After years of record corporate profits and inexpensive credit, the price of nearly all middle-market acquisitions — from manufacturing to technology and healthcare — has soared. For private equity investors, that has made the diligence process more important than ever. Thanks to favorable macroeconomic conditions and the dry powder available to invest, acquisition multiples are above 2007 levels, before the financial crisis. Companies are being acquired at average multiples of 10.9x EBITDA, compared with 9.7x a decade ago, according to Bain & Co’s Global Private Equity Report. Economic conditions suggest there will be no slowing in deal prices.