Sector file
Business Services: the sector file
463 recorded Business Services transactions, 2014-09 to 2025-06, bought by 369 named acquirers. Median EV/EBITDA 10.0x (n=49); median EV/Revenue 1.1x (n=114); median deal value $63.1m (n=463).
Sector file 2 of 42. From our archive of deals 2014-09-02 to 2025-07-01; published 2026-10-14. Archive statistics, not new transactions.
What the disclosed deals priced at
Every figure comes from recorded transactions with a disclosed deal value between $1m and $1bn. Most deals close without a published multiple, so each median states how many deals it rests on, and a median resting on fewer than 5 deals is withheld.
| Measure | Median | Middle half (IQR) | Deals behind it |
|---|---|---|---|
| EV/EBITDA | 10.0x | 6.8x to 12.6x | 49 |
| EV/Revenue | 1.1x | 0.6x to 2.3x | 114 |
| Deal value | $63.1m | $13.2m to $233m | 463 |
By size
Across the bands where the collection window does not bind, the median EV/EBITDA runs from 9.0x at $1m to $3m (n=9) to 10.3x at $10m to $30m (n=13). Deals above $1bn and below $1m were never collected. That bends multiples down for the largest companies and up for the smallest, so the size effect is read only between $1m and $30m of EBITDA, where neither limit binds.
| Implied EBITDA | Median EV/EBITDA | IQR | Deals | Note |
|---|---|---|---|---|
| Under $1m EBITDA | withheld | n/a | 0 | limited by the $1m deal floor; not comparable |
| $1m to $3m EBITDA | 9.0x | n/a | 9 | |
| $3m to $10m EBITDA | 6.8x | 5.7x to 10.9x | 13 | |
| $10m to $30m EBITDA | 10.3x | 10.0x to 13.9x | 13 | |
| $30m EBITDA and over | 10.7x | 7.3x to 12.8x | 14 | limited by the $1bn deal ceiling; not comparable |
Most active acquirers
| Acquirer | Deals in this sector |
|---|---|
| Restore plc | 6 |
| Begbies Traynor Group | 5 |
| Marlowe | 5 |
| Premier Technical Services Group | 5 |
| Axiom Ince | 4 |
| Bridgepoint (PE) | 4 |
| Main Street Capital (PE) | 4 |
| Mitie Group | 4 |
| Transcat | 4 |
| UDG Healthcare | 4 |
Deals by year
| Year | Deals |
|---|---|
| 2014 | 27 |
| 2015 | 67 |
| 2016 | 52 |
| 2017 | 68 |
| 2018 | 38 |
| 2019 | 26 |
| 2020 | 32 |
| 2021 | 43 |
| 2022 | 45 |
| 2023 | 16 |
| 2024 | 36 |
| 2025 | 13 |
Most recent deals with a disclosed multiple
| Date | Target | Acquirer | Value | EV/EBITDA | EV/Revenue |
|---|---|---|---|---|---|
| 2025-06-11 | Ricardo | WSP | $559m | 7.3x | 0.8x |
| 2025-02-05 | Metamark | UPM Raflatac | $225m | n/d | 2.2x |
| 2025-01-05 | Accolade | Transcarent | $621m | n/d | 1.5x |
| 2024-12-09 | WeatherDesk | Vaisala | $70.0m | n/d | 5.4x |
| 2024-07-09 | iData | BLS International | $108m | 5.0x | 2.9x |
| 2024-06-04 | 2-10 Home Buyers Warranty | Frontdoor | $585m | n/d | 3.0x |
| 2024-04-15 | Macatawa Bank | Wintrust | $510m | n/d | 4.9x |
| 2023-09-18 | Alta360 | Intouch Insight | $3.1m | n/d | 0.6x |
| 2023-06-08 | Hyve Group | Searchlight Capital Partners (PE) | $807m | n/d | 4.3x |
| 2023-04-06 | Linx International | Mitie Group | $1.9m | n/d | 0.5x |
| 2023-02-22 | RRD Canada | DCM | $93.5m | n/d | 0.5x |
| 2022-12-20 | Buck | Gallagher | $660m | 19.4x | 2.4x |
Every recorded deal in this sector, with its acquirer
Source: the FairlyValued comparables archive (recorded transactions with a disclosed deal value), plus deals added from public SEC filings where linked. Built by a fixed script from the stored figures; no figure is estimated or filled in.