1、Business Services M&A UpdateQ1 2025REPORT CONTRIBUTORSFor more information on R.L Hulett or this report please visit our website at ,call us at(314)721-0607,or contact a professional listed on this page.Trevor HulettManaging DRyan HartmanSenior AREPORT HIGHLIGHTS In Q1,the S&P CSE Commercial&Profess

2、ional Services Index increased by 15.1%and outperformed the S&P 500,which decreased by 4.4%over the same period.The median EV/EBITDA multiple for reported private equity deals decreased to 15.0 x in Q1 from 17.2x in 2024,but increased for strategic deals to 10.8x from 6.7x in the prior year.M&A deal

3、 volume in the business services sector decreased 8.4%in Q1 to 903 deals from 986 in Q4 of 2024,and decreased 1.8%from 920 in Q1 of the prior year.As a%of total capital invested in M&A transactions,PE participation increased significantly in Q1 to 89.1%from 61.8%in 2024.North America was the most ac

4、tive region in Q1 with 420 deals.Notably in North America was HPS Investment Partners$9.4 billion acquisition of GardaWorld,a Canadian provider security services,AI-enabled security technologies,integrated risk management,and cash automation solutions,in March 2025.CONTENTS3 Global Deal Analytics7 V

5、aluation Multiples10 Leading M&A Deals13 Industry Outlook14 About R.L.Hulett16 Selected Transactions18 Our M&A TeamBusiness Services M&A UpdateQ1 2025Business Services M&A Update|Q1 2025|Page 3Source:PitchBook DataGlobal Deal Analytics3863567128Of the 903 deals in the Business Services sector in Q1,

6、North America was the most active with 420.A notable North American deal(in addition to the GardaWorld deal mentioned on the previous page)was Bauer Media Groups$625.0 million acquisition of Clear Channel Outdoor,a Texas-based provider of outdoor advertising services,in March 2025.Europe was the sec