Q4 2023 Business Services Industry Update

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GCG’s Q4 2023 Business Services Industry Update provides an overview of the latest trends in the sector, including recent performance, valuation multiples, and the state of the middle-market M&A environment.

Key findings include the following:

    • In Q4 2023, public equities across most segments of the Business Services sector performed strong as the broader market rallied towards the end of the year. The Federal Reserve signaled that disinflationary trends were sufficient to project a shift to monetary easing in 2024.
    • On a 3-year period ending December 31, 2023, the S&P 500 has returned 27.0%. Segments such as Infrastructure Services, Environmental & Waste Services, and Facility Services were among the leading performers, returning 86.8%, 55.6%, and 43.4%, respectively.
    • In Q4 2023, M&A activity within the Business Services sector experienced an overall decline compared to the previous quarter. Average deal value is considered more in line with historic norms as Q3 2023 experienced a few large transactions.
    • Select publicly traded companies representing the key sectors across the Business Services industry traded at an average multiple of 10.9x EBITDA and 1.6x revenue.

Click here for the full update.


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