Market Pulse
ERP EU avg5.84%Damodaran 2026
Software EV/EBITDA24.5×Jan 2026
Mid-market activity+15%H1 2025
EU Deal Vol−14%YoY
Weekly briefing · 8 issues published

M&A from the
buy side.

One issue per week. Valuation, deal structure, due diligence, and buyer strategy for European business owners preparing for a transaction.

Latest — 4 new issues
08
Due DiligenceMay 2026
What EBITDA normalisation really means. And why your accountant gets it wrong.
Normalised EBITDA is the number a buyer pays a multiple on. It is almost never the number in your accounts.
Read →May 2026
07
ValuationMay 2026
The mid-market multiple gap. Why your sector benchmark is probably wrong for your business.
Software trades at 24.5×. Industrials at 16×. These numbers are real — and almost entirely useless for valuing your specific business.
Read →May 2026
06
Buyer TypesMay 2026
Why private equity pays more than strategic buyers. And when it does not.
The conventional wisdom says strategics pay more because of synergies. The data says otherwise — at least in the mid-market.
Read →May 2026
05
Deal StructureMay 2026
The earn-out trap. Why 40% of sellers never collect the second payment.
An earn-out sounds like a solution. In practice, it is often where value goes to disappear.
Read →May 2026
Previous issues
04
ProcessApril 2026
Why your business sells to someone you know.
The buyer who closes is rarely the one you found through a formal process. Here is why relationships determine outcomes.
Read →Apr 2026
03
Due DiligenceApril 2026
What a buyer checks in 48 hours.
The first two days of due diligence determine whether a deal continues or dies. What buyers are actually looking for — and what they find.
Read →Apr 2026
02
ProcessApril 2026
Why most SME sales take 3 years.
Not three years to close. Three years to prepare. The difference between owners who get full value and those who do not is almost entirely about timing.
Read →Apr 2026
01
ValuationMarch 2026
Your business is not worth what you put into it.
Every owner has a number in their head. Almost none of them arrive at it the way a buyer does. Understanding that gap is worth more than any advisor.
Read →Mar 2026