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Middle Market Breakdown

Because of the wide range of company sizes within the definition, the middle market can be further broken down into the following:


Overview of Middle Market

Pitchbook defines the middle market as companies with total enterprise value between $25 million and $1 billion and the “core middle market” as between $100 million and $500 million.


Lower Middle Market: $5 – $50 million of revenue;

Companies with EBITDA below about $10 million (lower middle market) are typically family or entrepreneur owned and individual customer wins and losses greatly impact performance. Many of those sales relationships are concentrated in the family, and senior management ranks are often populated with family members.


Middle Market: $50 – $500 million of revenue; and

We define the core middle market as companies with $10 to $75 million of EBITDA.


Upper Middle Market: $500 million – $1 billion of revenue.

Upper middle market companies typically have $75 million of EBITDA or more, and are often publicly held or sponsor backed.

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