What do companies sell for in Spain? We present real transaction multiples by sector, size, and deal type in the Spanish middle market.
One of the most frequent questions I receive from entrepreneurs is: “At how many times EBITDA are companies in my sector selling?” The honest answer is always: it depends. But data is useful as reference.
Published multiples tend to be biased upward — larger, higher-multiple transactions are more likely to be publicised. The data below corresponds to companies with normalised EBITDA between 1 and 10 million euros.
Logistics and transport: 5x-7x EBITDA. Range determined by asset quality, service type, client diversification, and e-commerce exposure.
Hospitality and tourism: 7x-10x EBITDA. Higher multiples reflect asset nature (properties in tourist locations) and demand predictability. Important to distinguish between owned-property and leased-operation multiples.
Industrial services: 5x-8x EBITDA. Depends heavily on revenue recurrence, barriers to entry, and client diversification.
Manufacturing and distribution: 4x-6x EBITDA. Lower range reflecting capital intensity, cyclical exposure, and competitive pressure.
Technology (SaaS/software): 8x-15x recurring revenue. Valued on ARR rather than EBITDA. Range depends on growth rate and net revenue retention.
Circular economy: 6x-9x EBITDA. A rising sector with regulatory tailwinds and ESG fund demand.
Size (larger = higher multiple), growth (15% annual growth commands a significant premium), client diversification (no client above 5% is more valuable), management team (autonomous team = higher value), revenue recurrence (contracts > one-off projects), and real assets (tangible assets provide a valuation floor).
Multiples are useful as reference, but they say nothing about the final price of a specific deal. Price is negotiated between a specific buyer and seller with their own circumstances. An entrepreneur in a hurry will get a lower multiple than one with time and options. A strategic buyer seeking synergies will pay more than a financial buyer. A competitive process generates higher prices than a bilateral negotiation.
Use multiples as a compass, not as GPS. They tell you the general direction, but the exact destination depends on your journey’s circumstances.
Dirk Manuel Martens Jimenez Founder, Blue Mountain Capital
By Blue Mountain Capital
By Blue Mountain Capital
By Blue Mountain Capital
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