Average Enterprise Value Sees Buyer Preference Shift Toward Food Deals with Low Execution Risk or High Strategic Impact

(Percent of Disclosed Deals)

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Lower Middle Market: EV <$100mm; Core Middle Market: EV $100-$250mm; Upper Middle Market: EV $250-$500mmm; Large Scale: EV >$500mm; Year to date (YTD) ended September 18

Source: Capital IQ, FactSet, Pitchbook, and Capstone Partners