Even though the U.S. economy is recovering from a recession, valuations of middle market companies as a multiple of Ebitda remain high, a departure from the historical norm, according to Lawrence Golub, president of Golub Capital. "We're looking for stability," he said. "We're looking for industries where even if the economy stays a little bit weak in 2011 and 2012, the fundamental earnings power of the business is at least flat."
