Private Company Price Index (PCPI)

A quarterly PCPI publication from BDO.

02 May 2024

PCPI Q1 2024

Deal volumes maintained in Q1, while trade and private equity valuations diverge

Deal volumes were maintained in Q1 and remain firmly in line with longer term averages. 610 deals completed in Q1, compared with 613 in the previous quarter. 

Trade deals were steady, with 514 transactions in Q1, compared with 501 in Q4 2023 There were 96 private equity deals, a decline of 14.3% on the 112 deals seen in Q4, but in line with quarter-on-quarter fluctuations seen over the last two years.

PCPI blog: Tech, Media and Telecoms M&A in 2024

In 2023, the Tech, Media, and Telecoms (TMT) sector braced for a year of transformation, driven by the relentless pace of technological advancement, typified by the commercial use of GenAI, and the shifting economic landscape. In 2024, we expected a slow and steady increase in deals volumes as interest rates stabilised. We discuss how 2024 is progressing and a look ahead for TMT. 

About PCPI

Each quarter we collect data surrounding Enterprise Value (EV) to Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) multiples. The Index tracks the EV to EBITDA multiples paid by trade and private equity buyers when purchasing UK private companies.

We examine this market data and compare it with historic data to identify key trends. We draw on our long experience of running the PCPI and our sector-specific expertise to predict future market trends.

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