There have been fewer "block-buster" deals during the past
several years - probably more because of a dearth of large
pure-play acquisition opportunities than because of any lull in
strategic interest levels. Unfortunately, one result of the high
prices that GE, Danaher, and other large consolidators paid for
water companies is that they helped to drive average valuations
up, and left in their wake an unrealistic set of value expectations
for hundreds of smaller technology developers, inventors,
and tinkerers - who now all seem to think that their "better
mouse-traps" should also be worth ten to twelve times
EBITDA.