We’ve carried our strong momentum from 2024 into 2025, completing successful transactions for our clients whilst recognising the dedication and efforts of our team. The first half of the year has further affirmed our focus on creating value and achieving outstanding results across every deal.
During this period, we advised on a total of 26 deals with a combined deal value of £1.6bn, whilst our Debt advisory team was involved in 15 deals, marking a successful period for our team.
To celebrate the success of our record-breaking financial year, and as part of Clearwater’s ongoing commitment to fostering a culture of inclusion and wellbeing, we hosted a two-day immersive off-site retreat, known as the ‘Clearwater Retreat’. Held at Whatton Park, Loughborough, the event was focused on wellness to emphasise personal connection and collective growth.
Externally, the team has received significant recognition across the industry with several additions to our trophy cabinet. These wins celebrate the excellence we bring to our respective local markets and deep heritage in private equity (PE).
- The Manchester team won North West team of the year at Rainmakers 2025, for the third year in a row
- Partner and Head of Industrials, Michael Loudon, won Rainmaker of the Year 2025 at the North West Rainmakers awards
- The Leeds team won Yorkshire team of the year at Rainmakers 2025 for the second time running
- The European team won the Real Deals Pan European Adviser of the Year Award
- The UK team won Actum’s Buy and Build Value Creation Firm of the Year
We’ve continued to invest in our people, underscoring this commitment through several flagship promotions. These milestones celebrate individual achievement whilst also demonstrating our dedication to cultivating leadership and supporting long-term growth from within.
- Mark Maunsell and Zack Goddard both became Partners in Business Services and Industrials, respectively, strengthening our presence in two key sectors
- Jonny Haygarth was promoted from Associate Director to Director in our Tech team
- Emily Adlard, Josh Gorman and Lucy Clifford were promoted from Senior Associate to Associate Director
- Cameron Hannah, James Mundy and Tom Wood were promoted from Associate to Senior Associate
- Conal Gallagher was promoted from Analyst to Associate
- As part of its continued investment in the ESG team, Pippa Mullins was promoted from Impact Manager to Senior Impact Manager
To celebrate the success of our record-breaking financial year, and as part of Clearwater’s ongoing commitment to fostering a culture of inclusion and wellbeing, we hosted a two-day immersive off-site retreat, known as the ‘Clearwater Retreat’. Held at Whatton Park, Loughborough, the event was focused on wellness to emphasise personal connection and collective growth.
"The most important part of Clearwater is our people, and the awards we have brought home are a fantastic recognition of the commitment and talent of the team in which we have invested."
A view of the market
As we look ahead to the remainder of 2025, macroeconomic conditions remain a key consideration for dealmakers. Interest rates are expected to remain high, and whilst there may be some limited cuts, it is unlikely a significant decrease will be coming soon. This persistent high-rate environment will continue to place pressure on M&A activity, influencing both deal volumes and valuations.
Across debt markets, capital is likely to remain an attractive asset class for investors, but lending appetite remains bifurcated, where businesses with strong credit characteristics in favoured sectors are achieving top-of-the-market terms; otherwise, businesses need to search harder for appropriate liquidity.
From a PE perspective, funds continue to remain behind both in terms of deployment and, more significantly, exits from portfolios. With an increase in exits in Q1 this year, compared to the last quarter, there are signs that firms are ramping up their plans to go to market. This should drive activity going forward, whilst allowing funds to deploy capital in new investments.
Meanwhile, a substantial amount of committed capital remains in the hands of PE firms, which will need to be deployed into suitable investment opportunities. Our sponsor coverage team is increasingly advising our clients to focus on a small group of PE partners who will have real conviction about their business, focus on value creation, whilst bringing the right cultural fit.
Another key trend in the M&A space is the continued push toward digitalisation, as the impact of AI continues to hit every sector. Whilst the technology sector remains the most active, business operators across industries are looking at how they can use automation to remain competitive and provide differentiation. This will drive acquisitions going forward as companies look to chart a new path in a rapidly evolving landscape.
Mark Taylor, UK CEO, said:
“Whilst the macroeconomic climate in 2025 has remained volatile, our expert deal craft has meant we continue to execute outstanding deals and delight our clients. We are pleased with our performance so far and remain optimistic about the outlook for the rest of the year. PE and trade purchasers will continue to reward outstanding businesses with clear growth plans and differentiation.
We continue to operate in an environment where both entrepreneurs and financial institutions are looking at strategic options available to them. This ranges from making acquisitions and raising capital to support growth through to a full exit of their business. Our attitude toward providing clients with clear and pragmatic advice has undoubtedly contributed to our continued growth.
The most important part of Clearwater is our people, and the awards we have brought home are a fantastic recognition of the commitment and talent of the team in which we have invested. Clearwater remains committed to building a dynamic environment for its employees, and the sheer number of promotions recognises our commitment to nurturing home-grown leaders.”
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