After a few quiet months, deal activity recovered at the end of the summer. Where some processes had to remain on hold, others accelerated, hoping to benefit from a strong COVID performance. Multiples of listed companies remained strong overall. Private label manufacturers showed a remarkable decline in multiples versus previous quarter. This could be related to consumers sticking to trusted brands in times of uncertainty. But private label manufacturers outperformed branded manufacturers strongly in the previous recession, and might do that again in the (post-)COVID downturn.