the multiple

Everybody sees the deal.

The interesting part is what happens next.

Every Friday, The Multiple covers the week in private equity and the operating decisions underneath the numbers.

Private equity, after the press release.

Articles

Weekly Multiple

Sep 18, 2026

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6 min read

Buying Chelsea. Again.

Majority owned. Not fully controlled. Plus a travel business selling renewals and 76 potential buyers who didn't bid.

Nick McClish

Private Equity

Deal File No. 008: What if the AI company bought the customer?

Sep 16, 2026

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5 min read

Deal File No. 008: What if the AI company bought the customer?

Baldwin, Sequence and the difference between saving time and earning a return.

Nick McClish

Weekly Multiple

Sep 12, 2026

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5 min read

The $11.75 billion customer

GE buys its supplier. Miro sellers buy into the buyer. Porsche puts supercar proceeds into pensions.

Nick McClish

Business Services

Deal File No. 007: KKR is back on the other side of the garage door

Sep 9, 2026

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4 min read

Deal File No. 007: KKR is back on the other side of the garage door

A1 Garage Door Service and the operating case behind a reported $2 billion deal.

Nick McClish

Weekly Multiple

Sep 4, 2026

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5 min read

The Weekly Multiple No. 005: The week buyers paid for time

Eight transactions. At least $59.3 billion of reported deal value. One thing the buyers had in common: they did not want to wait.

Nick McClish

Business Services

Deal File No. 006: The $17 Billion Integration Paradox

Sep 2, 2026

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6 min read

Deal File No. 006: The $17 Billion Integration Paradox

The most important number in Aon's USI deal may not be $17 billion. It may be the $173 million expense that separates cost cutting from cutting growth.

Nick McClish