Overview
The last five years have presented an unusually variable, and consequently challenging at times, environment for UK M&A. The after-effects of COVID, geopolitical disruption and resulting warfare, inflationary pressure, [fluctuating FX rates[S&B1] ], rising interest rates and domestic political and economic uncertainty have each impacted deal confidence at different points.
Against that backdrop, for the majority of that period buy‑and‑build proved to be a relatively resilient and growing strategy. Based on the sample set analysed in this report, bolt‑on acquisitions completed by the most active UK corporate repeat acquirers quadrupled between 2021 and peak activity in 2024, while PE‑backed volume buy-and-build platforms, starting from a much higher basepoint, grew 65%, with 365 bolt‑on acquisitions completed across the same four years. [These figures [focus upon and] are derived from screened cohorts and should be read as directional indicators rather than a census of all activity[S&B1] .]
It is when looking at 2025, when transaction volumes in both categories decline, that the data suggests there is a distinction which emerges when comparing private equity and corporate behaviour. PE‑backed deal volumes show sharper sensitivity to uncertainty, falling proportionately much more sharply in 2025. Corporate acquirers, by contrast, demonstrate a more stable acquisition profile, perhaps reflecting funding structures rooted in cash flow (so less debt reliant), longer investment horizons and sector‑specific consolidation strategies, underpinned by deeper long-term sector knowledge and relationships. For PE, the peaks are likely higher but the troughs can dip lower.