As we reach the halfway point of the 2025/26 financial year, we’re proud to reflect on another period of strong performance, continued investment and recognition for our teams across our UK business.
Over the past six months, we completed 28 transactions, with broad-based activity reflecting the depth of our sector expertise. Technology (32%), business services (28%), and financial services (16%) led the way, accounting for over 75% of total deal activity.
Notably, 20 of these transactions involved private equity (PE), underscoring our role as a trusted adviser across both owner managed businesses and sponsor-backed deals.
Some of our standout transactions include:
- Vitruvian Partners: Advised on its acquisition of Great Rail Journeys, with Duke Street exiting. Our team provided M&A and Debt Advisory support
- Pollen Street Capital: Supported its majority stake investment in Leonard Curtis, marking our 20th professional services deal in the UK over the last three years
- Keltic Traffic Management: Advised on its sale to Equistone-backed BUKO Group, a leading European traffic management provider, marking our 12th infrastructure and engineering deal in the UK and Ireland over the last five years
Over the past six months, we have leveraged our key strengths, operating as one fully integrated team, to deliver outstanding solutions for our clients.
Some examples of this include:
- UAP Group Limited: Advised on its sale to a subsidiary of Allegion plc, with our team providing M&A, modelling & data analytics, and ESG advisory support
- fulfilmentcrowd: Advised shareholders on its investment from Palatine, delivering M&A, debt advisory, and modelling & data analytics support
- Inspiro Learning: Supported the sale to Beech Tree Private Equity, providing M&A, debt advisory, modelling & data analytics, and ESG advisory services
Over the past six months, we completed 28 transactions, with broad-based activity reflecting the depth of our sector expertise.
Building on a record-breaking FY24/25, we are on track for another successful 12 months. This momentum is supported by strategic investments in our technology platforms, enhancing our ability to deliver for clients. Looking ahead, we remain focused on supporting ambitious businesses through an evolving market landscape.
Our people remain at the heart of our success. At the start of this year, we were delighted to announce two new partner promotions, Zack Goddard promoted to Partner in our Industrials team and Mark Maunsell promoted to Partner in the Business Services team. These appointments reflect both their significant contributions and our commitment to nurturing the next generation of Clearwater leadership.
Our teams have continued to be recognised for their hard work, quality and dedication, securing awards at both regional and European levels. It was a clean sweep at the Business Desk Rainmaker Awards, with our teams taking home the Team of the Year trophies in Manchester, Leeds and Birmingham - extending our streak of consecutive wins.
- Business Desk Yorkshire Rainmakers Awards 2025 – Corporate Finance Team of the Year (second consecutive year)
- Business Desk North West Rainmakers Awards 2025 – National Corporate Finance Team of the Year (third consecutive year) and individual recognition for Michael Loudon, Head of the North West, as Rainmaker of the Year
- Business Desk West Midlands Rainmakers Awards 2025 – National Corporate Finance Team of the Year (third consecutive year)
- Insider Midlands Dealmakers Awards 2025 – Corporate Finance Advisory Team of the Year (Large £20m+) and Dealmaker of the Year for Head of the Midlands Sarah Taylor
- Real Deals Private Equity Awards 2025 – Pan European Corporate Finance House of the Year
The team also has several nominations in upcoming awards events. These accolades highlight the depth of talent across our UK team and reinforce our position as the leading independent advisory firm.
Our teams have continued to be recognised for their hard work, quality and dedication, securing awards at both regional and European levels.
View of the market
The UK M&A market is showing signs of cautious optimism heading into late 2025 and 2026. After a period marked by economic uncertainty and high interest rates, deal activity is rebounding, particularly in the mid-market. Strategic buyers and PE firms remain active, drawn by resilient sectors such as technology, healthcare, IT services, and manufacturing and infrastructure.
PE remains a key driver of the market, with firms still eager to deploy capital. Buy-and-build strategies are thriving, especially in sectors with recurring revenues, and investors continue to focus on ESG credentials and operational resilience, which remain central to valuation and due diligence.
Debt markets remain stable, though lender risk appetite remains measured. Lenders are under increasing pressure to deploy capital, leading to competitive terms and creative structures such as club deals and structured financings. These are collectively helping to bridge valuation gaps and support complex transactions.
Looking ahead to 2026, M&A activity is expected to continue its upward trajectory, driven by strategic growth needs, succession planning and, importantly, the deployment of capital reserves. Additionally, the pressure on PE funds to exit older portfolio companies will be one of the key drivers of M&A activity. Overall, while challenges persist, the UK M&A landscape is poised for a resilient and dynamic period, underpinned by strong fundamentals and evolving financing strategies.
UK CEO Mark Taylor, commented:
“At the halfway point of the 2025/26 financial year, our strategy is clear: to position Clearwater as the pre-eminent mid-market adviser for ambitious businesses navigating a complex and evolving market. Our focus on sector expertise, integrated advisory capabilities and ESG-led solutions allows us to deliver more than transactions – we help our clients to grow and prosper.
Investing in our people and technology is central to this strategy. By fostering talent and collaboration across the firm, we strengthen our ability to anticipate market trends, address challenges, and leverage opportunities for our clients.
The UK market is in a relatively strong position in that economically we are relatively stable, and we do have access to numerous sources of capital, whether this is equity, debt-related or international corporates looking at investing. This enables us to remain optimistic.”
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