1、Business Services M&A UpdateQ2 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 Q2,the S&P CSE Commercial&Profess

2、ional Services Index increased by 0.6%,but was outperformed by a 10.2%increase in the S&P 500 over the same period.The median EV/EBITDA multiple for reported private equity deals increased to 23.3x in 1H 2025 from 17.2x in 2024,and increased for strategic deals to 8.7x from 6.7x in the prior year.M&

3、A deal volume in the business services sector increased 8.4%in Q2 to 979 deals from 903 in Q1 and increased 3.6%from 945 in Q1 of the prior year.As a%of total capital invested in M&A transactions,PE participation increased significantly in 1H to 85.0%from 61.8%in 2024.North America was the second mo

4、st active region in Q2,behind Europe,with 355 deals.Most notably in North America was Baker Tillys$7.0 billion acquisition of Moss Adams,a Washington-based provider of accounting,tax,and advisory services,in June 2025.CONTENTS3 Global Deal Analytics7 Valuation Multiples10 Leading M&A Deals13 Industr

5、y Outlook14 About R.L.Hulett16 Selected Transactions18 Our M&A TeamBusiness Services M&A UpdateQ2 2025Dax KugelmanABusiness Services M&A Update|Q2 2025|Page 3Source:PitchBook DataGlobal Deal Analytics32644710532Of the 979 deals in the Business Services sector in Q2,Europe was the most active with 44

6、7.Most notably in the European market was Bridgepoint Groups$383.9 million acquisition of Argon&Co,a French provider of operations strategy and transformation consulting services,supply chain optimization,procurement,manufacturing,and financing,in April 2025.North America was the second most active