Lower Middle Market
Companies larger than typical Main Street shops, often with management teams and EBITDA-based pricing.
Last updated September 5, 2026
Lower middle market generally refers to firms with more professionalized operations and higher enterprise value than a classic owner-operator shop — often measured in millions of EBITDA rather than SDE. Processes look more like M&A: CIMs, IOIs, QoE, and management presentations. Financing may still include SBA, but bank and private credit structures are more common. The boundary with Main Street is informal and overlaps.