Post-Covid Valuations


Program produced jointly by XPX Fairfield County and XPX Hartford

You know the saying – value is the price negotiated between a willing buyer and a willing seller. So how are buyers in the lower middle market approaching valuation in this new world?

  • What is changing in their valuation models?
  • Are EBITDA multiples going to be adjusted?
  • Will deal structures change?
  • Will there be Covid add-backs?
  • What will it take to complete transactions in 2020 and beyond?

For answers to these question we have assembled a panel of three Private Equity buyers, moderated by Ken Pia, the leader of the Business Valuation Industry group at Marcum.


Kenneth J. Pia, Jr., Parter – Business Valuation Industry Leader

Kenneth J. Pia, Jr. is a partner and the leader of the Business Valuation Industry group. With more than 30 years of professional business valuation and litigation support experience, Ken has developed a national reputation working on a wide range of complex valuation engagements. He has performed valuations of businesses and partial business interests for a variety of purposes including, but not limited to, family law matters, employee stock ownership plans, business damages, buy-sell agreements, shareholder litigation, estate and gift tax matters, and buying and selling businesses.

Adam Fitzner, Managing Director – HRCP

Adam Fitzner joined HRCP in 2017 and has led transactions, overseen portfolio company investments, and is a member of the Investment Committee. He currently serves as director of Inspire Automation and American Roller. He has previously served as a director of several other privately owned and sponsor-backed businesses. Prior to joining HRCP, Adam worked for Corinthian Capital conducting all aspects of middle market investments, including growth and operational improvement initiatives. He began his career as an investment banker with Evercore, Miller Buckfire, and Houlihan Lokey. Adam earned a dual B.S. in Finance and Marketing from Lehigh University and an M.B.A. from the Johnson School at Cornell University where he was a Park Fellow.

Kyle P. Madden, Partner – KLH Capital

Kyle is a Partner with KLH Capital and is primarily responsible for identifying, structuring and executing transactions, due diligence, and portfolio management. He serves on the Board of Directors for BMI Merchandise. Prior to joining the private equity group in 2009, he was involved in a variety of brokerage-related capacities within the wealth management and insurance industry. An active member of the M&A industry, he has served on the Board of Directors of the M&A Source, was the 2013 chairman of the Alliance of Merger & Acquisition Advisors (AM&AA), and is asked to speak regularly at industry-related events and conferences.

Kyle is a native of Amherst, New Hampshire. He graduated from the University of Tampa’s John H. Sykes College of Business with a Bachelor of Science degree in Finance. He enjoys fishing, boating, snow skiing, and spending time with his wife, Christine, and son, Grant.

Lamar Stanley, Vice President – Gen Cap America.

Before joining Gen Cap in 2016, Mr. Stanley was with Diversified Trust Company, a Nashville-based wealth management firm where he worked in their private-equity strategy group. Prior to Diversified Trust Company, Mr. Stanley served as an Intelligence Officer in the United States Navy. He holds a B.A. degree from The University of the South, in Sewanee, TN and an M.B.A. from The University of Chicago.

Updated: May 19, 2020

About the author