Middle market private companies in the Golub Capital Altman Index experienced EBITDA growth of 31 per cent and revenue growth of 21 per cent in April and May 2021 compared to their April and May 2019 earnings and revenue.
That’s according to a special edition of the Golub Capital Middle Market Report for Q2 2021, intended to provide greater insight into economic conditions than the report’s typical year-over-year comparisons, which reflect the impact of Covid-related lockdowns in April and May 2020. The year-over-year data is provided in the appendix for continuity purposes.
The data in this special edition report reflects the median performance of approximately 130 companies that were in the Golub Capital Altman Index in both periods.
Lawrence E Golub, CEO of Golub Capital, says: “The US economic boom continues in Q2. Revenue and earnings growth in April and May 2021 were remarkably strong relative to April and May 2019, which was also a strong period. The 21 per cent revenue growth compared to the pre-Covid period is striking because we had been seeing soft year-over-year revenue growth rates for the last several quarters. This indicates that growth in the second quarter is not just a recovery from Covid; it’s a reflection of a booming economy.”
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