Talk to certain deal pros and they will concede that the M&A market is weaker, but at the same time, they’ll insist that the vitiation is not being reflected in purchase prices. Good companies are still demanding top dollar, is the typical refrain. In the small market, where purchase prices and debt multiples can be difficult to obtain, these claims usually have to be taken at their word. However, GF Data Resources, a fledgling provider of deal and lending analytics, released its year-end report in April, showing that buyers and sellers have indeed started to factor the deteriorating conditions into their valuations.
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