

3%

4%

10%

7%

10%

16%

28%

33%

18%

57%

47%

47%

1Q

2Q
2015

014

2015

4Q

4Q

1Q

2Q

20%
21%
17%
7%
35%

20%
24%
20%
5%
32%

15%
26%
13%
4%
43%

1Q

2Q
2015

4Q

1Q

2Q
2015

0x-0.5x

Revenue Change 12 Months Prior to Deal

2012
Decreased more than 10%
Decreased less than 10%
Unchanged
Increased less than 10%
Increased more than 10%

2013

3Q

4Q

1Q

2Q

3Q

0%

5%

7%

14%

5%

0%

5%

0%

2%

5%

17%

16%

0%

16%

16%

33%

37%

20%

23%

35%

50%

37%

73%

44%

38%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
3Q

4Q

1Q

2Q

2012

3Q

4Q

1Q

2013

Increased more than 10%

Increased less than 10%

Unchanged

EV/Revenue Multiple by TTM

Revenue Change (2013-2Q 2015)
Median
Average

Decreased

Flat

Increased

0.9x

1.3x

1.0x

1.0x

3.1x

1.0x

1.0x
Increased
1.0x

3.1
Flat
1.3x

1.0x
Decreased
0.9x

Median

Average

1.3x

1.0x
Decreased
0.9x

Median

Average

eal

2014
4Q

1Q

2Q

3Q

4Q

1Q

2Q

17%

3%

0%

0%

9%

9%

6%

4%

8%

8%

4%

6%

6%

5%

4%

6%

15%

18%

9%

11%

17%

33%

25%

46%

50%

27%

29%

34%

42%

58%

31%

29%

48%

46%

38%

4Q

1Q

2Q

3Q
2014

Unchanged

Decreased less than 10%

3.1x

Median

2015

Average

4Q

1Q

2Q
2015

Decreased more than 10%

Median

Average

Anticipated Revenue Change 12 Months Following Deal

2012
Decrease more than 10%
Decrease less than 10%
Unchanged
Increase less than 10%
Increase more than 10%

2013

3Q

4Q

1Q

2Q

3Q

8%

5%

0%

3%

0%

0%

0%

0%

0%

3%

0%

16%

0%

7%

0%

50%

32%

40%

31%

30%

42%

47%

60%

58%

68%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
3Q

4Q

1Q

2Q

2012

3Q

4Q

1Q

2013

Increase more than 10%

Increase less than 10%

Unchanged

De

EV/Revenue Multiple by
Anticipated NTM Revenue Change
(2013-1Q 2015)
Median
Average

Decrease

Flat

Increase

1.1x

1.0x

1.3x

2.3x

1.4x

2.8x

Increase
1.3x

1.4x
Flat
1.0x

2.3x
Decrease
1.1x

Median

Aver

1.0x

2.3x
Decrease
1.1x

Median

Aver

hs Following Deal

2014

2015

4Q

1Q

2Q

3Q

4Q

1Q

2Q

0%

3%

4%

0%

3%

3%

3%

0%

0%

0%

0%

0%

0%

3%

0%

3%

4%

4%

12%

14%

17%

46%

28%

54%

46%

39%

40%

30%

54%

67%

38%

50%

45%

43%

48%

4Q

1Q

2Q

3Q
2014

Unchanged

Decrease less than 10%

2.8x

2.3x
Median

Average

4Q

1Q

2Q
2015

Decrease more than 10%

2.3x
Median

Average

Median Debt Levels

2012
Median Debt %

2013

1Q

2Q

3Q

4Q

1Q

2Q

50%

55%

50%

57%

60%

59%

65%

6
60%

60%

59%

57%
56%

55%

55%

50%

50%

50%

45%
1Q

2Q

3Q

4Q

1Q

2Q

2012

3Q
2013

Average Debt-to-Equity Breakdown

2012
2Q

3Q

4Q

1Q

2Q

39%

48%

45%

36%

48%

45%

26%

47%

42%

44%

36%

46%

35%

5%

14%

20%

16%

9%

2012

2013

2014

2015

Equity
Senior Debt
Non-Senior Debt

2013

1Q

0%

10%

20%

30%
Non-Senior Debt

40%

50%

Senior D

2013

2014

2015

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

56%

62%

55%

61%

57%

52%

50%

52%

62%

61%

9%
57%

56%

55%
52%

52%
50%

2Q

3Q

4Q

1Q

2Q

2013

40%

3Q

4Q

1Q

2014

2Q
2015

2013

2014

2015

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

47%

41%

52%

47%

43%

46%

46%

38%

39%

47%

37%

48%

38%

50%

50%

39%

14%

12%

11%

5%

18%

3%

3%

23%

50%
Senior Debt

60%

70%
Equity

80%

90%

100%

Median Debt Levels by Enterprise Value

(2012 - 2Q '15)
All
Median Debt %

$0-$25M $25M-$250M $250M+

56%

55%

52%

59%

65%

60%

59%
56%

55%

55%
52%
50%

45%
All

$0-$25M

$25M-$250M

$250M+

59%

$250M+

Median Transaction Fee as a % of Deal Size

2012
Median Transaction Fee

2013

1Q

2Q

3Q

4Q

1Q

2Q

3%

2%

3%

2%

3%

2%

4%
3.4%
3.0%

3%

2.0%

2%

3.0%

2.8%

2.0%

2.0%

2.0%

1%

0%
1Q

2Q

3Q

4Q

1Q

2Q

2012

3Q

4Q

2013

Percent of Transactions with Deal Fees

2012
Transaction Fees
Monitoring Fees

2013

1Q

2Q

3Q

4Q

1Q

2Q

90%

78%

54%

75%

81%

76%

60%

56%

54%

55%

44%

18%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1Q

2Q

3Q

4Q

1Q

2012

2Q

3Q
2013

Transaction Fees

4Q

10%
0%
1Q

2Q

3Q

4Q

1Q

2012

2Q

3Q
2013

Transaction Fees

4Q

Size
2013

2014

2015

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3%

2%

2%

2%

2%

2%

2%

3%

3.0%
2.5%
2.3%

2.0%

2.0%

2.0%

2.0%

4Q

1Q

1.5%

3Q

4Q

1Q

2Q

2013

3Q
2014

2013

2Q

3Q
2013

2Q
2015

2014

2015

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

59%

57%

67%

26%

67%

50%

54%

62%

43%

29%

53%

23%

43%

19%

21%

32%

4Q

1Q

2Q

3Q
2014

Monitoring Fees

4Q

1Q

2Q
2015

2Q

3Q
2013

4Q

1Q

2Q

3Q
2014

Monitoring Fees

4Q

1Q

2Q
2015

Median Monitoring Fee as a % of EBITDA

2012
Median Monitoring Fee

2013

1Q

2Q

3Q

4Q

1Q

4%

4%

3%

5%

5%

6%
5.0%

5%
4%

5.0%

5.0%

4.0%
3.5%

3.3

3.0%

3%
2%
1%
0%
1Q

2Q

3Q

4Q

1Q

2Q

2012

3Q
2013

Transactions (count) by Weeks to Close

2012
1Q
<5 wks
5-9 wks
10-14 wks
15-20 wks
>20 wks

2013

2Q

3Q

4Q

1Q

0%

0%

0%

7%

0%

20%

22%

8%

21%

20%

20%

22%

50%

36%

40%

50%

33%

17%

7%

33%

10%

22%

25%

29%

7%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1Q

2Q

3Q
2012

4Q

1Q

2Q

3Q
2013

30%
20%
10%
0%
1Q

2Q

3Q

4Q

1Q

2012
>20 wks

2Q

3Q
2013

15-20 wks

10-1

f EBITDA
2013

5.0%

2014
3Q

4Q

1Q

2Q

3Q

4Q

1Q

5%

3%

3%

4%

5%

4%

3%

3%

5.0%
4.2%
3.3%

1Q

2015

2Q

2Q

3Q

4.5%
4.0%

3.5%

4Q

1Q

2Q

2013

3Q

3.0%

3.0%

3.0%

4Q

1Q

2Q

2014

2015

to Close
2013
2Q

1Q

2014
3Q

4Q

1Q

2Q

2015
3Q

4Q

1Q

9%

5%

4%

14%

0%

4%

6%

0%

22%

30%

17%

14%

33%

25%

9%

12%

34%

38%

38%

34%

13%

29%

39%

39%

13%

19%

25%

20%

17%

14%

21%

24%

22%

8%

17%

17%

38%

29%

24%

24%

2Q

3Q
2013

4Q

1Q

2Q

3Q
2014

4Q

1Q

2Q
2015

1Q

ks

2Q

3Q
2013
10-14 wks

4Q

1Q

2Q

3Q

4Q

1Q

2014
5-9 wks

2Q
2015

<5 wks

2015
2Q
3%

2015
2Q
7%
21%
35%
15%
22%