SDE multiples hold firm while buyers quietly reprice working capital

Headline multiples in the one to ten million dollar band barely moved this quarter. The negotiation shifted to the peg, where a single definition change can move proceeds by six figures.

OptDeals Research DeskSeptember 2, 20269 min read

In summary

Seller discretionary earnings multiples stayed between 3.1x and 4.4x.
Buyers recovered value through working capital pegs, not headline price.
Escrow periods lengthened from twelve to eighteen months on average.
Founders who modeled the peg early kept more of the headline number.

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SaaS Roll-ups

Vertical software consolidation, seller financing and retention-led pricing.

Sector Brief

Vertical SaaS consolidators slow their cadence, raise their bar

The serial acquirers that closed a deal a month through 2025 are pacing themselves. Retention quality, not growth, now decides which targets clear committee.

SaaS Roll-upsAugust 26, 20266 min read

Industrial PE Bolt-ons

Platform acquisitions across fabrication, distribution and field services.

Deal Analysis

Industrial sponsors return to fabrication, and pay for capacity

Platform builders spent the summer buying capacity rather than customer lists. Skilled labor, not backlog, is setting the clearing price.

Industrial PE Bolt-onsAugust 19, 20267 min read

Healthcare Services

Physician practice transitions, dental groups and outpatient networks.

Sector Brief

Dental group transitions live or die on the associate question

Buyers of multi-site dental practices are underwriting the clinician bench before the patient list. Practices without a second producer are discounted sharply.

Healthcare ServicesAugust 12, 20265 min read

Business Services

Staffing, compliance and managed service providers changing hands.

Founder Playbook

Earn-outs are back, and they are longer than founders expect

Contingent consideration reappeared across the lower middle market this year. The structures are wider, the measurement periods longer, and the disputes predictable.

Business ServicesAugust 5, 20268 min read

Founder Playbook

What a clean quality of earnings report actually buys a founder

Sell-side diligence is not a formality. Prepared sellers converted it into schedule certainty and a narrower retrade window.

Business ServicesJuly 29, 20266 min read

Transaction tape

Recent deals

Full directory

Northwind Practice Software
Acquired by Meridian Vertical Group
SaaS Roll-upsClosed12M - 18M6.4xAug 21
Cascade Field Services
Acquired by Harbor Ridge Partners
Industrial PE Bolt-onsAnnounced8M - 12M5.1xAug 12
Allegheny Precision Fabrication
Acquired by Keel Industrial Platform
Industrial PE Bolt-onsClosed18M - 25M5.8xJul 26
Beacon Welding Group
Acquired by Keel Industrial Platform
Industrial PE Bolt-onsClosed4M - 8M4.6xJul 12
Lakeside Dental Partners
Acquired by Verdant Health Group
Healthcare ServicesClosed8M - 12M6.9xJul 5

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The M and A Intelligence Digest

Transaction metrics, deal structures and founder exit mechanics from the one to twenty-five million dollar band. One edition each week, written for operators and acquirers.

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