Deal Services Review 2024
Even without the usual optimism of a typical M&A professional, 2024 was expected to be something of a reawakening. As the year unfolded it was evident that the hopes of a positive rebound would be delayed and a subdued market would remain in force, improving as we entered the post summer period.
Looking ahead to 2025, we anticipate a landscape shaped by evolving trends and critical factors influencing deal-making. From the increasing focus on technology and Artificial Intelligence (AI) to the strategic importance of exit planning, deal structuring and integration, the M&A environment is witnessing noteworthy shifts.
As we start 2025, M&A volumes reflect the strongest level of activity we’ve experienced since 2022, and as a result, we are cautiously optimistic that we’ll see a continued increase in deal activity in the year ahead.
This report shows the numerous highlights across our deal services business throughout 2024 and explores some of the key factors that will shape the deals market for 2025. This year, we also launched our ‘your exit journey: enhancing and protecting value’ campaign, which delves into the key considerations to help maximise a business’ value.
A big thank you to all our corporate and private equity clients, we look forward to working with you in the years ahead.

James Wild
Head of M&A

Rob McCarthy
Head of Transaction Services
Key takeaways
2024 deal activity remained subdued with deal volumes increasing by around 2% compared to 2023 and a return of “deal craft” with advisers finding creative solutions to unlock completions.
UK and US elections and stable interest rates led to a more buoyant market as the year progressed.
Valuations increased in the year albeit remained lower than 2021/2022. The “gap” between buyer and seller closed from Q3 onwards resulting in higher deal conversion.
Concerns over capital gains tax (CGT) increases led to a flurry of deals in Q3 and inheritance tax changes now on the agenda for business owners.
Private Equity new platform investment activity is primed to make a return in 2025 alongside renewed overseas purchaser appetite. Valuations are expected to be supported by continued “race to quality” for platform deals.
Hot industries: business services (accountancy and legal), healthcare, financial services, infrastructure and technology (AI) saw significant M&A activity.