Inside our latest market update on the Apparel industry:
• Apparel outperforms the broader S&P 500
• Valuations are at record highs, and median EV/EBITDA multiples are 2x higher that the S&P 500
• US middle-market M&A transaction volume is down 8% in the first half of 2013, with Apparel transactions down 13%.
This reflects a lull following the tax-driven flurry of 2012. We expect this trend to reverse in the second half of 2013, driven by record stock valuations and strong cash balances of strategic buyers, and driven by a record amount of expiring Private Equity capital.
• To view the full Market Monitor, click here.
