GCG Business Services Update for Q1 2023

This document is a report detailing the performance of the Business Services sector for the first quarter of 2023. It outlines how public equities in this sector have outperformed the broader U.S. equity market, with significant M&A activity noted as corporate consolidators and private equity investors show strong interest. The report provides specific performance metrics, highlighting that segments such as Infrastructure Services, HR/Staffing, Facility Services, and Environmental & Waste Services achieved notable returns. The document also discusses the increase in M&A activity, with 141 deals closed in Q1 2023, and mentions the average deal value, which decreased compared to the previous quarter. Furthermore, it presents trading multiples for publicly traded companies in the sector, indicating variations across different categories. The report concludes with a summary of public comparable companies and their financial metrics, providing a comprehensive view of the market landscape during this period.