Rental M&A: will there be a Covid discount?

Jeff Eisenberg

10 February 2021

Over the last 25 years, the equipment rental industry has seen consolidation, particularly in North America and Europe. Acquisition prices were often excitingly high, set on a multiple of EBITDA (earnings before interest, tax, depreciation and amortisation).

What has the Covid crisis done to valuations, and why? Do the EBITDA multiples from the 1990s and early 2000s match today’s valuations? What does this mean for buyers, sellers, and debt funders?

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