LMM M&A Market Intelligence

Retainer-based agency multiples have hit a 5-year high. Digital marketing and agency deal activity is up 13% year over year, with firms generating 60% or more in recurring revenue commanding 5x to 7x EBITDA. Buyers are paying for predictable cash flow, not revenue volume.

Supplement M&A is outperforming the broader consumer market by a wide margin. While overall consumer M&A fell 34.7% year over year, supplement deal volume is up — strategic buyers account for 61% of transactions, PE sponsors just hit 14 deals YTD, and the sector average sits at 10.7x EV/EBITDA. Women's health, DTC subscription brands, and supplement CDMOs are the three categories buyers are paying the most to acquire right now.

SaaS valuation just shifted structurally. EV/EBITDA is replacing EV/Revenue as the primary metric for the first time, PE buyers drove 57% of Q1 2026 SaaS deals, and bootstrapped companies with clean cap tables now command a 4.8x median. If you run a profitable SaaS business without VC baggage, the buyer market has never looked better for your profile.

Business services multiples hit 7.4x EBITDA in 2025, the highest level on record according to GF Data. If you run a professional services firm with recurring revenue, the buyer market is the most favorable it has been in years.

Healthcare SaaS commanding 9x EV/Revenue. Behavioral health PE roll-ups accelerating. Lower middle market healthcare is the most active LMM sector this quarter. Here's what it means if you're thinking about an exit.