Published jointly by Argos Wityu (a leading European mid-market PE firm) and Lincoln International, the Argos Index aggregates completed M&A transactions in the European unquoted mid-market segment and reports median EV/EBITDA multiples by sector and buyer type (strategic vs financial). It is released quarterly with full-year and half-year editions providing the deepest dataset.
The H1 2026 Argos data — which underpins VBP's valuation tools — shows significant sector dispersion: software/SaaS at 10–14×, business services at 9.2×, industrial manufacturing at 6.8×, and consumer/retail at 4.5–7.5×. These sector medians are the anchors VBP uses before applying quality adjustments for size, growth, recurring revenue, customer concentration, and management depth.
Unlike listed-company trading multiples, the Argos Index reflects what buyers have actually paid in closed transactions — incorporating control premiums and deal-specific dynamics. This makes it more relevant for sellers preparing for a competitive process and more credible with buyers who use the same data. Referencing Argos data in a valuation presentation signals that the seller's price expectation is market-anchored rather than aspirational.
H1 2026 Argos sector medians (illustrative)
Software / SaaS: 10.0–13.5× EBITDA. Tech-enabled services: 8.5–11.5×. Business services: 9.2× median. Healthcare/MedTech: 8.5–12.0×. Industrial manufacturing: 5.5–8.0×. Food/FMCG: 5.5–8.5×. Logistics/transport: 5.0–7.5×. Energy/environment: 7.0–10.5×. Source: VBP calibration on Argos Wityu/Lincoln International H1 2026 data.
Frequently asked questions
How often is the Argos Mid-Market Index published?
Quarterly, with a full-semester edition (H1 and H2) providing the richest transaction dataset. The Q4/full-year edition is the most comprehensive. Data is typically released 6–8 weeks after the end of the reporting period. VBP updates its valuation tools with each new Argos release.
Does the Argos Index cover French and Swiss transactions?
Yes. The Argos Index covers all European unquoted mid-market transactions, with France representing a significant portion of deal volume. Switzerland features in the dataset as part of the broader European coverage. VBP supplements Argos data with its own proprietary transaction data for the Franco-Swiss market.
How should sellers use Argos data in negotiations?
Reference sector medians to establish that your price expectation is market-grounded, not arbitrary. Show how your business's quality profile (growth, recurring revenues, management depth) justifies positioning in the upper quartile of the sector range rather than at the median. Buyers who use Argos data themselves will respect a seller who does the same.