IMAP&Capstone Partners：2024-2025年全球中端市场并购趋势报告（英文版）

M&A multiples held steady on a YOY basis, with the majority (59%) of total advisors surveyed reporting that M&A purchase multiples remained the same in 2024 compared to 2023. Nearly 20% of advisors reported an increase in valuations as interest rates eased in the second half of 2024, indicating an uptick in pricing trends. Defensible industries including FinTech & Services and Healthcare continued to draw strong pricing, led by the FinTech & Services industry with an average t