From peHUB:
...
"In fact, in the latest issue of Buyouts, Ari Nathanson reported that new debt issuance was so low S&P couldn’t even release quarterly averages on purchase price multiples and LBO leverage. Let me repeat: There were not enough deals in the first quarter to even average deal or leverage multiples."
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Wow. Given that leverage availability drives valuations for LBOs, M&As, etc., and valuations at exit drive IRRs, and IRRs drive pre-money (and other terms), and pre-money drives founder returns...
It's just getting funner and funner, isn't it?
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