FY25/26 was a year of continued momentum for Clearwater, shaped by strong deal activity, investment across our platform, and the relationships that drive our business forward.
In a market defined by ongoing economic, political, and technological change, we remained focused on helping clients navigate complexity with clarity and confidence. Across the year, we completed 209 transactions, raised €3.7bn in debt, and reached a total deal value of €11.4bn. This included 88 cross-border deals, with Clearwater ranking as the 4th most active M&A adviser by deal volume.
Looking ahead, uncertainty remains a defining feature of the market. But as we’ve seen time and again, uncertainty also creates opportunity for those who are prepared. Our focus is on helping clients navigate that complexity with clarity and confidence, combining deep sector expertise with the judgement and deal craft needed to deliver exceptional outcomes.
We’re excited about what’s ahead and remain committed to building on this momentum, investing in our people and helping businesses unlock their full potential.
This year has also bought significant industry recognition. Being named Pan-European Corporate Finance House of the Year at the Real Deals Private Equity Awards is something we’re incredibly proud of. It’s a testament to the dedication of our team and the trust our clients place in us.
We’ve continued to expand our coverage and strengthen our international business. The rebrand of Vulcain to Clearwater in France and Belgium in October 2025 marked an important step, bringing us to 13 countries across Europe, supported by partnerships in the US and Asia. Alongside this, we’ve strengthened our capabilities in Spain, launching debt advisory and enhancing our private equity offering in the region to better support clients across the full transaction lifecycle.
Growth isn’t just about geography, but also people. Over the past year, our team has grown by 10%, with 11 new Partners joining the business, while more than 80 colleagues were promoted across the firm, including 23 at senior level. These milestones reflect both the strength of our culture and our continued focus on developing talent from within.
Coming together as one team also remains central to how we operate, and this year’s annual conference in Madrid was a strong reminder of the energy, collaboration, and shared ambition that runs through the business.
Looking ahead, uncertainty remains a defining feature of the market. But as we’ve seen time and again, uncertainty also creates opportunity for those who are prepared. Our focus is on helping clients navigate that complexity with clarity and confidence, combining deep sector expertise with the judgement and deal craft needed to deliver exceptional outcomes.
We’re excited about what’s ahead and remain committed to building on this momentum, investing in our people and helping businesses unlock their full potential.
About the report
The report provides deeper insight into the trends shaping dealmaking across Europe, from changing private equity dynamics and investor behaviour to the growing influence of AI across technology and services. Across sectors including tech, healthcare, industrials, consumer and business services, it explores the qualities investors are increasingly prioritising in a more selective market.
Download the full report
“What continues to stand out across the mid-market is the level of ambition we’re seeing from businesses across Europe. Companies are still looking to grow, invest, and evolve, and our role is to help them turn that ambition into action. With continued investment across the business and growing collaboration across our teams, we’re well placed to build on that momentum in the year ahead.”
Bruce Weir, COO
FY25/26 Stats
209
transactions completed
4th
most active M&A adviser in Europe
88
cross-border transactions completed
80+
colleagues promoted
Our Team Conference 2026 – Madrid
