When advisors compile precedent transaction analyses, they gather completed deals in the same sector and size band, calculate their EV/EBITDA multiples, and use the distribution to anchor valuation ranges. Transaction multiples are typically 15–30% higher than trading multiples for comparable listed companies, reflecting the control premium a buyer pays to acquire 100% of a business and the synergies they expect to generate.
Transaction multiples vary by deal structure, market timing, and strategic fit. Strategic buyers (corporates acquiring for market share, vertical integration, or talent) typically pay 1–2 turns more than financial buyers (private equity) because they can absorb synergies. Deals in hot markets (software, healthcare 2021–2022) reached 15–20× EBITDA; industrial deal multiples in the same period were 6–8×.
For French and Swiss mid-market SMEs specifically, the Argos Mid-Market Index is the primary source of transaction multiple data — covering 10–500 m€ EV unquoted European companies on a quarterly basis. VBP's valuation tools are calibrated to Argos H1 2026 data, ensuring that the ranges presented reflect actual completed transactions rather than listed-company trading levels.
Transaction vs trading multiple
Sector: business services. Listed company trading multiple: 11× EBITDA. Control premium in comparable closed transactions: +18%. Implied transaction multiple: ~13×. But the target is €8m EBITDA vs €150m for the listed comp — size discount: −2 turns. Applicable transaction multiple for the SME: ~11×. The Argos H1 2026 median of 9.2× provides a further market anchor.
Frequently asked questions
Why are transaction multiples higher than trading multiples?
Two reasons: control premium (a buyer acquiring 100% of a business must pay a premium above the minority market price to induce shareholders to sell) and synergy value (strategic buyers price in cost savings and revenue synergies they expect to realize post-acquisition). For private SMEs, the illiquidity discount partially offsets these premiums.
Where can I find transaction multiple data for French or Swiss SMEs?
The Argos Mid-Market Index (published quarterly by Argos Wityu and Lincoln International) is the most comprehensive public source for unquoted European mid-market transaction multiples. VBP also maintains proprietary transaction data from its FR and CH deal activity. For sector-specific data, Mergermarket, CapIQ, and Epsilon Research provide subscription databases.
Should sellers target strategic or financial buyers for higher multiples?
Strategic buyers typically pay more, but not always: they also demand faster exclusivity, broader access during diligence, and management lock-up periods that founders may find restrictive. Financial buyers (PE) compete on price in sponsored processes and offer cleaner exits. The right answer depends on how much the founder values price versus certainty, speed, and management autonomy post-closing.