The Winning LOI [Vol. 4, Issue 23, No. 75]
Welcome to the latest issue of The Winning LOI, the Axial newsletter that anonymously reveals small business M&A valuation data…
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The Winning LOI series anonymously reveals small business M&A valuation data and key deal terms associated with winning LOIs. Launched in 2022, the series highlights the winning bids of Axial-sourced transactions, with a focus on valuation multiples, member data, and deal structures such as seller financing, earnouts, and rollover equity.
This third volume in the ebook series features the latest 25 issues of The Winning LOI (#51–75), showcasing transactions across a range of industries that successfully closed in 2025 (downloadable below).
Below, we’ve summarized select data points from these 25 LOIs, offering a snapshot of the valuation ranges and deal structures featured in this ebook.
Deal Structures
The visual above summarizes the prevalence of key deal structures across the 25 Winning LOIs in this volume. More than half of the featured transactions incorporated seller financing, while earnouts and rollover equity also played meaningful roles in many successful bids.
Industry Ranges
| Industry | Revenue Range | EBITDA Range | EBITDA Margin Range | TEV Range | EBITDA Multiple Range |
| Business Services | $5M - $13M | $1M - $4M | 12% - 55% | $4M - $18M | 4x - 9x |
| Consumer Goods | $10M - $12M | $1.5M - $4M | 17% - 30% | $2M - $20M | 5.75x - 6.5x |
| Food & Hospitality | $20M - $35M | $3M - $6M | 12% - 18% | $10M - $40M | 3.25x - 7.5x |
| Healthcare | $4M - $13M | $.5M -$2M | 10% - 25% | $6M - $15M | 7x - 8.5x |
| Industrials | $2M - $45M | $.5M - $8M | 12% - 40% | $4M - $35M | 2x - 6.5x |
| Technology | $1.5M - $18M | $1M - $2M | 10% - 60% | $5M - $20M | 3.5x - 11x |
| Transportation | $2M - $7M | $.5M - $2M | 20% - 35% | $4M - $6M | 3.5x - 5.5x |
The above data reflects only that from the featured Winning LOIs in this ebook and is not representative of all deals on the Axial platform.
The Winning LOI eBook: Vol. 3
You can review the latest Winning LOI ebook below. To download a copy, please complete the following form.
The Winning LOI Hub
The Winning LOI Hub features summarized data from a select set of 100 executed LOIs and is updated quarterly. These deals are separate from the LOIs featured in the Winning LOI newsletter series and ebook volumes. See below for a snapshot of the current set. You can review all 100 here.
| Executed | Buyer Type | Industry | Deal Headline | Revenue | EBITDA | Multiple | Cash | Earnout | Equity | Seller Note |
| Q2 2025 | Private Equity | Business Services | IT Services | $3,051,527 | $1,342,409 | 5.99 | 65.00% | 20.00% | 15.00% | |
| Q2 2025 | Search Fund | Technology | Electronic Software Services | $6,000,000 | $2,689,137 | 2.23 | 83.33% | 4.17% | 12.50% | |
| Q2 2025 | Individual Investor | Technology | Digital Marketing Services | $7,650,000 | $3,169,615 | 2.68 | 55.00% | 10.00% | 20.00% | 15.00% |
| Q2 2025 | Search Fund | Healthcare | Dental Materials Manufacturing | $13,000,000 | $3,000,000 | 8.24 | 70.00% | 10.00% | 20.00% | |
| Q2 2025 | Private Equity | Business Services | Telephone Call Center | $15,800,000 | $2,600,000 | 4.07 | 75.54% | 15.97% | 8.50% | |
| Q2 2025 | Individual Investor | Transportation | Logistics Business | $6,890,000 | $1,390,000 | 2.59 | 100.00% | |||
| Q2 2025 | Independent Sponsor | Healthcare | Medical Software | $9,603,224 | $3,502,491 | 9.49 | 70.00% | 30.00% | ||
| Q2 2025 | Independent Sponsor | Industrials | Chemical Manufacturer | $6,920,000 | $1,552,000 | 6.12 | 100.00% | |||
| Q2 2025 | Search Fund | Transportation | Equipment Manufacturing | $8,500,000 | $4,500,000 | 6.67 | 75.00% | 25.00% | ||
| Q2 2025 | Holding Company | Business Services | Consulting Firm | $26,700,000 | $4,500,000 | 5.56 | 92.00% | 8.00% | ||
| Q2 2025 | Private Equity | Consumer Goods | Garment Manufacturing | $54,100,000 | $9,400,000 | 5.74 | 81.48% | 18.52% | ||
| Q2 2025 | Private Equity | Industrials | Landscaping Business | $7,500,000 | $1,500,000 | 9.33 | 92.86% | 7.14% | ||
| Q2 2025 | Independent Sponsor | Healthcare | Medical Transportation | $7,890,000 | $2,800,000 | 6.19 | 80.78% | 19.22% | ||
| Q2 2025 | Search Fund | Industrials | Plumbing Contractor | $3,900,000 | $1,400,000 | 7.50 | 95.00% | 5.00% | ||
| Q2 2025 | Independent Sponsor | Industrials | Electrical Contractor | $11,860,000 | $2,030,000 | 4.48 | 65.93% | 23.08% | 10.99% | |
| Q1 2025 | Private Equity | Consumer Goods | Printing Manufacturer | $7,208,000 | $1,868,000 | 4.39 | 85.37% | 14.63% | ||
| Q1 2025 | Family Office | Industrials | Machine Manufacturer | $12,788,000 | $2,163,000 | 5.09 | 70.45% | 29.55% | ||
| Q1 2025 | Individual Investor | Consumer Goods | Commercial Printing | $16,100,000 | $2,300,000 | 2.45 | 88.50% | 11.50% | ||
| Q1 2025 | Family Office | Business Services | Locksmith | $2,310,000 | $500,000 | 2.29 | 100.00% | 12.31% | 5.85% | 5.85% |
| Q1 2025 | Private Equity | Industrials | Civil Engineering | $21,370,000 | $11,290,000 | 4.96 | 40.32% | 59.68% | ||
| Q1 2025 | Search Fund | Food & Hospitality | Food Manufacturer | $4,000,000 | $800,000 | 3.50 | 85.71% | 14.29% | ||
| Q1 2025 | Independent Sponsor | Food & Hospitality | Speciality Foods Distributor | $71,610,000 | $9,200,000 | 8.04 | 79.73% | 20.27% | ||
| Q1 2025 | Holding Company | Technology | Energy Software | $1,700,000 | $1,100,000 | 7.89 | 100.00% | |||
| Q1 2025 | Individual Investor | Industrials | Tree Services | $2,678,951 | $1,200,000 | 7.08 | 82.35% | 17.65% | ||
| Q1 2025 | Private Equity | Industrials | Concrete Contractor | $49,600,000 | $8,100,000 | 4.99 | 50.00% | 38.50% | 11.50% |
Axial is the trusted deal platform serving the lower middle market ($2.5-$250M TEV).
Over 3,500 advisory firms and 3,000 corporate and financial buyers have joined Axial to efficiently connect with relevant capital partners, source actionable deals, and build new relationships.
Visit the Member Closed Deals page to see selected transactions that have been sourced and closed via Axial.
Learn More About Joining Axial
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