The CNCFA EPSILON Observatory on SME Transmission was founded in 2010 by EPSILON RESEARCH and the CNCFA (Compagnie Nationale des Conseils en Fusions et Acquisitions).


Its mission: give information and analysis on the evolution of the SME transmissions market in France (and Europe), for both professionnal players and public institutions.


Market followed:

  • SME transmissions, both external (mergers & acquisitions) and internal (family / management)
  • Small and Medium sized Enterprises as defined by the European Commission (20-249 employees / €2m-€50m turnover) - excluding micro-enterprises and very small enterprises (< 19 employees / €2m turnover)
  • in France, with a comparison with key European countries


A yearly Barometer is published on the subject (in French)


Publication of the 2023 Barometer and presentation in December 2023



Epsilon Research is an independent research and financial analysis bureau specializing in the private company M&A and private equity markets. It is a specialist provider of research, deal analysis and market intelligence on M&A and LBO transactions. It has developped the database of private company transaction multiples EMAT, now a reference source for the valuation of private companies.

In partnership with:





SME Acquisition Multiples

> EMAT database - Epsilon Multiple Analysis Tool

Multiples on 10,000+ European transactions analysed since 2004


> EMAT-SME database

Multiples on 7.000+ European SME transactions (€1m-€50m)


> Free test for professionals

Yearly Questionnaire

(For French M&A advisors only)

> Join the panel


Last conference on SME Transmission