PE Dealbook

DEALEDGE DATA BOOK
2023 Private Equity

Deal Performance Benchmarks
1. Overview...........................................................3
Industry Breakdowns
2. Energy & Natural Resources...................5
3. Industrials...............................................6
4. Business Services................................... 7
5. Consumer...............................................8
6. Healthcare............................................ 10
7. Financial Services.................................. 11
8. Technology............................................12
9. Media & Telecommunications............. 13
10. About the Data................................................ 14
Sector strategy Deal sourcing

Identify sectors with Grow your network to find
high return potential the best deals
Fundraising Deal screening

Demonstrate Triage your deal pipeline more
outperformance quickly and confidently
Deal-level
Post-mortem performance Due diligence
Benchmark past deals insight Test investment theses
to identify areas with objective benchmarks
for improvement
Value creation
Holding See what strategies drove
Benchmark portfolio company value at similar firms
performance and growth
2
1. Overview
As we enter 2023, fundraising conditions are tough. providing groundbreaking deal-level MOIC and IRR
Limited partners, receiving more pitches than benchmarks across top-level sectors like Healthcare and
anticipated, must quickly identify the funds they feel will Industrials. This report contains just a small sample of
deliver the best returns in current market conditions. what is available on the full DealEdge platform:
For firms, the challenge is clear: how do you show that • Analyses of 20+ performance and operations
your strategy will deliver the returns LPs are seeking? metrics like EV/EBITDA margins and revenue CAGRs.
• Aggregated data from more than 39,000 PE deals
The most effective method is to prove that you are the across more than 570 subsectors.
best at what you do. Placing your performance in • Integrated analytics that compare your own deals
context versus the market, and analyzing your value side-by-side with deals done by your most relevant
creation approach, allows you to refine your strategy, peer group.
and communicate your strengths to LPs.
If you would like to find out more about how DealEdge
To help you get started, we are pleased to publish our can sharpen your competitive edge and help you
2023 Private Equity Deal Performance Benchmarks, fundraise more effectively, get in touch with us at
info@dealedge.com.
Figure 1.1: Median Private Equity Deal IRRs by Sector

60%
40
20
-20
All-Sector Technology Healthcare Business Media & Financial Industrials Consumer Energy &
Benchmark Services Telecommunications Services Natural
Resources
Source: DealEdge Top Quartile Median Bottom Quartile
Put the 2023 Private Equity

Deal Peformance Benchmarks to work
Request your Tables Pack containing Excel versions of
the geographic and investment benchmark tables for
each industry:
info@dealedge.com www.dealedge.com/contact
3
Figure 1.2: Private Equity Deal Performance by Geography and Invested Equity Capital
IRR MOIC
Top Bottom Top Bottom

Median Median
Quartile Quartile Quartile Quartile
DealEdge
All-Sector Private Equity 43.4% 22.2% 6.1% 2.87x 1.82x 1.13x
Deal Benchmark
Northern America 49.1% 25.5% 10.1% 3.12x 2.01x 1.21x
Europe 35.1% 18.3% 2.3% 2.59x 1.66x 1.05x
<$50M 45.1% 21.2% 3.8% 2.93x 1.76x 1.08x
$50-99M 45.5% 24.6% 7.6% 3.04x 1.93x 1.21x
$100-249M
Start accessing complete benchmarks on DealEdge
≥$250M
Source: DealEdge Request an Excel version of this table in our Tables Pack – see p3.
Figure 1.3: Median Private Equity Deal IRRs by Year of Entry
80%
60
40
20
-20
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Want to see how private equity-owned

businesses build value?
DealEdge has far more than just performance benchmarks -
get value creation benchmarks like EBITDA margin growth,
revenue CAGRs, value creation waterfalls, and more.
Request your demo today:
info@dealedge.com www.dealedge.com/contact
4
2. Energy & Natural Resources Deals
Figure 2.1: Median Energy & Natural Resources Deal IRRs by Industry Group
60%
40
Energy returns have a 52pp
difference between the top
20 and bottom quartiles. See
how winning businesses are
0 building value with our value
creation metrics.
-20
Request a demo
-40
Energy & Natural Natural Resources Energy
Resources
Figure 2.2: Energy & Natural Resources Deal Performance by Geography and Invested Equity Capital
IRR MOIC

Median Median
DealEdge
Deal Benchmark
Energy & Natural Resources 41.8% 16.8% -7.5% 2.78x 1.61x 0.83x
ENR - Northern America 49.7% 20.2% 0.9% 3.18x 1.69x 1.01x
ENR - Europe 38.6% 23.9% -16.3% 3.17x 1.84x 0.61x
ENR - <$50M 53.7% 19.3% -8.5% 3.57x 1.62x 0.94x
ENR - $50-99M 36.4% 10.5% -5.9% 2.10x 1.46x 0.90x
ENR - $100-249M
ENR - ≥$250M
Explore DealEdge’s in-depth Energy & Natural Resources

See benchmarks
for deal performance benchmarks across 39 subsectors including
39 Oil & Gas Drilling and Industrial Gases.
subsectors
Speak to us today at DealEdge.com
5
3. Industrials Deals
Figure 3.1: Median Industrials Deal IRRs by Industry Group
60%
40 Get the
geography and
size benchmarks
20
in Excel, and
put the data
to work.
0
Request the
-20
Tables Pack
Industrials Industrial Goods Construction Transportation
Figure 3.2: Industrials Deal Performance by Geography and Invested Equity Capital
IRR MOIC

Median Median
DealEdge
Deal Benchmark
Industrials 39.6% 20.5% 5.7% 2.85x 1.75x 1.11x
Industrials - Northern America 47.6% 25.9% 10.9% 3.21x 2.03x 1.29x
Industrials - Europe 34.5% 17.1% 2.2% 2.67x 1.69x 1.02x
Industrials - <$50M 41.3% 20.5% 5.1% 2.99x 1.79x 1.09x
Industrials - $50-99M 44.6% 26.2% 11.8% 3.22x 1.99x 1.40x
Industrials - $100-249M
Industrials - ≥$250M
Explore DealEdge’s in-depth Industrials deal performance

See benchmarks
for benchmarks across 106 subsectors including
106 Flexible Plastic Packaging and Electronic Components.
subsectors
6
4. Business Services Deals
Figure 4.1: Median Business Services Deal IRRs by Industry Group

Want to know what’s driving high returns
80%
in Logistics? Get a deeper layer of insight
with the full DealEdge platform.
Request a demo
60
40
20
0
Business Services Facility Management BPO Logistics Professional Services
Figure 4.2: Business Services Deal Performance by Geography and Invested Equity Capital
IRR MOIC

Median Median
DealEdge All-Sector Private Equity

43.4% 22.2% 6.1% 2.87x 1.82x 1.13x
Deal Benchmark
Business Services 45.8% 22.7% 7.1% 2.83x 1.82x 1.11x
Business Services - Northern America 49.9% 22.9% 7.2% 2.93x 1.92x 1.12x
Business Services - Europe 33.8% 19.5% 0.3% 2.50x 1.65x 1.01x
Business Services - <$50M 47.0% 21.2% 3.0% 2.75x 1.72x 1.04x
Business Services - $50-99M 50.1% 30.6% 11.1% 3.05x 2.28x 1.26x
Business Services - $100-249M

Business Services - ≥$250M
With such diverse sectors as Recycling and Branding & PR,

See benchmarks
for you need to be able to drill down into Business Services returns
53 at the subsector level.
subsectors
Cut to a deeper layer of insight with DealEdge.com
7
5. Consumer Deals
Figure 5.1: Median Consumer Deal IRRs by Industry Group
60%
40
20
-20
Consumer Household & Retail & Food, Beverage & Consumer Consumer Durables
Personal Products Distributors Tobacco Services & Apparel
Figure 5.2: Consumer Deal Performance by Geography and Invested Equity Capital
IRR MOIC

Median Median
DealEdge
Deal Benchmark
Consumer 39.1% 18.6% 2.2% 2.65x 1.74x 1.05x
Consumer - Northern America 45.6% 21.5% 8.6% 2.96x 1.92x 1.11x
Consumer - Europe 32.7% 15.6% -0.1% 2.56x 1.58x 1.00x
Consumer - <$50M 41.6% 18.4% 1.1% 2.82x 1.78x 1.04x
Consumer - $50-99M 40.2% 17.0% 3.1% 2.80x 1.74x 1.10x
Consumer - $100-249M
Consumer - ≥$250M
Explore DealEdge’s in-depth Consumer deal

See benchmarks
for performance benchmarks across 97 subsectors
97 from Bottled Water to Luxury Apparel.
subsectors
8
DealEdge is an investment strategy
platform which provides deal-level
performance and operations analytics.
It combines CEPRES’s unmatched cash
flow data with Bain & Company’s
tried-and-tested analytics to provide a
truly expert-driven platform.
f Refine your investment strategy

f Benchmark your portfolio
f Tell the story of your performance
20+
Custom-built Backed by cash
taxonomy with flow data for
570+ 39K+
analyses on IRR,
multiples, value
industry private market creation, and more
subsectors deals
Contact us
www.dealedge.com
DealEdge
® 9
is a registered trademark of Bain & Company, Inc. and CEPRES GmbH
6. Healthcare Deals
Figure 6.1: Median Healthcare Deal IRRs by Industry Group
60%
40
20
Healthcare Pharmaceuticals Med Tech & Healthcare Life Sciences Tools Healthcare Provider,
& Biotechnology Equipment & Services Facilities & Services
Figure 6.2: Healthcare Deal Performance by Geography and Invested Equity Capital
IRR MOIC

Median Median
DealEdge
All-Industry Private Equity 43.4% 22.2% 6.1% 2.87x 1.82x 1.13x
Deal Benchmark
Healthcare 48.2% 25.0% 8.7% 3.28x 1.96x 1.20x
Healthcare - Northern America 52.5% 30.4% 11.7% 3.53x 2.20x 1.28x
Healthcare - Europe 31.2% 18.3% 5.8% 2.71x 1.68x 1.17x
Healthcare - <$50M 51.3% 26.7% 7.9% 3.49x 1.94x 1.15x
Healthcare - $50-99M 46.4% 22.6% 7.4% 2.71x 1.89x 1.28x
Healthcare - $100-249M
Healthcare - ≥$250M
Explore DealEdge’s in-depth Healthcare deal performance

See benchmarks
63 Medical Instruments and Specialty Care Clinics.
subsectors
10
7. Financial Services Deals
Figure 7.1: Median Financial Services Deal IRRs by Industry Group
60%
40
20
-20
Financial Services Cards & Payments Insurance Diversified Financials Asset & Wealth Banks
Management
Figure 7.2: Financial Services Deal Performance by Geography and Invested Equity Capital
IRR MOIC

Median Median
DealEdge
Deal Benchmark
Financial Services 37.4% 21.2% 8.4% 2.60x 1.81x 1.25x
Financial Services - Northern America 38.3% 22.8% 11.0% 2.77x 2.01x 1.38x
Financial Services - Europe 38.1% 21.5% 6.1% 2.82x 1.78x 1.14x
Financial Services - <$50M 33.5% 16.8% 3.4% 2.38x 1.64x 1.12x
Financial Services - $50-99M 34.9% 19.3% 7.3% 2.94x 1.83x 1.15x
Financial Services - $100-249M

Financial Services - ≥$250M
Explore DealEdge’s in-depth Financial Services deal

See benchmarks
for performance benchmarks across 58 subsectors including
58 Brokerage and Fintechs.
subsectors
11
8. Technology Deals
Figure 8.1: Median Technology Private Equity Deal IRRs by Industry Group
60%
40
20
Technology IT Services Software - Software - Vertical Software - Software - Horizontal Hardware

Consumer & Other Application Infrastructure Application
Figure 8.2: Technology Deal Performance by Geography and Invested Equity Capital
IRR MOIC

Median Median
DealEdge
Deal Benchmark
Technology 50.4% 25.7% 12.2% 3.10x 2.01x 1.24x
Technology - Northern America 53.8% 29.4% 13.6% 3.25x 2.23x 1.33x
Technology - Europe 34.2% 20.0% 6.3% 2.52x 1.68x 1.14x
Technology - <$50M 50.0% 24.2% 9.6% 3.01x 1.86x 1.18x
Technology - $50-99M 52.0% 31.6% 12.6% 3.18x 2.14x 1.24x
Technology - $100-249M
Technology - ≥$250M
Explore DealEdge’s in-depth Technology deal performance

See benchmarks
87 Cloud Management and Healthcare IT.
subsectors
12
9. Media & Telecommunications Deals
Figure 9.1: Median Media & Telecommunications Deal IRRs by Industry Group
60%
The Media &
Telecommunications industry
40
is evolving, and performance
has shifted over time. Get
20
benchmarks broken down by
investment year and realization
0 status with the full DealEdge
platform.
-20
Media & Telecommunications Media
Telecommunications
Request a demo
Figure 9.2: Media & Telecommunications Deal Performance by Geography and Invested Equity Capital
IRR MOIC

Median Median
DealEdge
All-Industry Private Equity 43.4% 22.2% 6.1% 2.87x 1.82x 1.13x
Deal Benchmark
Media & Telecommunications 41.4% 22.3% 1.2% 2.60x 1.75x 1.04x
Media & Telecommunications -

40.5% 24.8% 5.4% 2.64x 1.82x 1.10x
Northern America
41.3% 19.1% 0.0% 2.18x 1.52x 1.00x
Europe
39.4% 19.7% -1.8% 2.50x 1.61x 0.98x
<$50M
43.2% 27.1% 3.5% 2.82x 2.02x 1.11x
$50-99M
$100-249M
≥$250M
Explore DealEdge’s in-depth Media & Telecommunications

See benchmarks
for deal performance benchmarks across 40 subsectors including
40 B2B Publishing and Satellite Network Operations.
subsectors
13
10. About the Data
Unless otherwise specified, all the data in this report has been pulled
from the DealEdge platform under the following parameters:
Deal count: Deal type: Deal realization:

7,621 deals buyout and fully and
used in analysis growth partly realized
Deal size: Year of investment: All analysis has

been calculated
Any 2010-2022
in USD
Demographics: Deals in Analysis by Geography, Invested Equity Capital, Deal Type, and Realization Status
100%
Rest of the World
≥$250M
Asia
80 $100-249M
Partly Realized
Europe
$50-99M Buyout
60
40
Northern
America <$50M
Fully Realized
20
Growth
0
Geography Invested Equity Capital Deal Type Realization Status
Source: DealEdge
14
About the Data
How we collect the data
The backbone of DealEdge is CEPRES’s award-winning The analysis is powered by a market-leading taxonomy
private market investment data. It is this best-in-class formulated by Bain & Company. Developed from Bain’s
data set that powers the aggregated benchmarks — extensive experience in private equity due diligence
making DealEdge the only private equity deal analytics and sector strategy, the taxonomy reflects the intricate
platform built entirely on primary-sourced and double- reality of the modern private equity landscape.
verified data.
Get more with

DealEdge:
• Analysis of cash flow data for over
39,000 deals
• Proprietary taxonomy with more than 570

industry subsectors
• Value creation metrics including pricing multiples,

EV/EBITDA margins, and revenue CAGRs
• Buyout, growth, and infrastructure strategies
• Fully realized, partly realized, and

unrealized deals
• Calculation in USD, EUR, JPY, GBP, and more
Speak to us today about how we can

sharpen your investment edge
Request a demo
15
CONTACT US
The information contained in this DealEdge® guide is based on secondary market research, analysis and a range
of interviews with industry participants and has not been independently verified. No representation or warranty,
express or implied, is being made that such information is accurate or complete. Projected market and financial
information, analyses and conclusions contained herein should not be construed as definitive forecasts or
guarantees of future performance or results. The information and analysis herein do not constitute advice of any
kind and are not intended to be used for investment purposes. Neither Bain & Company, Inc., CEPRES GmbH
nor any of their subsidiaries, officers, directors, shareholders, employees or agents, accept any responsibility or
liability with respect to the use of or reliance on any information or analysis contained herein. This information
may not be published, transmitted, broadcast, copied, reproduced or reprinted in whole or in part without the
explicit written permission of Bain & Company, Inc. and CEPRES GmbH..

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DEALEDGE DATA BOOK

2023 Private Equity

2. Energy & Natural Resources...................5

9. Media & Telecommunications............. 13

10. About the Data................................................ 14

Sector strategy Deal sourcing

Fundraising Deal screening

Figure 1.1: Median Private Equity Deal IRRs by Sector

Put the 2023 Private Equity

Top Bottom Top Bottom

Northern America 49.1% 25.5% 10.1% 3.12x 2.01x 1.21x

Europe 35.1% 18.3% 2.3% 2.59x 1.66x 1.05x

<$50M 45.1% 21.2% 3.8% 2.93x 1.76x 1.08x

$50-99M 45.5% 24.6% 7.6% 3.04x 1.93x 1.21x

Figure 1.3: Median Private Equity Deal IRRs by Year of Entry

Source: DealEdge Top Quartile Median Bottom Quartile

Want to see how private equity-owned

Source: DealEdge Top Quartile Median Bottom Quartile

Top Bottom Top Bottom

ENR - Northern America 49.7% 20.2% 0.9% 3.18x 1.69x 1.01x

ENR - Europe 38.6% 23.9% -16.3% 3.17x 1.84x 0.61x

ENR - <$50M 53.7% 19.3% -8.5% 3.57x 1.62x 0.94x

ENR - $50-99M 36.4% 10.5% -5.9% 2.10x 1.46x 0.90x

Explore DealEdge’s in-depth Energy & Natural Resources

Figure 3.1: Median Industrials Deal IRRs by Industry Group

Source: DealEdge Top Quartile Median Bottom Quartile

Top Bottom Top Bottom

Industrials 39.6% 20.5% 5.7% 2.85x 1.75x 1.11x

Industrials - Northern America 47.6% 25.9% 10.9% 3.21x 2.03x 1.29x

Industrials - Europe 34.5% 17.1% 2.2% 2.67x 1.69x 1.02x

Industrials - <$50M 41.3% 20.5% 5.1% 2.99x 1.79x 1.09x

Industrials - $50-99M 44.6% 26.2% 11.8% 3.22x 1.99x 1.40x

Explore DealEdge’s in-depth Industrials deal performance

Figure 4.1: Median Business Services Deal IRRs by Industry Group

Source: DealEdge Top Quartile Median Bottom Quartile

Top Bottom Top Bottom

DealEdge All-Sector Private Equity

Business Services 45.8% 22.7% 7.1% 2.83x 1.82x 1.11x

Business Services - Europe 33.8% 19.5% 0.3% 2.50x 1.65x 1.01x

Business Services - <$50M 47.0% 21.2% 3.0% 2.75x 1.72x 1.04x

Business Services - $50-99M 50.1% 30.6% 11.1% 3.05x 2.28x 1.26x

Business Services - $100-249M

With such diverse sectors as Recycling and Branding & PR,

Figure 5.1: Median Consumer Deal IRRs by Industry Group

Source: DealEdge Top Quartile Median Bottom Quartile

Top Bottom Top Bottom

Consumer 39.1% 18.6% 2.2% 2.65x 1.74x 1.05x

Consumer - Northern America 45.6% 21.5% 8.6% 2.96x 1.92x 1.11x

Consumer - Europe 32.7% 15.6% -0.1% 2.56x 1.58x 1.00x

Consumer - <$50M 41.6% 18.4% 1.1% 2.82x 1.78x 1.04x

Consumer - $50-99M 40.2% 17.0% 3.1% 2.80x 1.74x 1.10x

Explore DealEdge’s in-depth Consumer deal

f Refine your investment strategy

Figure 6.1: Median Healthcare Deal IRRs by Industry Group

Source: DealEdge Top Quartile Median Bottom Quartile

Top Bottom Top Bottom

Healthcare 48.2% 25.0% 8.7% 3.28x 1.96x 1.20x

Healthcare - Northern America 52.5% 30.4% 11.7% 3.53x 2.20x 1.28x

Healthcare - Europe 31.2% 18.3% 5.8% 2.71x 1.68x 1.17x

Healthcare - <$50M 51.3% 26.7% 7.9% 3.49x 1.94x 1.15x