Will cracks in the foundation disrupt a strong market?

In 2019, we saw trends and results very similar to 2018. Average deal size and EV/EBITDA multiples remain high across industries and geographies, with median multiples in North America reaching double-digits. While the value of transactions appears to be leveling, it continues to be a good time to be a seller. There is a supply and demand imbalance, as an increasing number of companies are looking to use M&A to bolster growth and eliminate competition. This has caused valuations and multiples to remain high, even as total transaction volume decreases.