Q3 2025 delivered a familiar narrative: PE-backed consolidators and professional services firms continued their dominance of UK M&A activity. While insurance brokers showed marginally increased activity compared to the typically dominant wealth managers, the shift remains modest rather than transformational.

Market Composition

The buyer landscape remained consistent with historical patterns:

• Trade buyers: 66%
• PE-backed acquirers: 16%
• Listed acquirers: 10%
• Direct PE investments: 8%

Professional services firms and PE-backed consolidators continued to dominate the top 20 most active acquirers.

Most Active Buyers

JM Glendinning (Synova-backed insurance broker) led the quarter with 6 transactions, followed by Finli Group and Perspective Group. Specialist Risk Group and Punch Pubs each completed 4 transactions. On the international front, Swedish vehicle repair group Carey Group was the most active cross-border acquirer with 3 deals. Among PE houses, Intermediate Capital Group topped the list with 3 transactions, while Goldman Sachs, LDC, Rockpool, and KKR each completed 2.

Sector Spotlight

Professional services remained the dominant focus – insurance brokers, wealth managers, and accountancy practices led activity.

Consumer healthcare showed interesting movement. ICG’s acquisition of Hakim Group (an 80-deal veteran consolidator) could signal renewed momentum in the opticians sector, and Yorkshire Dental Suites made two strategic acquisitions in Birmingham and Liverpool, perhaps suggesting a national expansion play.

Niche consolidation opportunities emerged in injection moulding. Newly incorporated Clarity Plastics acquired 2 businesses from administration, and in construction, Oscrete’s 2 acquisitions positioned it as the leading consolidator in an otherwise fragmented market.

Looking Ahead

With insurance brokers matching wealth managers’ activity levels and renewed interest in consumer healthcare verticals, Q4 could reveal whether these trends represent a genuine market shift or temporary fluctuation.

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