The LFI Levered Lines Podcast Deal Making Dynamics & Valuations with Lincoln International
Feb 17, 2026
Lucas Weiss, a Chicago-based valuations lead, and Brian Garfield, co-head of U.S. portfolio valuation, discuss deal making momentum with 2025 multiples outpacing 2021. They cover rising refinancing and M&A activity. Conversation touches on portfolio EBITDA growth, borrower-friendly markets fueled by private credit dry powder, AI’s role in software underwriting, and normalization of junior debt spreads.
AI Snips
Chapters
Transcript
Episode notes
Large Deals And Higher Multiples Drive Market Momentum
- Private capital markets showed robust 2025 activity with fewer deals but larger billion-dollar transactions driving volume.
- Lincoln observed transaction multiples in 2025 that exceeded 2021 peak levels, signaling strong buyer willingness to pay for quality assets.
Majority Of Portfolio Companies Still Growing EBITDA
- Over half of private portfolio companies are growing EBITDA, supporting valuations and deal activity.
- Average growth is positive but decelerating from roughly 5% to slightly below that, yet remains a market-strength indicator.
Management Teams Start The Year With Strong Growth Targets
- Management teams enter each year optimistic, budgeting roughly 8–10% revenue growth on average.
- Actual results typically land marginally below plan but early signs for the coming year mirror that optimistic trend.