Dealsuite’s CEE M&A Monitor for the first half of 2026 came out this week. It surveys 107 advisers on deals between EUR 1 million and EUR 50 million, which is where most owner-managed companies in the region sit.
The market is healthier than a year ago. Transaction volume rose against the second half of 2025. Deals above EUR 10 million grew to 35% of the total, up from 31% last summer. The average EBITDA multiple held at 5.3x, with regions ranging from 5.0x to 5.4x. 81% of advisers rated the half positively and 92% are optimistic about the rest of the year.
The number we would underline is a different one. In 47% of processes the seller’s price expectation was too high. The average gap between the owner’s number and the market’s was 28%. Of those deals, 35% did not close.
So roughly one in six processes in the region dies on the owner’s own price. The buyers were there.
The fix is not complicated, but it has to happen before the first buyer meeting.
Get an outside view on the multiple before the process starts. A 5.3x average with a size premium above it is the reality of the CEE mid-market. Public comparables and headline deals in the press are the wrong benchmark for a EUR 3 million EBITDA company.
Decide what the number is for. An owner who needs a specific sum for retirement has a different problem from one who wants the best price for a good asset. Both are fine, but the process design differs.
Use structure to close the gap. If the owner believes in a forecast the buyer will not pay for, an earn-out puts the disagreement on paper and lets the deal sign.
Also this month, Bulgaria’s new licensing regime for performance-paid gambling affiliates is in force - a fixed EUR 6,000 a year plus 10% on commissions, with the tax authority able to block payments to unlicensed affiliates. Operators should check the licence status of every affiliate they pay. Buyers will.
(Sources: Dealsuite CEE M&A Monitor, August 2026; SBC News, 25 August 2026)