Proprietary

MIDDLE MARKET

Database

Q4 2019

Valuations & Opinions Group

Inside this Issue

Private equity backed portfolio company performance remains robust as market participants remain cautiously optimistic.

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Database Statistics

Population

Approximately 1,510 (1)​ companies

(sponsored deals 85.9%)

Company Ownership

Public: 2.0%

Private: 98.0%

(primarily held by PE institutions)

Median Company Size

$34.1 million

(LTM EBITDA)

EV/LTM EBITDA Average

9.8x

Debt / LTM EBITDA Average

5.2x

EBITDA represents LTM earnings before interest, taxes, depreciation, and amortization, inclusive of all negotiated addbacks as defined by lenders in the respective credit agreement

(1) Count excludes valuations performed for Revolvers and REITS

Portfolio Companies by EBITDA

Portfolio Companies by Industry

Industries Encompassed in Database

Business Services

Consumer

Energy, Power & Infrastructure

Healthcare

Industrials

Technology, Media & Telecom

Note: Lincoln’s database contains valuation and financial performance data for a diverse group of companies based on financial results available as of each valuation date. December 31, 2019 data predominately reflects September 2019 and October 2019 financial results; All $ values are denominated in millions, unless otherwise noted.