Vinay Ghai, Managing Director in Baird’s Global Financial Sponsors Group, recently discussed his perspective on the growth in private equity buy-and-build deal activity with S&P Global.

Vinay comments, “Private equity firms, which previously sought more mature platforms to scale, are increasingly attracted to smaller businesses, particularly for businesses in technology or technology-enabled services.”

In 2021, the average EBITDA multiple for all Baird deals bought by private equity acquirers was 15.0x, up from an average 11.8x in 2018.

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