Argos Index® mid-market

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

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Argos Mid Market Index - Sample Analysis

H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 Q3 2025
Sample Size
# deals retained for the index 107 112 101 109 99 108 92 104
Average Equity Value (€m) 109.6 142.5 119.7 112.5 116.4 132.8 130.4 121.5
Average N-1 sales (€m) 120.0 123.8 112.8 127.0 112.4 133.3 131.8 115.7
N-1 EBITDA margin 13.4% 15.7% 16.9% 16.1% 15.5% 17.1% 14.7% 16.6%
Breakdown by size (equity value)
[15-49] €m 32% 31% 32% 40% 41% 34% 42% 34%
[50-99] €m 31% 25% 24% 24% 19% 26% 15% 27%
[100-150] €m 12% 14% 16% 9% 14% 11% 9% 9%
Breakdown by deal type
Acquisition 74% 61% 68% 77% 60% 60% 55% 53%
LBO 26% 39% 32% 23% 40% 40% 45% 47%
Breakdown by country
France 30% 46% 35% 30% 51% 33% 44% 46%
Germany 17% 9% 13% 19% 10% 12% 11% 14%
Italy 18% 14% 14% 18% 15% 19% 11% 13%
Benelux 10% 14% 8% 7% 8% 8% 8% 10%
Spain 5% 6% 11% 10% 3% 9% 9% 6%
Other (euro zone) 20% 11% 19% 16% 13% 19% 17% 11%
Breakdown by sector
Energy and Raw Materials 6% 7% 9% 8% 7% 5% 4% 4%
Building, Construction 4% 8% 5% 9% 3% 11% 4% 6%
Industrial Equipment 14% 17% 16% 20% 20% 27% 13% 18%
Consumer Products 7% 1% 3% 4% 7% 2% 2% 1%
Agro-Food 4% 6% 4% 3% 6% 4% 8% 6%
Healthcare-Pharmaceuticals 5% 11% 10% 7% 10% 8% 7% 6%
Wholesale, Retail 4% 6% 4% 3% 5% 7% 4% 9%
Transport 6% 7% 5% 4% 5% 7% 8% 6%
TMT 34% 21% 28% 26% 17% 24% 24% 24%
Business and Consumer Services 16% 16% 16% 16% 20% 5% 26% 20%

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"

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