Q2 2026: What Buyers Are Paying and How Deals Are Being Financed

Private company values remained fairly steady in Q2. The average purchase price was 7.0X EBITDA, down from 7.3X in Q1. The first-half average was 7.1X, very close to the 7.2X recorded in both 2024 and 2025. The lower Q2 number appears to reflect a greater mix of smaller deals rather than a broad drop in business values. Financing did tighten. On new private equity platform acquisitions, total debt fell to 2.9X EBITDA from 3.4X in Q1, while senior debt fell to 2.0 times from 2.5 times. Senior debt costs also rose. By contrast, add-on acquisitions, where a buyer adds a business it already owns, continued to receive stronger lender support because lenders can assess the strength of the combined company. (Sources: GF Data®)

Tariffs Are Hurting Some Parts of Canada More Than Others

The trade dispute with the United States has intensified. New U.S. tariffs are affecting several Canadian industries, and Canada will respond on September 8 with tariffs on $27.6 billion of U.S. imports. The Canadian measures will target products including steel, dairy, appliances, agricultural equipment, pulp and and paper, and electronics.