I'm interested to understand if the deal size (in terms of EBITDA) of searcher-acquired companies differs by channel.

My hypothesis is that due to competition from institutionals in brokered channels, the EBITDA of companies that searchers manage to actually acquire should be smaller than with proprietary deals. Does anybody have any data on this?

On a related note: What is your EBITDA cutoff at which point you wouldn't bother with an intermediated deal?