Missouri PE Deal Report

PE Deals Closed by Type Increasing Add-on Acquisition From 2008 - 2022, add-ons as a percentage of total transactions have generally been increasing from 42.9% to 76.5% of total deals. For 2H 2022, we saw a continuation of this trend and we expect add-ons to remain a high percentage of PE transactions as PE firms continue to look to add-ons as a way to scale up their platform companies and "buy down" entry multiples. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Source: PitchBook 1 R. L. Hulett 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Buyout/LBO PE Growth/Expansion Platform Creation Add-On Pg 13

View entire presentation