The deal tape
A precedent transactions set answers one question: what did somebody actually pay for a company like this one. Every row here is a US public target that filed a merger proxy or a going-private statement since 2020, with the offer per share, the premium to the unaffected price and the enterprise value multiples read from the filing itself rather than bought from a feed. Choose a sector, an industry code and a size band, and the quartiles above the list are the answer for that cut.
What it is not. Private-company deals, non-US targets and any transaction where no proxy was required leave nothing to read, so none of them are here. Neither are minority stakes or asset sales. Where a cross-check failed, the row still appears and says why, and it is held out of every median and quartile so one bad reading cannot move a number you would quote.
26 deals in this cut, 15 of them safe to take a multiple from and 26 safe to take a premium from. Enterprise value is stated where a balance sheet and a share count could be read at the period end before announcement.
What this cut was bought at
Each measure counts the readings that survive its own cross-checks. Fewer than 4 is a coincidence, not a market.
| Measure | Deals | 25th | Median | 75th |
|---|---|---|---|---|
| EV / LTM EBITDA | 3 | Too thin to quote. Widen the cut. | ||
| EV / LTM revenue | 14 | 0.8x | 1.5x | 2.8x |
| Premium to unaffected price | 18 | 29% | 44% | 49% |
| Premium to 30-day VWAP | 7 | 27% | 34% | 41% |
Read the EBITDA multiple against the revenue multiple before you use either. Where they disagree sharply the target was priced on growth rather than earnings, and the EBITDA line is the one that will not survive a second question.
| Target | Acquirer | Industry | EV | EV / EBITDA | EV / revenue | Premium | Filing |
|---|---|---|---|---|---|---|---|
Janus Henderson Group plc 2025-12-21 · Take-private · $49.00 a share Board book on file → | Jupiter Acquisition LTD Financial sponsor | Financials | $6.6bn | 9.1x | 2.5x | 18% 12% to VWAP | SC 13E3 All cash |
Diamond Hill Investment Group Inc 2025-12-10 · Public merger · $175.00 a share | First Eagle Investment Management, LLC Financial sponsor | Financials | $430m | 9.6x | 2.9x | 49% | DEFM14A All cash |
Bridge Investment Group Holdings Inc. 2025-02-23 · Public merger · $11.50 a share | Apollo Global Management, Inc. Financial sponsor | Financials | $1.3bn | n.a. | 3.1x | 45% | DEFM14A All cash |
NeueHealth, Inc. 2024-12-23 · Take-private · $7.33 a share Board book on file → | Nea Partners 15, L.P. Financial sponsor | Financials | $62m | n.a. | 0.1x | 70% 25% to VWAP | SC 13E3 All cash |
Enstar Group LTD 2024-07-29 · Take-private · $336.62 a share Held out of the multiples: consideration includes stock: the cash figure is not the price Board book on file → | Deer LTD. Financial sponsor | Financials | $6.5bn | n.a. | 5.8x | n.a. | SC 13E3 Includes stock |
ICC Holdings, Inc. 2024-06-08 · Public merger · $23.50 a share | Mutual Capital Holdings, Inc. Financial sponsor | Financials | $82m | n.a. | 0.9x | n.a. 48% to VWAP | DEFM14A All cash |
Doma Holdings, Inc. 2024-03-28 · Take-private · $6.29 a share Held out of the multiples: consideration includes stock: the cash figure is not the price Board book on file → | Lennar Corp Financial sponsor | Financials | $22m | n.a. | 6.5x | 43% 34% to VWAP | SC 13E3 Includes stock |
Sculptor Capital Management, Inc. 2023-07-23 · Public merger · $12.00 a share | Sculptor Capital Advisors LP Financial sponsor | Financials | $354m | n.a. | 0.9x | 27% | DEFM14A All cash |
American National Group Inc. 2023-07-04 · Public merger · $38.85 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | American Equity Investment Life Holding Company Financial sponsor | Financials | -$2.0bn | n.a. | -0.7x | n.a. | DEFM14A Includes stock |
Focus Financial Partners Inc. 2023-02-27 · Take-private · $53.00 a share Board book on file → | CD&R Investment Associates XII, LTD. Financial sponsor | Financials | $3.4bn | n.a. | 1.6x | 48% 29% to VWAP | SC 13E3 All cash |
Trean Insurance Group, Inc. 2022-12-15 · Take-private · $6.15 a share Board book on file → | Altaris Constellation Partners, L.P. Financial sponsor | Financials | $311m | n.a. | 35.8x | 95% 80% to VWAP | SC 13E3 All cash |
Waddell & Reed Financial Inc 2020-12-02 · Public merger · $25.00 a share | Macquarie Management Holdings, Inc. Financial sponsor | Financials | $819m | n.a. | 0.8x | 48% | DEFM14A All cash |
Watford Holdings Ltd. 2020-10-09 · Take-private · $35.00 a share Board book on file → | Arch Capital Group LTD. Financial sponsor | Financials | $501m | n.a. | 0.8x | 49% | SC 13E3 All cash |
Brookfield Oaktree Holdings, LLC 2019-03-13 · Public merger · $49.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Oaktree Capital Group LLC Financial sponsor | Financials | $49bn | n.a. | 35.2x | 12% | DEFM14A Includes stock |
Brookfield Oaktree Holdings, LLC 2019-03-13 · Take-private · $49.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Oaktree Capital Group, LLC Financial sponsor | Financials | $49bn | n.a. | 35.2x | 12% | SC 13E3 Includes stock |
Medley Management Inc. 2018-08-09 · Public merger · $3.75 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Medley Capital Corporation Financial sponsor | Financials | $189m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Fortress Investment Group LLC 2017-02-14 · Public merger · $8.08 a share | SB Foundation Holdings LP Financial sponsor | Financials | $1.5bn | n.a. | 1.3x | 39% | DEFM14A All cash |
Resource America, Inc. 2016-05-22 · Public merger · $9.78 a share | C-III Capital Partners LLC Financial sponsor | Financials | $206m | 9.9x | 2.5x | 51% | DEFM14A All cash |
Avenue Financial Holdings, Inc. 2016-01-28 · Public merger · $2.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Pinnacle Financial Partners, Inc. Financial sponsor | Financials | -$15m | n.a. | n.a. | 48% | DEFM14A Includes stock |
Home Loan Servicing Solutions, Ltd. 2015-04-06 · Public merger · $0.70 a share | New Residential Investment Corp. Financial sponsor | Financials | $5.1bn | n.a. | 13.0x | n.a. | DEFM14A All cash |
First Security Group Inc/Tn 2015-03-25 · Public merger · $2.35 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Atlantic Capital Financial sponsor | Financials | $109m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Protective Life Corp 2014-06-03 · Public merger · $70.00 a share Held out of the multiples: no balance sheet at announcement: EV = equity value | DL Investment, Inc. Financial sponsor | Financials | $5.5bn | 9.9x | 1.3x | 34% | DEFM14A All cash |
KKR Financial Holdings LLC 2013-12-16 · Take-private · $12.37 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | KKR Fund Holdings L.P. Financial sponsor | Financials | $8.1bn | n.a. | 15.0x | n.a. 34% to VWAP | SC 13E3 Includes stock |
Investors Capital Holdings Ltd 2013-10-27 · Public merger · $7.25 a share | RCS Capital Corporation Financial sponsor | Financials | $45m | n.a. | 0.5x | 34% | DEFM14A All cash |
Asset Acceptance Capital Corp 2013-03-06 · Public merger · $6.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Encore Capital Group, Inc. Financial sponsor | Financials | $186m | 4.7x | 0.8x | 25% | DEFM14A Includes stock |
How to use a set like this
Cut to the narrowest set that still holds eight or ten deals, then quote the range rather than the median. An interviewer who asks where software takes out will accept a spread and press on a single number, because the single number implies a precision the set does not have. Say which deals sit at each end and why: the top of a range is usually a contested auction or a strategic buyer with synergies, the bottom a controlling holder buying in the minority.
Premiums move with the reference price, not only with the deal. A bidder quotes the period that flatters the offer, so read the premium to the unaffected close beside the premium to the thirty-day average and notice when they diverge.
What each column means
- Enterprise value.
- Offer per share times shares outstanding, plus net debt at the last balance sheet before the merger agreement. It is blank where either piece was missing, and those rows are in the “not computed” band rather than in a size they never earned.
- Premium.
- The offer against the unaffected price, which is the last close before the deal became known. Where the filing states a premium to the thirty-day volume-weighted average, that is shown next to it.
- Deal type.
- A take-private is bought by an affiliate, which is what triggers the Schedule 13E-3 and the fuller disclosure that comes with it. A public merger is an arm’s-length buyer, disclosed through the merger proxy.
- In doubt.
- A cross-check the reading could not satisfy: an equity value far from the fee-table figure, a multiple outside any sane band, or consideration that is partly stock so the per-share cash figure is not the price. The row stays visible, and it is set aside only for the measures the doubt reaches. A cash-and-stock deal cannot price a multiple and still states a premium the filing itself computed, so it counts in one and not the other.
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