UK mid-market M&A: H1 round-up

UK mid-market M&A gathers pace in H1 despite macroeconomic uncertainties, with further recovery expected in H2. 

We advised on 41 completed transactions representing approximately £370 million of aggregate enterprise value, spanning sell-side and buy-side advisory alongside financial and vendor due diligence for private equity and strategic acquirers, with engagements across the £20 million to £100 million enterprise value range in business services, industrials, healthcare and financial services. The breadth of activity reflects both the depth of our sector coverage and the strength of our relationships with private equity and strategic acquirers in the UK mid-market.

The mid-market entered the year with renewed momentum after a selective and often cautious 2025. The pressures that constrained activity last year, elevated financing costs, valuation gaps between buyers and sellers, and macroeconomic and geopolitical uncertainty have begun to ease, and the market has moved from a period of reset into a more constructive phase of deal execution.

The recovery is real, but it is not broad-based. This remains a selective, theme-driven market, with competitive tension returning primarily for assets that meet increasingly well-defined acquisition criteria. High-quality businesses with scale, differentiation and resilience are attracting strong, competitive interest and holding firm valuations. Businesses lacking those characteristics continue to face a narrower buyer universe even as overall confidence improves. The result is a two-speed market, where preparation and quality are decisive.

Even as the market continues to digest the implications of AI, the direction of travel into the second half is positive. Improving confidence, a deep reservoir of private equity dry powder, mounting pressure to deliver exits, and a backlog of deferred processes all point toward continued strengthening of activity. The market is likely to remain selective and quality-led rather than broadly buoyant, which places a premium on well-prepared businesses and advisers who can hold a process together and demonstrate genuine value in diligence. For sponsors and owners alike, the opportunity set is the most constructive it has been since the cycle turned.