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Dislocation in Western Private Equity Markets.

CEPRES released their latest analysis this week showing that recently the US buyout market is driven by revenue growth, whereas in Europe buyout pricing is driven rather by operating income.

The analysis used the CEPRES PE.Analyzer investment decision platform to analyze over $12 trillion of PE transactions to illustrate the disparity of buyout deal pricing drivers between North America and Europe and the higher end of the market versus the lower. The analysis shows US Buyout/Growth deals in the top quartile are priced with the highest premium paid for revenue since 1999, while EBITDA multiples are steady. Conversely in Europe, top quartile Buyout/Growth deals are paying a premium for operating income reflected in higher than normal EBITDA multiples, while revenue multiples are steady.

Download full report to learn about:

• US Buyout / Growth Pricing – EBITDA Multiples
• Europe Buyout / Growth Pricing – EBITDA Multiples
• Europe Buyout / Growth Pricing – Revenue Multiples

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