Argos Index® mid-market

Evolution of Euro Zone Mid-Market Private Company Prices – Quarterly Index carried out by Epsilon Research

In partnership with:

Argos Mid Market Index - List of Underlying Transactions

Q1 2026

Date Acquirer Target Country Industries Valuation Multiples See Details
03/10/2025 Private group led by Edmond de Rothschild Private Equity M-Energies France Heating, Ventilation and Air-Conditioning (HVAC) *
20/10/2025 Private group led by InnovaFonds, Jadel, Financière Sophia Groupe Isore France Finishes and Fittings (F&F)|Insulation Work *
09/12/2025 Private group led by Capza, Amundi Private Equity Funds Myrium (ex. Rougnon) France Construction Finishings *
08/12/2025 Private group led by NCI, Unexo, NSH Metalu Plast France Sporting Goods *
24/11/2025 Private group led by AfricInvest Europe, Bpifrance Investissement, and Garibaldi Participations Tecofi Group France Pumps & PVF ***
08/12/2025 Private group led by B & Capital Groupe Partir-Visiteurs (GPV) France Travel & Tourism|Travel & Tourism *
13/10/2025 Private group led by Eurazeo Excelya Group France Biomedical Research Laboratory **
15/10/2025 Private group led by Capital Croissance Renobat PACA France Finishes and Fittings (F&F)|Property Damage Restoration Services ***
09/12/2025 Private group led by Sparring Capital Elec44 France e-commerce B2B|Electrical Product (retail) *
16/11/2025 Private Group led by Metric Capital Partners Excellence Imagerie France Medical Diagnostic Laboratory *
17/12/2025 Baker Tilly Strego Cofigex France Audit & Accounting *
04/12/2025 discoverIE Group Trival Antene Slovenia Telecommunications equipment ***
10/10/2025 Private group led by B & Capital Soverep Group France Interior Parts|Electronics / Electricity / Wiring *
12/01/2026 Groupe Premium Pierre 1er Gestion France Asset Management **
03/02/2026 Private Group led by Vivo Capital Dominique Dutscher (Dutscher) France Medical Supplies *
25/11/2025 Private group led by EMK Capital LLP Project Informatica Italy IT Supply Chain Services **
30/10/2025 Vodafone Group Skaylink Germany IT Service Provider & VoIP **
29/10/2025 Presidio ErgoServices (Ergo) Ireland IT Service Providers|IT Consulting & Services *
18/02/2026 Private Group led by Extens Signalsoft (Orthalis) France Medical Software *
07/11/2025 Private group led by IK Partners Endrix France Audit & Accounting **
03/12/2025 Incap Lacon Electronic Germany Electronic Equipment|Electrical Components & Equipments **
16/10/2025 Private Group led by Insight Partners Bookwire Germany Enterprise Resource Planning (ERP)|Education / Learning software *
24/12/2025 Maire Ballestra Italy Processing and Packaging Machinery **
05/11/2025 Private group led by Sparring Capital InTech Industry France Industrial Machinery ***
19/12/2025 Emosia Group Culti Group Italy Personal Products|Nondurable Household Products **
15/12/2025 Private group led by BNP Paribas Développement, Sofipaca Capital Investissement, Bpifrance Odice France Cooking Equipment for Professionals ***
08/10/2025 Multiply Group Pjsc Isem Italy Paper Packaging Manufacturers ***
26/02/2026 Fagron Pharmavit Europe Netherlands Pharmaceuticals|Food Complements **
18/11/2025 Private group led by Parquest Betem Groupe France Engineering and Technical Services *
17/11/2025 Private group led by UI Investissement, BFC Croissance Scob France Residential Construction|Commercial Building Construction ***
31/12/2025 Private Group led by Indar Kartera, BBK Foundation, the Basque Government and Teknei Ayesa Digital Spain IT Service Providers ***
02/03/2026 Radnet Gleamer France Software as a Service (SAAS)|Medical Software **
25/02/2026 Private group led by Meanings Capital Partners, Bpifrance Instant System France Transport Management System (TMS) ***
26/03/2026 Asmodee ATM Gaming France Leisure goods **
26/12/2025 Private group led by Capza UUDS Aero France Aircraft Parts Suppliers *
30/03/2026 Private Group led by Astorg Capital Barkene France Security Services *
20/02/2026 Private group led by Nextstage Emargence France Audit & Accounting **
23/03/2026 Private Group led by Siparex ATK Sports Italy Sporting Goods **
19/03/2026 Private group led by Chequers Capital Aserti International France Engineering and Technical Services|Measurement & Test Equipment|Equipement for Test & Measuring *
14/01/2026 Family, Management Novarc France Specialty Chemicals|Electrical Components & Equipments *
09/11/2025 Ouster Stereolabs France Optoelectronics ***
30/01/2026 Dansk Overflade Teknik (DOT) Galco Steel Ireland Metals *
19/03/2026 Grafton Group Mercaluz Spain Distribution of Materials & Equipment for Buildings / Public Works **
13/03/2026 CCL Industries Sleever International Company France Plastic Packaging Manufacturers *
12/03/2026 W5 Solutions KT‑Shelter Finland Aerospace & Defence **
19/12/2025 Private Group led by Siparex Novakamp France Utilities *
28/11/2025 Private Group led by Banque des Territoires, BNP Paribas Développement, Raise Impact Groupe Oui Care France Home Care **
02/02/2026 Private group led by Bpifrance and C2AD Groupe Anderlaine France Audit & Accounting|Tax and Legal Consultancy **
11/03/2026 Telefónica Altim Tecnologías de la Información SL Spain System Integration *
13/02/2026 Private Group led by LT Capital Recyclivre France e-commerce (B2C)|e-Marketplace *
02/03/2026 Malibu Boats Saxdor Yachts Finland Ship manufacturers & suppliers **
09/01/2026 Halma Safetec Italy Electronic Security Systems|Electronic Security Systems|Measurement & Test Equipment|Equipement for Test & Measuring **
18/02/2026 Fiera Milano Stipa Italy Event Organiser ***
20/01/2026 Docebo 365Talents France Software as a Service (SAAS)|Human Resource Management (HRM)|Education / Learning software **
11/02/2026 Kemira SIDRA Wasserchemie Germany Specialty Chemicals|Water Management *
05/03/2026 Alter Ego Media MORE.GR Greece Online ticketing **
02/03/2026 Delta Electronics Delta Controls Germany Germany IT Supply Chain Services|System Integration *
09/02/2026 Real Consulting Integration & Operation Information Systems A.E. Open Technology Services (OTS) Greece IT Supply Chain Services|System Integration **
23/01/2026 Prysmian ACSM Shipping Co Spain Marine Transportation|Heavy / Civil Construction **
21/01/2026 Private group led by Towerbrook MSA Mizar Italy Financial Software|Specialized Software *
09/02/2026 Private Group led by FCDE Groupe Allez France Electrical Contractors|Heating, Ventilation and Air-Conditioning (HVAC) *

Previous Underlying Transactions (Since H1 2004)

Subscribe to "Euro Zone Data" to view the index data since H1 2004 click here for more details

What do they think of the Index?

  • Professor Reiner Braun, Technical University of Munich (March 2020)
  • Éric de Montgolfier, CEO of Invest Europe (Dec. 2019)

“The Argos Index® is an important benchmark for valuing unlisted European companies and is based on very reliable data", Éric de Montgolfier, CEO of Invest Europe"

Read the interview

Data publication

Download the Latest Index:

See previous releases

Detailed Data on Euro Zone Multiples

Index source of info

EMAT – Epsilon Multiple Analysis Tool™

The Reference Source for Private Company Acquisition Multiples

Test EMAT / Subscribe

Receive the Index (free)

Register to receive the Index as soon as published

Follow the index on :