What do they think of the Index?
- Professor Reiner Braun, Technical University of Munich
- Éric de Montgolfier, CEO of Invest Europe
Data Publication
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Quarterly Ed., Q2 2025_____________________
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> Detailed Data on Euro Zone Multiples
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Argos Index® Mid-Market
Evolution of Euro Zone Mid-Market Private Company Prices - Quarterly Index carried out by Epsilon Research
Q2 2025: the Argos Index® continues its downward slide to 9.2x EBITDA
Paris (France) – 24 July 2025 – The mid-market Argos Index® for the first quarter of 2025, published by Epsilon Research, the online platform for the management of unlisted M&A transactions, and Argos Wityu, the independent European investment fund, is now available. Launched in 2006, this index tracks the valuations of unlisted eurozone SMEs in which a majority stake has been acquired during the last six months.
The current macroeconomic context is creating a climate of uncertainty that is having a direct impact on eurozone SME valuations, which fell again in the second quarter of 2025. President Trump’s ‘Liberation Day’ tariffs announcement in April significantly impacted the economic outlook, disrupting global trade, value chains and the M&A market. The decline in valuations is continuing despite the improving fundamentals in the eurozone, which are linked to falling inflation and interest rates,
Acquisition multiples for unlisted European SMEs fell to 9.2x EBITDA in Q2.
- In the second quarter of 2025, the Argos Index® fell 3% to 9.2x EBITDA, due to the combined effect of lower prices paid by strategic buyers, a further increase in low-multiple transactions and lower M&A activity in the eurozone mid-market.
Prices paid by strategic buyers fell, while those paid by investment funds remained stable.
- In the second quarter of 2025, multiples paid by investment funds held steady at 10.0x EBITDA. That stability was due to lower inflation and interest rates in the eurozone, along with the pressure on funds to invest committed capital or return it to investors. Funds focused on high-quality companies that are resilient to downturns. Accordingly, the tech and healthcare sectors accounted for 45% of the index’s sample, and business services 28%.
- Although listed European equity markets rallied, multiples paid by strategic buyers fell to 8.5x EBITDA because of the highly changeable US trade and tariff policy. Polarisation reached a historically high level, with large corporations making both opportunistic acquisitions at low prices, and strategic ones at very large premiums.
- The gap between multiples paid by investment funds and strategic buyers widened to 1.5x EBITDA during the quarter. The average volume of transactions financed by investment funds was 60% higher than the volume financed by strategic buyers.
The proportion of transactions at multiples of less than 7x EBITDA pushed average valuations lower.
- In the second quarter of 2025, 40% of transactions took place at extreme multiples, i.e. less than 7x or more than 15x EBITDA.
- This represents an increase, and was driven by transactions at multiples of less than 7x EBITDA. These accounted for 27% of the transactions analysed, showing ongoing downward pressure on valuations.
- The proportion of transactions at multiples of more than 15x EBITDA was low at 13%, unchanged from the previous quarter.
Eurozone mid-market M&A activity continued to fall.
- Mid-market M&A activity in the eurozone fell by a further 5% in volume terms and 14% in value terms compared with the first quarter of 2025.
- A similar downtrend can also be seen in worldwide volumes, and in Europe as a whole, where activity was down 10% in volume terms and 5% in value terms.
- Investment fund activity fell in the first half of the year, at a similar pace as the decline seen in the overall M&A market. In terms of the number of transactions, investment funds accounted for 15%, whereas in terms of value their proportion increased to a record 33%.
> You can download the full study under "Data Publication"
Argos Mid Market Index - Sample Analysis
| H2 2021 | H1 2022 | H2 2022 | H1 2023 | H2 2023 | H1 2024 | H2 2024 | H1 2025 | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sample Size | |||||||||||||||||||||||||||||||||||||||||||
| # deals retained for the index | 92 | 107 | 112 | 101 | 109 | 99 | 108 | 92 | |||||||||||||||||||||||||||||||||||
| Average Equity Value (€m) | 133.9 | 109.6 | 142.5 | 119.7 | 112.5 | 116.4 | 132.8 | 130.4 | |||||||||||||||||||||||||||||||||||
| Average N-1 sales (€m) | 106.6 | 120.0 | 123.8 | 112.8 | 127.0 | 112.4 | 133.3 | 131.8 | |||||||||||||||||||||||||||||||||||
| N-1 EBITDA margin | 18% | 13% | 16% | 17% | 16% | 16% | 17% | 15% | |||||||||||||||||||||||||||||||||||
| N-1 EBIT margin | 14% | 11% | 10% | 15% | |||||||||||||||||||||||||||||||||||||||
| Breakdown by size (equity value) | |||||||||||||||||||||||||||||||||||||||||||
| [15-49] €m | 35% | 32% | 31% | 32% | 40% | 41% | 34% | 42% | |||||||||||||||||||||||||||||||||||
| [50-99] €m | 22% | 31% | 25% | 24% | 24% | 19% | 26% | 15% | |||||||||||||||||||||||||||||||||||
| [100-150] €m | 10% | 12% | 14% | 16% | 9% | 14% | 11% | 9% | |||||||||||||||||||||||||||||||||||
| Breakdown by deal type | |||||||||||||||||||||||||||||||||||||||||||
| Acquisition | 66% | 74% | 61% | 68% | 77% | 60% | 60% | 55% | |||||||||||||||||||||||||||||||||||
| LBO | 34% | 26% | 39% | 32% | 23% | 40% | 40% | 45% | |||||||||||||||||||||||||||||||||||
| Breakdown by country | |||||||||||||||||||||||||||||||||||||||||||
| France | 37% | 30% | 46% | 35% | 30% | 51% | 33% | 44% | |||||||||||||||||||||||||||||||||||
| Germany | 13% | 17% | 9% | 13% | 19% | 10% | 12% | 11% | |||||||||||||||||||||||||||||||||||
| Italy | 13% | 18% | 14% | 14% | 18% | 15% | 19% | 11% | |||||||||||||||||||||||||||||||||||
| Benelux | 16% | 10% | 14% | 8% | 7% | 8% | 8% | 8% | |||||||||||||||||||||||||||||||||||
| Spain | 9% | 5% | 6% | 11% | 10% | 3% | 9% | 9% | |||||||||||||||||||||||||||||||||||
| Other (euro zone) | 12% | 20% | 11% | 19% | 16% | 13% | 19% | 17% | |||||||||||||||||||||||||||||||||||
| Breakdown by sector | |||||||||||||||||||||||||||||||||||||||||||
| Energy and Raw Materials | 5% | 6% | 7% | 9% | 8% | 7% | 5% | 4% | |||||||||||||||||||||||||||||||||||
| Building, Construction | 7% | 4% | 8% | 5% | 9% | 3% | 11% | 4% | |||||||||||||||||||||||||||||||||||
| Industrial Equipment | 14% | 14% | 17% | 16% | 20% | 20% | 27% | 13% | |||||||||||||||||||||||||||||||||||
| Consumer Products | 9% | 7% | 1% | 3% | 4% | 7% | 2% | 2% | |||||||||||||||||||||||||||||||||||
| Agro-Food | 2% | 4% | 6% | 4% | 3% | 6% | 4% | 8% | |||||||||||||||||||||||||||||||||||
| Healthcare-Pharmaceuticals | 11% | 5% | 11% | 10% | 7% | 10% | 8% | 7% | |||||||||||||||||||||||||||||||||||
| Wholesale, Retail | 7% | 4% | 6% | 4% | 3% | 5% | 7% | 4% | |||||||||||||||||||||||||||||||||||
| Transport | 3% | 6% | 7% | 5% | 4% | 5% | 7% | 8% | |||||||||||||||||||||||||||||||||||
| TMT | 28% | 34% | 21% | 28% | 26% | 17% | 24% | 24% | |||||||||||||||||||||||||||||||||||
| Business and Consumer Services | 14% | 16% | 16% | 16% | 16% | 20% | 5% | 26% | |||||||||||||||||||||||||||||||||||
Argos Mid Market Index - List of Underlying Transactions
H1 2004 - H2 2004 - H1 2005 - H2 2005 - H1 2006 - H2 2006 - H1 2007 - H2 2007 - H1 2008 - H2 2008 - H1 2009 - H2 2009 - H1 2010 - H2 2010 - H1 2011 - H2 2011 - H1 2012 - H2 2012 - H1 2013 - H2 2013 - H1 2014 - H2 2014 - H1 2015 - H2 2015 - H1 2016 - H2 2016 - H1 2017 - H2 2017 - H1 2018 - H2 2018 - H1 2019 - H2 2019 - H1 2020 - H2 2020 - H1 2021 - H2 2021 - H1 2022 - H2 2022 - H1 2023 - H2 2023 - H1 2024 - H2 2024 - H1 2025
| Date | Acquirer | Target | Country | Industries | Valuation multiples | See details |
|---|---|---|---|---|---|---|
| 27/06/2025 | Private Group Led by Turenne Capital, Bpifrance, Isatis Capital, Isalt | Sources | Hauts-De-Seine | Water Management, Industrial Construction | * | 122114 |
| 18/06/2025 | Private group led by SGCP, IDIA, SOCADIF, Rives Croissance & Amethis | Groupe EIF | France | Business and Management Consultancy | * | 121764 |
| 05/06/2025 | Quarfloc | Conrad | France | Steel, Machining Operations | * | 121539 |
| 28/05/2025 | Private Group led by Altis Capital, BNP Paribas Développement, Siparex and Carvest | Maison Pralus | Loire | Delicatessen | * | 121488 |
| 13/05/2025 | Private Group led by Azulis Capital | Acensi | Hauts-De-Seine | IT Consulting & Services | ** | 122123 |
| 16/04/2025 | Private group led by Bridgepoint Group, Ardian | Argon & Co | Hauts-De-Seine | Business and Management Consultancy | ** | 121096 |
| 14/04/2025 | Retelit | Sparkle | Italy | Cable / Fixe Line Telecom, IT Service Provider & VoIP | ** | 121448 |
| 10/04/2025 | Private group led by Eurazeo | Ekoscan | Saône-Et-Loire | Measurement & Test Equipment, Equipement for Test & Measuring | * | 121099 |
| 25/03/2025 | Private group led by Capital Export | GROUPE AA (AA Opto-Electronic) | Essonne | Electronic Equipment, Optoelectronics | * | 120623 |
| 23/03/2025 | Private Group led by Agilitas Private Equity | Tietoevry Tech Services | Finland | IT Consulting & Services | ** | 120936 |
| 20/03/2025 | Broadview Industries | Westag | Germany | Doors & Windows Manufacturers | *** | 121045 |
| 11/03/2025 | Zydus Lifesciences | Amplitude Surgical | Drôme | Medical Implants or Prostheses Manufacturers | * | 120947 |
| 11/03/2025 | Private group led by Capital Export, CELDA Mezzanine | Symétrie | Gard | Measurement & Test Equipment, Equipement for Test & Measuring | ** | 120634 |
| 11/03/2025 | Private group led by Charterhouse Capital Partners, Chequers Capital | ESTYA (Société d'Etudes et de Réalisation d'Installations de Sécurité) | Val-De-Marne | Security Services | * | 120669 |
| 22/02/2025 | Private Group led by Activa Capital | Go Formations | Meurthe-Et-Moselle | Training | * | 122042 |
| 21/02/2025 | Private Group led by TA Associates | Clanwilliam Group | Ireland | Medical Software | * | 121251 |
| 17/02/2025 | Private group led by PolEquity | Belacom | Hauts-De-Seine | IT Supply Chain Services, Digital Marketing Agencies | ** | 120731 |
| 17/02/2025 | Private group led by Weinberg Capital Partners, IDIA Capital Investissement, Bpifrance | Magellium Artal Group | Haute-Garonne | Engineering and Technology Consulting | * | 121170 |
| 12/02/2025 | Osmaia Group | Mugo Paysage | Yvelines | Landscaping | * | 122003 |
| 07/02/2025 | Private Group led by LBO France | Hemodia | Haute-Garonne | Medical Supplies | ** | 121872 |
| 06/02/2025 | Ankura Consulting Group | Red Flag Consulting | Ireland | Business and Management Consultancy, Public Relations (PR) Agency | * | 121240 |
| 06/02/2025 | Private group led by LBO France, CAPELIA | Entreprise Redonnaise d’Electricité (E.R.E.) | Morbihan | Electrical Components & Equipments | * | 120683 |
| 06/02/2025 | Pivate Group led by Montagu | IGEFI Group (Multifonds) | Luxembourg | Accounting software, Financial Markets software, Software as a Service (SAAS) | ** | 120328 |
| 04/02/2025 | Fagron | Guinama | Spain | Pharmaceuticals | ** | 120373 |
| 30/01/2025 | Private group led by Sparring Opportunities, CELDA Capital Développement | CAN Croissance | Drôme | Construction Finishings | ** | 120708 |
| 28/01/2025 | Private group led by Arkea Capital | Alliance des Energies | Rhône | Health, Safety, and Environmental Consulting | ** | 120353 |
| 24/01/2025 | Private group led by Siparex Entrepreneurs, UI Investissement | Laboratoire Polidis | Hauts-De-Seine | Pharmaceuticals, Food Complements | * | 120574 |
| 16/01/2025 | discoverIE Group | Burster | Germany | Measurement & Test Equipment, Equipement for Test & Measuring | * | 120319 |
| 14/01/2025 | Gamma Communications | SF Technologies (STARFACE) | Germany | IT Service Providers, Telecom software | *** | 120337 |
Argos Mid-Market Index Breakdown
Access restricted to "Epsilon Eurozone Data" subscribers.
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NB: This part includes the transaction multiples (median, LTM):
I- Breakdown per main industry sectors
- Energy, Raw Materials, and Chemicals
- Building - Construction
- Industrial Equipment
- Consumer Products
- Agro-food
- Healthcare - Pharma
- Wholesale - Retail
- Transport
- TMT (Technology, Media, Telecommunications)
- Business and Consumer Services
II- Breakdown per main Euro Zone countries
- Germany
- France
- Italy
- Spain - Portugal
- Benelux
Euro Zone Mid Market M&A Trends
Access restricted to "Epsilon Eurozone Data" subscribers.
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NB: This part includes the following data:
- Euro zone M&A mid market activity (volume & value)
- Share of foreign buyers within industrial buyers
- Breakdown of foreign buyers (Europe -non Euro zone, North America, Asia, RoW)
- Share of listed buyers within industrial buyers
Euro Zone Mid Market LBO Trends
Access restricted to "Epsilon Eurozone Data" subscribers.
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NB: This part includes the following data:
- Euro zone LBO mid market activity (volume & value)
- Euro zone LBO exit mid market activity (volume & value)
- Share of SBOs within LBO exits
Argos Mid Market Index - Methodology
The Argos Mid-Market Index measures the evolution of euro zone private mid market company valuations.
Carried out by Epsilon Research for Argos Soditic and published every quarter, it reflects median EV/EBITDA multiples, on a six-month rolling basis, of mid market M&A transactions in the euro zone.
The preparation of the Argos Mid-Market Index is based on a rigorous methodology and in-depth scrutiny of M&A transactions making up the sample :
- Choice of the relevant multiple: the EV/EBITDA multiple is the most suitable for a European index as it is not impacted by the target’s financial structure nor by its policies regarding depreciation and provisioning (which vary in time and between countries). It is also the closest readily available proxy for operating cash flow.
- Sample of M&A transactions analysed, using the following criteria :
- acquisition of a majority stake,
- target based in a euro zone country,
- mid market : equity value in the €15-500m range (€15-150m up to H1 2013; €15-500m from H2 2013 onwards),
- certain activities excluded (financial services, real estate, high-tech),
- availability of relevant target financial data.
- Information sources are those used by Epsilon Research to prepare analysis reports on transactions available in its EMAT database:
- Professional partner databases such as: CorpfinDeals (transactions), CompanyQuery (company accounts),
- Publicly available information: company accounts, press releases, annual reports (buyers / sellers), press articles, etc.
- Comprehensive analysis of each transaction identified: research covering all available information; verifying, cross-checking, restating financial data; analysis of target activity and of the context of the deal; calculating and analysing acquisition multiples; rating the reliability of multiples.
The Index in perspective:
Following its launch in December 2006, the Argos Mid-Market Index has become a leading reference for private transactions, used by private equity funds, M&A advisors, investment banks, and accountants.
The strict methodology followed guarantees that the index is rigorous, relevant, stable and transparent. The goal is to offer market professionals and company managers a reference tool for understanding the evolution of acquisition prices in private company transactions.
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The Index is only an indication of the evolution of private company prices. It is relevant in relative, not absolute, value. The Index was not designed as a business valuation tool and cannot be used directly to value a company. |
In partnership with
“The Argos Index® is an important benchmark for valuing unlisted European companies and is based on very reliable data", Éric de Montgolfier, CEO of Invest Europe (See his interview)
Index source of information:
EMAT - Epsilon Multiple Analysis Tool™
The Reference Source for Private Company Acquisition Multiples
