The 2nd quarter of 2020 represented the first full quarter of the Covid-19 Pandemic. During the quarter, we saw a dramatic decline in closed deals of middle-market private equity-backed transactions. There were just 31 closed transactions during the quarter, which was down from 82 transactions during the first quarter and 78 transactions in the comparable quarter of 2019. Deal multiples remained stable, with EBITDA multiples averaging 7.4x in both the Q1 & Q2 of 2020.
