I'm looking for data in regards to multiple expansion of exited search acquired businesses. Typically I model no multiple expansion on the base case and 1x upward on the upside case. I've seen others mark this up substantially (2-3x multiple expansion for non-technology businesses) and want to compare these models with actual data.

I reviewed the most recent Stanford Primer but couldn't find data on this topic. Any insight -- with specific successful exit multiple expansions would be helpful. So far I have an n of 1 that is around 1.25x expansion.

Thank you in advance!