Business Services M&A valuation multiples
Lower-middle-market business services companies have sold for a median 7.8× trailing EBITDA. The middle half of the 29 sourced transactions fall between 5.6× and 10.0×; data as of October 2026.
- Median EV/EBITDA
- 7.8×
- Middle half
- 5.6× – 10.0×
- Median EV/Revenue
- 0.9×
- Transactions
- 29
Quartiles
| Measure | p25 – median – p75 | n |
|---|---|---|
| EV/EBITDA | 5.6× – 7.8× – 10.0× | 29 |
| EV/Revenue | 0.6× – 0.9× – 2.0× | 21 |
Trailing multiples of enterprise value, targets at or below $25M of EBITDA, sourced transactions only, deals from 2018–2025. The database tracks 232 sourced business services transactions at every size; only those that disclose a multiple and fall in the band are counted here. Figures from fewer than 8 transactions are withheld.
By niche
Peer groups inside the sector with enough disclosed deals to publish. A niche can overlap the sector’s other groups.
| Niche | EV/EBITDA p25 – median – p75 | n |
|---|---|---|
| Staffing and recruiting | 6.4× – 8.5× – 11.9× | 8 |
By company size
Smaller companies usually trade at lower multiples. Where both halves of the band have enough deals, they are shown separately. Why multiples differ by size.
| Size band | EV/EBITDA p25 – median – p75 | n |
|---|---|---|
| Targets with EBITDA up to $5M | 4.4× – 5.3× – 6.6× | 11 |
| Targets with EBITDA of $5M to $25M | 8.0× – 9.6× – 12.1× | 18 |
Recent transactions in the sample
The most recent disclosed deals behind the figures above, each linked to its source.
| Target | Acquirer | Year | EV/EBITDA |
|---|---|---|---|
| Pioneer Power, Inc. (PPI) | Limbach Holdings, Inc. | 2025 | 6.6× |
| Consolidated Waste Services, LLC (dba Twin Bridges) | Casella Waste Systems, Inc. | 2023 | 12.2× |
| MRINetwork (Management Recruiters International) | HireQuest, Inc. | 2022 | 7.1× |
| Jake Marshall, LLC | Limbach Holdings, Inc. | 2021 | 4.4× |
| Softworld, Inc. | Kelly Services, Inc. | 2021 | 18.6× |
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This valuation guidance is an educational estimate generated from publicly sourced comparable-transaction data and standard methodologies. It is not an appraisal, a fairness opinion, or investment, legal, or tax advice, and it does not predict the price any buyer will pay. Actual outcomes depend on diligence, market conditions, and negotiation. Consult your own advisors before making decisions.
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Citing a figure?
This page updates as deals are added. The fixed 2026-Q4 snapshot recorded a median of 7.5× for Business Services (n=33) and will not change. Cite the 2026-Q4 snapshot.
Other industries
- Aerospace & Defense
- Industrials & Manufacturing
- Software & Technology
- Healthcare
- Consumer & Food
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- Construction & Engineering
- Packaging & Plastics
- Energy & Utilities
How these figures are built: methodology.