The Experian Market IQ South West M&A Report 2025 confirms a clear shift in South West dealmaking. We found deal volume down 10% and total value off 71% year-on-year.
That signals fewer mega-deals, yet a resilient core where mid-market activity actually grew.
Key Takeaways
- 435 deals were announced year-to-date, down from 485 in 2024, a 10% drop in UK deal volume for the region.
- Deal value fell to £4.1bn from £14.1bn, a 71% decline driven by the absence of large-cap transactions.
- Mid-market deals rose 17% in value to £844m, and manufacturing deal value climbed to £1.3bn.
How the South West Compares to 2024
The headline numbers show a market recalibrating, not retreating. Our analysis suggests the lower end stayed busy while big-ticket deals thinned out. https://atholtonnews.com/category/news/
| Metric | YTD 2025 | YTD 2024 | Change |
|---|---|---|---|
| Deal volume | 435 | 485 | -10% |
| Deal value | £4.1bn | £14.1bn | -71% |
| Mid-market value | £844m | £721m | +17% |
| Confirmed lower-end deals | 57 | — | — |
The data comes directly from the Experian MarketIQ YTD 2025 M&A Review.
Which Sectors Carried Regional M&A Activity?
If you have followed regional M&A activity here, the sector split won’t surprise you. The Experian Market IQ South West M&A Report 2025 TMT sector led on volume, while manufacturing led on value growth.
| Sector | Deals | Deal Value |
|---|---|---|
| TMT | 66 | £560m |
| Manufacturing | 60 | £1.3bn |
| Professional, scientific, technical | 60 | £401m |
Manufacturing stood out. Its value jumped from £367m to £1.3bn, even as deal counts stayed flat.
That tells us buyers paid up for fewer, higher-quality assets.
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The Top 5 Deals That Defined the Year
Three South West deals topped £100m.
Here are the five largest transactions across the region.
| Rank | Target | Bidder | Value | Type |
|---|---|---|---|---|
| 1 | Ultra PCS | Eaton Corporation | £1.14bn | Acquisition |
| 2 | Empiric Student Property | Unite Group | £719m | Acquisition |
| 3 | Pennon Group | — | £490m | Share issue |
| 4 | Alliance Pharma | Aegros Bidco | £362m | IBO |
| 5 | Netomnia | — | £300m | Debt funding |
Eaton’s £1.14bn acquisition of Cheltenham-based Ultra PCS anchored the year. Private equity transactions stayed active too, with 65 venture and buy-out deals recorded.
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Who Advised on the Most Deals?
Adviser league tables show where the work concentrated. Experian Market IQ South West M&A Report 2025 list the top-ranked legal and financial advisers below.
| Rank | Legal Adviser | Deals | Financial Adviser | Deals |
|---|---|---|---|---|
| 1 | HCR Law | 39 | BDO | 24 |
| 2 | Clarke Willmott | 21 | K3 Capital Group | 23 |
| 3 | TLT | 15 | Hazlewoods | 22 |
HCR Law topped the legal rankings with 39 deals.
BDO led financial advisers with 24.
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What This Means for You
Industry insiders are noting a familiar pattern.
Subdued first-half activity often precedes a stronger finish.
- Buyers still see value in mid-market deals, where pricing held firm.
- Sellers in TMT and manufacturing remain attractive to US and Irish acquirers.
- Investors should watch the fourth quarter, when delayed deals tend to close.
We found the South West still pulls real weight.
The region accounted for a meaningful share of UK deal volume, and manufacturing deal value more than tripled. The Experian Market IQ South West M&A Report 2025 market cooled, but the foundations held.
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