Private equity firms on average spent more than 10 times cash flow for U.S. and European companies in 2016, near record highs, according to a new Bain & Company report. “The combination of current high prices and an uncertain outlook means that investors are setting a high bar,” seeking companies that are growing or can improve margins, said Graham Elton, the head of Bain’s private equity practice in Europe, the Middle East and Africa. “The best investors are doing more of their value-creation-plan work pre-deal now.”