Market Pulse
Software EV/EBITDA24.5×Jan 2026
Logistics EV/EBITDA12.6×Jan 2026
EU Deal Vol−14%YoY
Advisory fee €5M5.5%Firmex
Buy-side deal analysis

Real deals.
Real numbers.

Eight transactions deconstructed from the buy side. What was paid, why, and what every seller can learn before they go to market.

Published — 4 case studies
01
7.5×
Transport & Logistics Pan-European €14.3B
DSV acquires DB Schenker at 7.5× EBITDA. Why not 12×?
Buyer
DSV A/S
Target
DB Schenker
EV / EBITDA
7.5×
Consideration
Cash
Read →Mar 2026
02
4× vs 7×
Manufacturing DACH Anonymised
Why this CHF 8M manufacturer sold at 4×. And how it could have been 7×.
Geography
DACH
EV / EBITDA
4.0× (vs 7.0×)
Consideration
Cash + Earn-out
Read →Apr 2026
03
Collapsed
Business Services Southern Europe Anonymised
The deal that collapsed in week two of due diligence. And why it was entirely predictable.
Geography
Southern Europe
Outcome
Collapsed in DD
Consideration
Cash (proposed)
Read →Apr 2026
04
14.5×
Specialist Logistics Europe Cold-chain
UPS pays 14.5× for Frigo-Trans. What specialist logistics is actually worth.
Buyer
UPS
EV / EBITDA
14.5×
Consideration
Cash
Read →May 2026
New — 4 case studies based on 2024–2025 transactions
05
24.5×
Energy Infrastructure Germany PE Exit €6.7B
Techem sold at 24.5× EBIT. What infrastructure premium looks like.
Sellers
Partners Group / CDPQ
EV
€6.7 billion
EV / EBIT
24.5×
Closed
2024 – 2025
Read →Apr 2026
06
£3.7B
Insurance United Kingdom Strategic Turnaround
Aviva buys Direct Line for £3.7B. A textbook turnaround acquisition.
Buyer
Aviva plc
Consideration
Cash + shares
Synergies
£125M run-rate
Closed
Jul 2025
Read →Apr 2026
07
7.6×
Telecoms Italy €8B Market consolidation
Swisscom pays €8B for Vodafone Italia. A market-reshaping bet.
Buyer
Swisscom AG
EV
€8 billion
EV / EBITDAaL
7.6×
Closed
31 Dec 2024
Read →Apr 2026
08
~€1.4B
Consumer / Beauty Italy Family exit PE Buyout
L Catterton buys KIKO Milano at ~€1.4B. The Italian family exit done right.
Buyer
L Catterton
Revenue (2023)
~€800M (+20%)
EV / Revenue
~1.75×
Structure
Majority + retained %
Read →May 2026