Private Equity Buyers Pay Up for Small Add-Ons as Middle-Market Multiples Climb to 6.9x

Why it matters

The rise in middle-market valuation multiples to 6.9x EBITDA signals notable market activity reflecting increased pricing in private equity add-on deals, which affects deal pricing and credit availability in the middle market but does not represent a structural or systemic shift.

Sources

• Private Equity Professional

  Private Equity Buyers Pay Up for Small Add-Ons as Middle-Market Multiples Climb to 6.9x

  Median valuation multiples across the U.S. middle market rose to 6.9x adjusted EBITDA in the second quarter of 2026, up from a median of 6.5x for full-year 2025, according to the Q2 2026 PowerComps Market Update. The increase extended a run of firming prices even as deal…