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2018 General News

General News - 2018


Lincoln International’s Middle Market Index Shows Ninth Consecutive Quarter of Enterprise Value Growth

Middle market enterprise value multiples are at their highest level since the inception of the Lincoln MMI in Q1 2014

August 2018

Key Market Observations:

  • Enterprise multiples in the middle market are at the highest level since the inception of the Lincoln MMI in 2014 Q1.
  • In Q2 2018, middle market enterprise values increased 2.5% compared to 3.4% for S&P 500 companies; however, for the first six months of 2018, middle market enterprise value growth of 5.5% beat that of the S&P 500 of 2.5%.
  • Steady growth in the Lincoln MMI was driven by both improved performance and multiple expansion whereas growth in the S&P 500 was driven by only improved performance as multiples were flat.
  • The Lincoln MMI continues to demonstrate that valuations of U.S. middle market companies are less volatile because of lower volatility in enterprise value multiples compared to the S&P 500; in the long run, earnings remain the driver of enterprise value growth for all companies.

Lincoln International, a leading global, mid-market investment bank, today released the second quarter 2018 issue of its Lincoln Middle Market Index (Lincoln MMI). The Lincoln MMI is a unique index measuring middle market enterprise values. The first-of-its-kind index provides a useful benchmarking tool for investors in private companies and private equity firms, allowing them to track how comparable enterprise values change over time and correlate to the public stock market.

Lincoln International announced today a key senior hire which coincides with the 10th anniversary of the firm’s global presence in Tokyo. The Tokyo office was Lincoln International’s first office in Asia when it opened in July 2008 and has since closed 60 transactions involving Japanese companies.

Lincoln International is pleased to announce that Preet Singh has joined the firm’s Mumbai office as a Managing Director in the Industrials Group. Singh brings extensive industry knowledge, domain expertise and relationships to Lincoln’s global Industrials group, which was ranked #1 by MergerMarket for 2017 global industrial transactions.

Key Market Observations:

  • While enterprise values for the S&P 500 experienced their first quarterly decline since Q3 2015, middle market enterprise values continued to increase.
  • Driven by strong and steady earnings growth, middle market companies experienced their second strongest quarterly enterprise value growth since the inception of the Lincoln MMI in Q1 2014.
  • Despite multiple contraction in the middle market, the Lincoln MMI continues to demonstrate the valuations of U.S. middle market companies are less volatile and more heavily driven by earnings – versus enterprise value multiples – than enterprise values of the S&P 500.

Lincoln International ("Lincoln"), a leading global, mid-market investment bank, today released the third issue of its Lincoln Middle Market Index (Lincoln MMI), which covers data for Q1 2018.

A team of 11 individuals, including three Managing Directors, have joined Lincoln International in Stockholm, Sweden. This addition augments Lincoln International’s historic coverage of the region and represents a strategic expansion into the highly active, Nordic M&A market.

Lincoln International’s Middle Market Index Shows Continued Private Market Growth and Trends

Index Enhanced to Include Industry Sub-indices

February 2018

Key Market Observations:

  • The Lincoln MMI has historically performed similarly to the public equity markets; however, beginning in the second half of 2017, enterprise values of public equities have increased at greater rates than the private middle market.
  • The Lincoln MMI continues to demonstrate that the U.S. middle market is less volatile than the enterprise values of the S&P 500.
  • Confirming empirical studies and despite multiple expansion in Q4 2017, earnings growth remained the largest driver of enterprise value change in the Lincoln MMI.

Lincoln International, a leading global, mid-market investment bank, released the second issue of its Lincoln Middle Market Index (Lincoln MMI), which covers data from Q4 2017. In addition, this is the first time Lincoln has released sub-indices for each industry that comprise the Lincoln MMI.

Lincoln International, a leading global, mid-market investment bank, is pleased to announce the addition of Brian Bock to the firm in San Francisco. Brian will serve as a key member of the firm’s Healthcare Group having extensive expertise in the medical technology (med-tech) and life sciences sectors. He brings to Lincoln significant transaction execution experience and deep sector expertise.

In 2017, Lincoln International marked its eighth consecutive year of record results. Globally, Lincoln increased completed transactions by nearly 20%.

Lincoln International, a leading global mid-market investment bank, is pleased to announce the promotion of seven Directors to Managing Director, the largest number of promotions to Managing Director in the firm’s history.

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