Mid-market buyout firms are paying record multiples for companies as a need to invest funds forces them to compete for assets, according to new global research.

The top 25% of firms that paid a premium to get deals done during the first half of the year did so at an average of 11 times earnings before tax depreciation and amortisation. This was up from 9.7 times in the previous six-month period, according to figures from French firm Argos Soditic and Epsilon Research.