US vs Europe – differences in lower middle market?

Hi all, I’m new here and looking at this from a Belgian / European perspective. We’ve been active as operator-investors in Europe, mainly in the €1–5M EBITDA range, and I’m currently trying to better understand how the US market compares. One thing that stood out to me: on some platforms, US deals seem to trade at slightly lower multiples than what we typically see in Europe. Curious how you see this: is this a real structural difference (more fragmentation / dealflow in the US)? or are these simply less competitive deals that don’t reflect the broader market? And one more question: where do you actually see the most competition today — brokered deals, or more in proprietary / off-market situations? Would appreciate any honest insights. Best, Friso Haerens Haerens & Partners