Despite challenging headwinds, 2024 marked a milestone year for Clearwater, with the completion of 203 transactions valued at €15.8bn—making it our most successful year since the post-COVID surge.

According to Mergermarket data, the volume of European M&A deals increased by 6% compared to 2023. In contrast, Clearwater saw an impressive 15% increase in deal volume, underscoring our strength and momentum. Industrials & chemicals, business services, and technology & tech services continue to be particularly strong sectors where the volume of deals is abundant across Clearwater’s European offices. 

To meet the growing demand for our services, we made significant investments in senior talent throughout the year. Our partner base grew by 15%, both through strategic external appointments and internal promotions, enhancing our service lines, sector expertise, and regional coverage across Europe.

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“2024 marked a milestone year for Clearwater, with the completion of 203 transactions valued at €15.8bn—making it our most successful year since the post-COVID surge.”

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  • Promotion of Maximilian Hammers, Partner and Head of Business Services, DACH region – Maximilian has extensive experience advising international clients on M&A transactions
  • Promotion of Moritz Stupka, Partner, Germany – Moritz primarily advises clients in the energy and infrastructure sectors on M&A transactions and financing projects
  • Appointment of Maibritt Harritz Grosen, COO, Denmark - with extensive experience from Deloitte Consulting's M&A department, Maibritt brings valuable insights into growth strategies and due diligence processes
  • Appointment of Ross O'Donovan, Associate Partner and Head of Debt Advisory & Deal Origination, Ireland – Ross has a wealth of experience from his tenure at Deloitte, where he was an integral part of the corporate finance team as Director
  • Appointment of Davide Mereghetti, Vice Chairman, Italy – Davide has extensive experience in corporate finance, formerly holding senior positions at Credit Suisse, Deutsche Bank and UniCredit

Key promotions and appointments in 2024 included:

  • Appointment of Bruce Weir, COO, International – With over 25 years of experience in finance and operational leadership across various international financial services firms, Bruce brings a wealth of expertise to this new role
  • Promotion of Finn O’Driscoll, Partner, UK – Finn has over 10 years of M&A experience. In this time, he has built up an impressive roster of transactions across a range of technology sub-sectors
  • Appointment of Manuela Scheibe, Partner and Nordic Head of Debt Advisory – Manuela has a wealth of experience in debt capital markets from her time at Swedbank, Catella and Danske Bank
  • Appointment of Kasper Svold Maagaard, Partner, Denmark – Kasper has 15 years of corporate finance expertise with a focus on growth and technology-enabled businesses
  • Appointment of Olivier Zoelly, Partner, DACH region – Olivier brings over two decades of M&A experience, particularly for our French-speaking clients in Switzerland, having held senior positions at leading international investment banks
  • Promotion of Khalid Afras, Partner, Germany – Khalid advises private equity investors and corporates on all financing-related aspects
  • Promotion of Maximilian Hammers, Partner and Head of Business Services, DACH region – Maximilian has extensive experience advising international clients on M&A transactions
  • Promotion of Moritz Stupka, Partner, Germany – Moritz primarily advises clients in the energy and infrastructure sectors on M&A transactions and financing projects
  • Appointment of Maibritt Harritz Grosen, COO, Denmark - with extensive experience from Deloitte Consulting's M&A department, Maibritt brings valuable insights into growth strategies and due diligence processes
  • Appointment of Ross O'Donovan, Associate Partner and Head of Debt Advisory & Deal Origination, Ireland – Ross has a wealth of experience from his tenure at Deloitte, where he was an integral part of the corporate finance team as Director
  • Appointment of Davide Mereghetti, Vice Chairman, Italy – Davide has extensive experience in corporate finance, formerly holding senior positions at Credit Suisse, Deutsche Bank and UniCredit
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“We completed 74 cross-border transactions in 23 countries, showcasing the global reach of our footprint and the opportunities it unlocks for our clients.”

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Looking ahead to 2025, Phil Burns, Chair and Co-Founder commented:

"As we enter 2025, the M&A landscape is navigating a period of both resilience and transformation. Geopolitical uncertainties, coupled with fluctuating inflation rates, have led to a more cautious approach. However, M&A activity remains strong, with continued opportunities for consolidation, particularly among market leaders seeking to gain competitive advantage. Despite tighter financing conditions, there remains strong appetite for strategic deals.

It’s a dynamic time for M&A, and the key to success will be navigating these complexities with agility, insight, and a deep understanding of both market conditions and emerging trends. As one of the last remaining partner-owned businesses in our space, we have the flexibility to align our strategies with evolving market dynamics, allowing us to pivot swiftly to any changes that may arise."

In 2024, we expanded our presence with the addition of teams in Finland and Switzerland, strengthening our Nordic and DACH hubs. This growth further enhanced our ability to serve clients across borders. We completed 74 cross-border transactions in 23 countries, showcasing the global reach of our footprint and the opportunities it unlocks for our clients.

Our growing international debt advisory team played a pivotal role, advising on 68 deals and raising €6.07 billion in debt—setting a new record for Clearwater outside of the post-COVID boom in 2021.

This year also marked the unveiling of our refreshed brand identity, signalling our commitment to staying ahead of the market. With our strong European presence, and a team of 425 professionals spanning 12 countries, we are set for another successful year ensuring every business meets its true potential.

Looking ahead to 2025, Phil Burns, Chair and Co-Founder commented:

"As we enter 2025, the M&A landscape is navigating a period of both resilience and transformation. Geopolitical uncertainties, coupled with fluctuating inflation rates, have led to a more cautious approach. However, M&A activity remains strong, with continued opportunities for consolidation, particularly among market leaders seeking to gain competitive advantage. Despite tighter financing conditions, there remains strong appetite for strategic deals.

It’s a dynamic time for M&A, and the key to success will be navigating these complexities with agility, insight, and a deep understanding of both market conditions and emerging trends. As one of the last remaining partner-owned businesses in our space, we have the flexibility to align our strategies with evolving market dynamics, allowing us to pivot swiftly to any changes that may arise."

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