The shopping spree is over
The golden years of mergers and acquisitions are over. Now it’s time to manage the debts, says Paul Upton
The decade of broker consolidation provided a defining industry narrative that seemingly offered an endless road to unimaginable riches for those involved. A constant flurry of stories about the latest inflated prices paid for regional brokers jostled for column inches with rumours of the next ‘transformational’ deal.
Rumours abounded that sale prices were being calculated from ever greater multiples of GWP and, at the height of the period, some reports suggested fifteen times EBITDA was being
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