209 verticals
Every industry.
Real data. Real buyers.
25 verticals · SDE-based
Home Services
Home services is the highest-multiple, most-consolidated segment in Main Street M&A right now. Private-equity roll-ups have raised over $8B for the space since 2021, and named platforms like Wrench Group (HVAC/plumbing), Aspen Grove (HVAC), Groundworks (foundation), and ACE Hardware Home Services are actively bidding for operators with $1M-$5M in SDE.
Data source: IBBA Market Pulse Q4 2024 + PitchBook Home Services Report 2025
Appliance Repair
SDE 2.4x–4.2x · EBITDA 4.2x–6x
NAICS 811412
Awning & Sunroom Installation
SDE 2.5x–4x · EBITDA 4.5x–6x
NAICS 238190
Chimney Services
SDE 2.8x–4.8x · EBITDA 4.5x–6.5x
NAICS 561790
Custom Closet & Storage
SDE 3x–5x · EBITDA 5x–7x
NAICS 337212
Deck & Fence
SDE 2.5x–4.2x · EBITDA 4.2x–6x
NAICS 238990
Driveway & Asphalt Paving
SDE 3x–5x · EBITDA 5x–7.5x
NAICS 237310
Drywall Contractors
SDE 2.2x–4x · EBITDA 4x–6.5x
NAICS 238310
Flooring Installation
SDE 2.3x–4x · EBITDA 4x–6x
NAICS 238330
Foundation Repair
SDE 3.2x–5.5x · EBITDA 5.5x–8.5x
NAICS 238190
Generator Installation
SDE 2.8x–4.8x · EBITDA 5x–7x
NAICS 238210
Gutters
SDE 2.5x–4.5x · EBITDA 4.5x–6.5x
NAICS 238160
Handyman Services
SDE 2x–3.5x · EBITDA 3.5x–5.5x
NAICS 236118
Home Inspection
SDE 1.8x–3.5x · EBITDA 3.5x–5.5x
NAICS 541350
Home Security
SDE 4x–7x · EBITDA 8x–14x
NAICS 561621
Insulation Contractors
SDE 3x–5x · EBITDA 5x–7.5x
NAICS 238310
Kitchen & Bath Remodeling
SDE 2.5x–4.5x · EBITDA 4.5x–7x
NAICS 236118
Mold Remediation
SDE 3x–5.5x · EBITDA 5.5x–8x
NAICS 562910
Residential Solar Installation
SDE 2.5x–4.5x · EBITDA 5x–7.5x
NAICS 238220
Septic Systems
SDE 2.8x–4.5x · EBITDA 4.5x–6.5x
NAICS 237110
Siding Contractors
SDE 2.5x–4.3x · EBITDA 4.5x–6.5x
NAICS 238170
Snow Removal & Ice Management
SDE 2.2x–3.8x · EBITDA 3.8x–5.5x
NAICS 561790
Water Treatment
SDE 3.5x–6x · EBITDA 6x–9x
NAICS 221310
Waterproofing Contractors
SDE 3x–5x · EBITDA 5x–7.5x
NAICS 238190
Well Drilling & Water Services
SDE 2.8x–4.5x · EBITDA 4.5x–6.5x
NAICS 237110
Windows & Doors Installation
SDE 2.8x–4.8x · EBITDA 5x–7x
NAICS 238150
18 verticals · EBITDA-based
Commercial Services
Commercial-facing service businesses (janitorial, facility maintenance, security, waste, staffing) command higher multiples than residential peers because of multi-year contracts and enterprise-grade recurring revenue. Consolidators like ABM Industries, Allied Universal, and Casella Waste have been active LMM acquirers since 2023.
Data source: IBBA Market Pulse Q4 2024 + Grant Thornton LMM Report 2025
Commercial Cleaning
SDE 2.5x–4.5x · EBITDA 5.5x–8.5x
NAICS 561720
Commercial HVAC
SDE 3.5x–6x · EBITDA 6.5x–10x
NAICS 238220
Commercial Landscaping
SDE 3x–5x · EBITDA 5.5x–8x
NAICS 561730
Commercial Laundry & Linen
SDE 3x–5x · EBITDA 5.5x–8x
NAICS 812331
Concrete Cutting & Drilling
SDE 2.8x–4.5x · EBITDA 4.5x–6.5x
NAICS 238910
Corporate Catering
SDE 2.2x–4x · EBITDA 4.5x–6.5x
NAICS 722320
Courier & Last-Mile Delivery
SDE 2.5x–4.5x · EBITDA 5x–7.5x
NAICS 492110
Dumpster Rental & Roll-off
SDE 2.5x–4.5x · EBITDA 4.5x–6.5x
NAICS 562111
Elevator Installation & Service
SDE 3.5x–6x · EBITDA 6.5x–10x
NAICS 238290
Facility Maintenance
SDE 3x–5x · EBITDA 5.5x–8.5x
NAICS 561210
MSP & Managed IT Services
SDE 4x–7x · EBITDA 8x–14x
NAICS 541513
Parking Services
SDE 3x–5x · EBITDA 5.5x–8.5x
NAICS 812930
Security Guard Services
SDE 2.5x–4.5x · EBITDA 5.5x–8x
NAICS 561612
Staffing Agencies
SDE 2.8x–4.8x · EBITDA 5x–8x
NAICS 561320
Translation & Localization Services
SDE 3x–5x · EBITDA 5.5x–8x
NAICS 541930
Uniform Rental & Textile Services
SDE 3.5x–5.5x · EBITDA 6.5x–10x
NAICS 812332
Vending Machine Services
SDE 2.5x–4x · EBITDA 4.5x–6.5x
NAICS 454210
Waste & Recycling Services
SDE 3.5x–6x · EBITDA 7x–12x
NAICS 562111
20 verticals · EBITDA-based
Professional Services
Professional services firms (accounting, legal, engineering, consulting, agencies) trade on client-relationship transferability. PE-backed platforms have entered every subsegment aggressively since 2022 — Ascend, EisnerAmper Ignite, Aprio, and Bennett Thrasher on the CPA side; Amergent, ISS-facing consulting groups; and every major agency-holdco on marketing.
Data source: AICPA Market Pulse 2025 + Vault Consulting Report
Accounting & CPA Firms
SDE 1x–1.8x · EBITDA 7x–12x
NAICS 541211
Architecture Firms
SDE 1x–1.8x · EBITDA 4.5x–7.5x
NAICS 541310
Business Consulting
SDE 1x–1.8x · EBITDA 4.5x–7.5x
NAICS 541611
Civil Engineering Firms
SDE 1.2x–2x · EBITDA 5.5x–9x
NAICS 541330
Digital Marketing Agencies
SDE 1.8x–3.5x · EBITDA 5.5x–10x
NAICS 541810
Environmental Engineering Firms
SDE 1.3x–2.2x · EBITDA 6x–9.5x
NAICS 541620
Executive Search Firms
SDE 1.5x–3x · EBITDA 5.5x–9x
NAICS 541612
General-Practice Law Firms
SDE 0.8x–1.5x · EBITDA 4x–7x
NAICS 541110
HR Consulting
SDE 1.3x–2.5x · EBITDA 5x–8.5x
NAICS 541612
Insurance Agencies
SDE 2x–3.5x · EBITDA 8x–14x
NAICS 524210
Management Consulting
SDE 1x–2x · EBITDA 5x–9x
NAICS 541611
Marketing & Advertising Agencies
SDE 1.5x–3x · EBITDA 5x–9x
NAICS 541810
Mechanical Engineering Firms
SDE 1.2x–2x · EBITDA 5.5x–9x
NAICS 541330
MEP Engineering Firms
SDE 1.3x–2.2x · EBITDA 6x–10x
NAICS 541330
Mortgage Brokerage
SDE 1.5x–2.8x · EBITDA 4x–7x
NAICS 522310
Personal Injury Law Firms
SDE 0.9x–1.6x · EBITDA 4.5x–8x
NAICS 541110
PR & Communications Agencies
SDE 1.3x–2.5x · EBITDA 5x–8x
NAICS 541820
Real Estate Brokerage
SDE 1x–2.2x · EBITDA 3.5x–6x
NAICS 531210
Real Estate Law Firms
SDE 0.7x–1.4x · EBITDA 4x–6.5x
NAICS 541110
Wealth Management / RIA
SDE 2.5x–4.5x · EBITDA 8x–14x
NAICS 523930
24 verticals · EBITDA-based
Healthcare
Healthcare services M&A has been the busiest sector by deal count for four straight years. Physician-services PE platforms — Dental Care Alliance, Aspen Dental, Heartland Dental, US Dermatology Partners, US Physical Therapy, US Oral Surgery Management — have driven consolidation in every physician specialty. Multiples run 6-10x EBITDA on quality platforms with $2M+ EBITDA.
Data source: PitchBook Healthcare Services 2025 + Bass Berry LMM Healthcare Report
Addiction Treatment Centers
SDE 2.5x–4.5x · EBITDA 6.5x–10.5x
NAICS 623220
Autism / ABA Therapy
SDE 2.5x–4.5x · EBITDA 7x–11x
NAICS 624190
Cardiology Practices
SDE 2x–3.5x · EBITDA 7.5x–11x
NAICS 621111
Chiropractic Practices
SDE 1.5x–2.8x · EBITDA 4x–7x
NAICS 621310
Dental Practices
SDE 2x–3.5x · EBITDA 7x–12x
NAICS 621210
Dermatology Practices
SDE 2.2x–3.8x · EBITDA 8x–13x
NAICS 621111
Durable Medical Equipment (DME)
SDE 2.8x–4.5x · EBITDA 6x–9.5x
NAICS 423450
Home Health Agencies
SDE 2.5x–4.5x · EBITDA 7x–11x
NAICS 621610
Hospice Agencies
SDE 2.8x–4.8x · EBITDA 8x–13x
NAICS 621610
Imaging Centers
SDE 2.5x–4.5x · EBITDA 7x–11x
NAICS 621512
Independent Pharmacies
SDE 1.8x–3x · EBITDA 4.5x–7x
NAICS 446110
Med Spa & Aesthetics
SDE 2.5x–4.5x · EBITDA 7x–11x
NAICS 812199
Medical Laboratories
SDE 2.5x–4.5x · EBITDA 7x–11x
NAICS 621511
Medical Staffing Agencies
SDE 2.5x–4.5x · EBITDA 5.5x–9x
NAICS 561320
Medical Supply Distribution
SDE 3x–5x · EBITDA 6.5x–10x
NAICS 423450
Mental Health Therapy
SDE 2x–3.5x · EBITDA 6.5x–10x
NAICS 621330
Optical & Optometry Practices
SDE 1.8x–3.2x · EBITDA 6x–10x
NAICS 621320
Orthopedic Practices
SDE 2.2x–3.8x · EBITDA 8x–12x
NAICS 621111
Pediatric Practices
SDE 1.8x–3.2x · EBITDA 6x–10x
NAICS 621111
Physical Therapy Practices
SDE 1.5x–2.8x · EBITDA 6x–10x
NAICS 621340
Primary Care Practices
SDE 1.8x–3.2x · EBITDA 6x–10x
NAICS 621111
Telehealth Platforms
SDE 2x–4x · EBITDA 5.5x–9x
NAICS 621111
Urgent Care Clinics
SDE 2.2x–3.8x · EBITDA 7x–11x
NAICS 621493
Veterinary Practices
SDE 2.3x–4x · EBITDA 8x–14x
NAICS 541940
18 verticals · EBITDA-based
Distribution
Value-added distributors — from HVAC parts to industrial supply to specialty chemicals — trade at 5-9x EBITDA driven by supplier relationships, catalog depth, and geographic route density. Strategic acquirers dominate this segment: Ferguson, MSC Industrial, Fastenal, Grainger, and industry-specific consolidators regularly absorb $2M-$25M EBITDA operators.
Data source: MDM Market Leaders 2025 + IBBA Q4 2024 Distribution Segment
Abrasives & Cutting Tools
SDE 3x–4.8x · EBITDA 5.5x–8.5x
NAICS 423840
Auto Parts Distribution
SDE 2.8x–4.5x · EBITDA 5.5x–8.5x
NAICS 423120
Beverage Distribution
SDE 3.5x–6x · EBITDA 7x–12x
NAICS 424820
Electrical Distribution
SDE 3.5x–5.5x · EBITDA 6x–10x
NAICS 423610
Fastener Distribution
SDE 3.2x–5.2x · EBITDA 6x–9.5x
NAICS 423840
Food Service Distribution
SDE 3x–4.5x · EBITDA 5.5x–8x
NAICS 424410
Heavy Duty Truck Parts
SDE 3x–4.8x · EBITDA 5.5x–8.5x
NAICS 423120
HVAC Supply Distribution
SDE 3.5x–5.5x · EBITDA 6.5x–10.5x
NAICS 423730
Industrial Distribution
SDE 3x–5x · EBITDA 5.5x–9x
NAICS 423840
Industrial Supply / MRO
SDE 3x–4.8x · EBITDA 5.5x–8.5x
NAICS 423830
Janitorial Supply Distribution
SDE 2.8x–4.5x · EBITDA 5.5x–8.5x
NAICS 424130
Lighting Supply Distribution
SDE 3x–5x · EBITDA 5.5x–8.5x
NAICS 423610
Paper & Packaging Distribution
SDE 3x–4.8x · EBITDA 5.5x–8.5x
NAICS 424110
Plumbing Supply Distribution
SDE 3x–5x · EBITDA 5.5x–9x
NAICS 423720
Produce & Fresh Distribution
SDE 2.5x–4.5x · EBITDA 5x–8x
NAICS 424480
Safety Supply Distribution
SDE 3x–5x · EBITDA 5.5x–9x
NAICS 423860
Welding & Gas Distribution
SDE 3.5x–5.5x · EBITDA 6.5x–10x
NAICS 423840
Wine & Spirits Distribution
SDE 4x–6.5x · EBITDA 7.5x–13x
NAICS 424820
22 verticals · EBITDA-based
Manufacturing
US manufacturing M&A has benefited from reshoring, defense procurement, and infrastructure spending. LMM manufacturers ($2M-$15M EBITDA) trade at 5-8x EBITDA with quality operators clearing 8-10x. Strategic buyers (customer or supplier integration) and PE-backed industrial platforms dominate — Warburg Pincus, KPS Capital, Blue Wolf, and dozens of industrial-focused sponsors.
Data source: GF Data Q4 2024 Manufacturing + PitchBook Industrials 2025
Adhesive & Sealant Manufacturing
SDE 3.5x–5.5x · EBITDA 6.5x–10.5x
NAICS 325520
Aerospace Manufacturing
SDE 4x–6.5x · EBITDA 7x–12x
NAICS 336413
Beverage Manufacturing
SDE 3.5x–6x · EBITDA 7x–13x
NAICS 312111
Biotech Manufacturing
SDE 4x–6.5x · EBITDA 9x–16x
NAICS 325414
Cable & Wire Harness Assembly
SDE 3x–5x · EBITDA 5.5x–9x
NAICS 335921
Chemical Manufacturing
SDE 3.5x–6x · EBITDA 7x–12x
NAICS 325199
Co-Packing / Contract Packaging
SDE 3.5x–5.5x · EBITDA 6x–10x
NAICS 311999
Coatings & Paint Manufacturing
SDE 3.5x–5.5x · EBITDA 6.5x–10.5x
NAICS 325510
Commercial Printing
SDE 2.5x–4.2x · EBITDA 4.5x–7.5x
NAICS 323111
Contract Manufacturing
SDE 3.5x–5.5x · EBITDA 5.5x–9.5x
NAICS 332999
Defense Manufacturing
SDE 4x–6.5x · EBITDA 7.5x–13x
NAICS 332994
Electronics Manufacturing (EMS)
SDE 3.5x–5.5x · EBITDA 6x–10x
NAICS 334418
Food Manufacturing
SDE 3.5x–5.5x · EBITDA 7x–12x
NAICS 311999
Industrial Equipment Manufacturing
SDE 3.5x–6x · EBITDA 6.5x–11x
NAICS 333999
Machine Shops
SDE 3.5x–5.5x · EBITDA 5.5x–9x
NAICS 332710
Meat & Poultry Processing
SDE 3x–5x · EBITDA 5.5x–9x
NAICS 311611
Medical Device Manufacturing
SDE 4x–6.5x · EBITDA 8x–14x
NAICS 339112
Metal Fabrication
SDE 3.5x–5.5x · EBITDA 5.5x–9x
NAICS 332312
Pharmaceutical Contract Manufacturing
SDE 4x–6.5x · EBITDA 9x–15x
NAICS 325412
Plastics Manufacturing
SDE 3.5x–5.5x · EBITDA 6x–10x
NAICS 326199
Sign Manufacturing & Installation
SDE 2.8x–4.5x · EBITDA 5x–8x
NAICS 339950
Tool & Die / Mold Making
SDE 3x–5x · EBITDA 5.5x–8.5x
NAICS 333514
18 verticals · EBITDA-based
Technology
Technology M&A shifted decisively toward profitable SaaS, MSPs, and services with recurring revenue after 2023. Rule-of-40 businesses ($3M-$25M ARR) trade at 4-8x ARR; profitable MSPs at 8-14x EBITDA. Strategic buyers (larger platforms) and PE-backed roll-ups (Kaseya-track platforms, Evergreen Services, Kaseya, ConnectWise) dominate the LMM tech buyer pool.
Data source: SaaS Capital Q4 2024 + Corum M&A Report 2025 + Service Leadership MSP Index
AI & Machine Learning Services
SDE 4x–6.5x · EBITDA 9x–16x
NAICS 541511
Amazon FBA Businesses
SDE 2.5x–4x · EBITDA 4.5x–7.5x
NAICS 454110
Cloud Consulting
SDE 3.5x–5.5x · EBITDA 7x–12x
NAICS 541519
Custom Software Development
SDE 2.8x–4.5x · EBITDA 5x–8.5x
NAICS 541511
Cybersecurity Services
SDE 4x–6.5x · EBITDA 8.5x–15x
NAICS 541519
Data Analytics & BI
SDE 3.5x–5.5x · EBITDA 7.5x–13x
NAICS 541519
Data Center Services
SDE 4x–6.5x · EBITDA 10x–18x
NAICS 518210
Digital Marketing Agency
SDE 2.5x–4.2x · EBITDA 5x–9x
NAICS 541613
Ecommerce & DTC Brands
SDE 2.5x–4.5x · EBITDA 5x–10x
NAICS 454110
Ecommerce Services & Fulfillment
SDE 3x–5x · EBITDA 6x–10x
NAICS 541614
Fintech Software
SDE 3.5x–6x · EBITDA 10x–20x
NAICS 541511
HealthTech Software
SDE 3.5x–6x · EBITDA 9x–17x
NAICS 541511
Horizontal SaaS
SDE 3.5x–6x · EBITDA 8x–18x
NAICS 541511
IT Services
SDE 3x–5x · EBITDA 6x–10x
NAICS 541519
Managed Services Providers (MSP)
SDE 3.5x–5.5x · EBITDA 7x–12x
NAICS 541513
SEO & Content Marketing
SDE 2.5x–4x · EBITDA 4.5x–7.5x
NAICS 541613
Vertical SaaS
SDE 3.5x–6x · EBITDA 10x–20x
NAICS 541511
VoIP & Business Communications
SDE 3.5x–5.5x · EBITDA 7x–11.5x
NAICS 517311
14 verticals · EBITDA-based
Consumer Products
Consumer products M&A recovered in 2024 after the 2022-2023 DTC unwind, with buyers now favoring omnichannel operators with disciplined marketing spend and margin >45%. Strategic acquirers (larger CPG brands, category holdcos) and PE-backed platforms (SBG, WM Partners, L Catterton) dominate the LMM buyer pool.
Data source: Pitchbook CPG Report Q4 2024 + Consumer Growth Report 2025
Apparel & Fashion Brands
SDE 2.5x–4.5x · EBITDA 5.5x–10x
NAICS 315220
Consumer Packaged Goods (CPG)
SDE 3x–5.5x · EBITDA 7x–14x
NAICS 311999
Convenience Stores
SDE 3x–4.5x · EBITDA 5.5x–9x
NAICS 445120
Cosmetics & Beauty Brands
SDE 3x–6x · EBITDA 8x–16x
NAICS 325620
Furniture Retail & Manufacturing
SDE 2.2x–3.8x · EBITDA 4.5x–8x
NAICS 442110
Grocery Retail
SDE 2.5x–4x · EBITDA 4.5x–7x
NAICS 445110
Hospitality & Boutique Hotels
SDE 3x–5x · EBITDA 7x–12x
NAICS 721110
Multi-Unit Restaurants
SDE 2.5x–4.5x · EBITDA 4.5x–8x
NAICS 722511
Outdoor & Recreation Brands
SDE 2.8x–4.8x · EBITDA 6x–11x
NAICS 339920
Personal Care Products
SDE 3x–5.5x · EBITDA 7x–14x
NAICS 325620
Pet Products
SDE 3x–5.5x · EBITDA 7.5x–14x
NAICS 311111
Specialty Retail
SDE 2x–3.5x · EBITDA 4x–7x
NAICS 451120
Toys & Hobby Brands
SDE 2.5x–4.5x · EBITDA 5.5x–10x
NAICS 339930
Wellness & Supplement Brands
SDE 2.8x–4.8x · EBITDA 6.5x–12x
NAICS 325411
12 verticals · EBITDA-based
Transportation & Logistics
Transportation and logistics M&A has stayed active despite freight-rate softness — buyers prioritize dedicated route businesses, specialty freight, and last-mile operators. Strategic acquirers (larger carriers, 3PLs) and PE-backed platforms (Ryder, Werner, ArcBest bolt-ons; PE-owned last-mile roll-ups) dominate the LMM segment.
Data source: SJ Consulting Transportation M&A Report 2025 + IBBA Q4 2024
Courier & Messenger Services
SDE 2.5x–4x · EBITDA 4.5x–7x
NAICS 492110
Customs Brokerage & Import Services
SDE 3x–5x · EBITDA 6x–10x
NAICS 488510
Ecommerce Fulfillment
SDE 3.5x–5.5x · EBITDA 7x–12x
NAICS 493110
Fleet Management Services
SDE 3x–5x · EBITDA 6x–10x
NAICS 532111
Freight Brokerage / 3PL
SDE 3x–5x · EBITDA 5.5x–9x
NAICS 488510
Fuel & Petroleum Distribution
SDE 3x–5x · EBITDA 5.5x–9x
NAICS 424710
Last-Mile Delivery
SDE 2.5x–4x · EBITDA 4.5x–7.5x
NAICS 492110
Logistics & Supply Chain Services
SDE 3x–5x · EBITDA 6x–10x
NAICS 541614
Medical & Non-Emergency Transport
SDE 2.8x–4.5x · EBITDA 5x–8.5x
NAICS 485991
Moving & Storage Services
SDE 2.5x–4x · EBITDA 4.5x–7.5x
NAICS 484210
Trucking Fleets
SDE 2.5x–4x · EBITDA 4.5x–7.5x
NAICS 484121
Warehousing & Distribution
SDE 3.5x–5.5x · EBITDA 6.5x–11x
NAICS 493110
18 verticals · EBITDA-based
Construction & Trades
Commercial and specialty construction has attracted heavy PE and strategic buyer interest driven by infrastructure spending and CHIPS Act tailwinds. Specialty contractors ($3M-$25M EBITDA) trade at 5-8x EBITDA. Buyers prioritize bonding capacity, project backlog quality, and workforce retention.
Data source: AGC / FMI Construction Industry M&A Report 2025 + IBBA Q4 2024
Building Automation Systems
SDE 3.5x–5.5x · EBITDA 7x–12x
NAICS 238220
Civil & Site Construction
SDE 3x–5x · EBITDA 5x–8.5x
NAICS 237990
Commercial Doors & Hardware
SDE 2.8x–4.5x · EBITDA 5x–8.5x
NAICS 238350
Commercial Electrical
SDE 3.5x–5.5x · EBITDA 6x–10.5x
NAICS 238210
Commercial Flooring Contracting
SDE 2.5x–4x · EBITDA 5x–8.5x
NAICS 238330
Commercial Generator Systems
SDE 3x–5x · EBITDA 5.5x–9x
NAICS 238210
Commercial Plumbing
SDE 3.5x–5.5x · EBITDA 5.5x–9.5x
NAICS 238220
Commercial Roofing
SDE 3.5x–5.5x · EBITDA 6x–10.5x
NAICS 238160
Commercial Solar & Battery Storage
SDE 2.5x–4.5x · EBITDA 5.5x–10x
NAICS 238220
Design-Build Remodeling
SDE 2.5x–4x · EBITDA 4.5x–7.5x
NAICS 236118
Environmental Remediation & Abatement
SDE 3x–5x · EBITDA 5.5x–9x
NAICS 562910
Excavation & Site Prep
SDE 2.8x–4.5x · EBITDA 4.5x–7.5x
NAICS 238910
Framing & Carpentry
SDE 2.5x–4x · EBITDA 4.5x–7.5x
NAICS 238130
General Contractors
SDE 2.5x–4.5x · EBITDA 4.5x–8x
NAICS 236220
Mechanical (HVAC) Contracting
SDE 3.5x–5.5x · EBITDA 6x–10.5x
NAICS 238220
Residential Electrical Contracting
SDE 3x–5x · EBITDA 5x–8.5x
NAICS 238210
Smart Home Integration
SDE 2.5x–4.5x · EBITDA 5x–8.5x
NAICS 238210
Underground Utilities
SDE 3x–5x · EBITDA 5.5x–9x
NAICS 237130
10 verticals · EBITDA-based
Financial Services
Financial services M&A — insurance agencies, RIAs, mortgage brokerages, tax practices, factoring, and payroll firms — has been highly consolidated for a decade. Insurance-agency roll-ups (Hub, AssuredPartners, Alera, PCF) and RIA aggregators (Focus Financial, Hightower, Mariner) drove valuations to record levels in 2022-2024. Multiples remain elevated relative to other services in 2025-2026.
Data source: InsuranceJournal Q4 2024 + Cerulli Associates RIA M&A 2025 + Optis Partners
Accounting & CPA Firms
SDE 1x–1.4x · EBITDA 6x–12x
NAICS 541211
Employee Benefits Brokerage
SDE 4x–6.5x · EBITDA 8x–13x
NAICS 524292
Mortgage Brokerage
SDE 1.8x–3x · EBITDA 3.5x–6x
NAICS 522310
Payment Processing / ISO
SDE 3.5x–5.5x · EBITDA 7x–13x
NAICS 522320
Registered Investment Advisors (RIA)
SDE 4x–6.5x · EBITDA 8x–15x
NAICS 523930
Risk Management & Captive
SDE 4x–6x · EBITDA 8x–13x
NAICS 524298
Specialty Insurance & MGA Wholesale
SDE 5x–8x · EBITDA 9x–15x
NAICS 524298
Title & Escrow Services
SDE 2.5x–4x · EBITDA 5x–8.5x
NAICS 541191
Trust & Estate Services
SDE 4.5x–7.5x · EBITDA 10x–18x
NAICS 525920
Wealth Management
SDE 4.5x–7x · EBITDA 9x–16x
NAICS 523930
10 verticals · EBITDA-based
Franchise & Multi-Unit
Multi-unit franchise operators — restaurant, service, fitness, education — trade at 5-9x EBITDA driven by unit economics, franchisor relationship, and territory density. Strategic acquirers (larger franchisee groups) and PE-backed multi-unit platforms dominate the buyer pool for operators with 5+ units and $2M+ EBITDA.
Data source: Franchise Times M&A Report 2025 + IFA Multi-Unit Franchisee Report
Automotive Service Franchises
SDE 3x–5x · EBITDA 5.5x–9.5x
NAICS 811111
Cleaning Franchise Operators
SDE 2.5x–4.2x · EBITDA 4.5x–7.5x
NAICS 561720
Education Franchise Operators
SDE 2.8x–4.5x · EBITDA 5.5x–9x
NAICS 611691
Fitness & Wellness Franchises
SDE 3x–5x · EBITDA 6x–10x
NAICS 713940
Franchise Food Groups
SDE 3x–5x · EBITDA 5.5x–9x
NAICS 722513
Franchise Hotel Operators
SDE 3.5x–5.5x · EBITDA 7x–12x
NAICS 721110
Property Management Franchises
SDE 3x–5x · EBITDA 6x–10x
NAICS 531311
Retail Franchise Operators
SDE 2.5x–4x · EBITDA 4.5x–7.5x
NAICS 453998
Senior Care Franchises
SDE 3x–5x · EBITDA 5.5x–9x
NAICS 621610
Service Franchise Operators
SDE 3x–5x · EBITDA 5.5x–9.5x
NAICS 561790
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