Stable and Strong:  Quality Premiums Abound

Despite what feels like a volatile start to the year in public equity markets, middle market valuations remain quite firm following another very strong year in 2017.  Deal volume has tapered off a bit as the bull market in M&A matures.  However, demand remains robust, especially from PE buyers.  The average multiple paid by PEGs climbed 17.4% year-over-year, from 6.9x to 8.1x.