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Welcome to our latest edition of our Deals Digest

Discover our H2 2025 outlook, key trends in M&A and financing, and highlights from a strong H1 2025 as we continue to support clients through strategic transactions.

Patrick Dillon

Head of Deal Advisory

H2 2025 outlook

Global economic volatility and potential changes to US tariffs may lead to more overall uncertainty. If these remain stable, we are optimistic that M&A activity will remain strong in H2.
Manufacturing, TMT and professional services to be key sectors.
Private Equity firms continuing to play a vital role in transactions.
Valuation gaps between buyer and seller to continue.
Increased competition between lenders for transactions will continue to drive better terms for borrowers.

H1 2025 highlights

Building on success and strength

Our Deal Advisory team supported clients through strategic transactions with sector insight, trusted relationships, expertise and a focus on value. Key highlights include:

H1 transactions

We advised on 30 deals with a value of €715m, across our Lead Advisory (M&A), Transaction Advisory Services and Debt Advisory service lines.
20 in 30 deals involved cross-border transactions.
9 in 30 deals involved in private equity.

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Wide recognition for our expertise

Leading positions in Experian quarterly league tables across ROI and NI.
Corporate Finance Team of the Year at 2025 NI Dealmaker Awards.
Charlie Kerlin won Dealmaker of the Year at 2025 NI Dealmaker Awards.
We provided transaction services to MML on their disposal of Kyte Powertech to R&S. Group, which won the Finance Dublin M&A Acquisition Technology Deal of the Year.

Strength through our global platform

Grant Thornton Advisors, the global platform that Grant Thornton Ireland joined in January 2025 continues to grow across 8 jurisdictions and many more exciting additions in progress. Our multinational, multidisciplinary platform offers clients access to a seamless and enhanced cross-border services.

Key industries

H1 2025 transactions

View all transactions [pdf - 2 mb]

Manufacturing – 10 deals including:

The Nutriment Company acquisition of The Dog’s Butcher, Your Pet Nutrition and Bulmer Pet Foods.

TMT – 4 deals including:

Aryza’s acquisition of RiskLogic and Webio and Viatel Technology Group’s acquisition of Cybit Cyber.

Professional services – 4 deals including:

Waystone’s acquisition of BIL Manage Invest and Oak Groups acquisition of Amber Trust Ltd.

Healthcare – 3 deals including:

HSL sale to Asker Healthcare Group and HSL Management.

H1 2025 market trends

01 M&A trends

Lots of activity from PE backed trade players.
Continued consolidation in professional services with a notable increase in PE investment in the sector and also the merger of a number of smaller practices.
Insurance consolidation continues with Arachas and Howden leading the acquisition trail.
Significant increase in the hospitality sector with notable transactions including the sale of Citywest Hotel to the State, the acquisition of the Radisson Blue Hotel Dublin Airport by Dalata Hotel Group and Deka Immobilien’s continued expansion in Ireland with the acquisition of the Ruby Molly Hotel.
Technology remained a key sector with Anduril acquiring Klas, AMCS making two acquisitions, Selected Interventions and Mandalay Technologies and Integrity 360 acquiring Nclose and Holiseum.
Deals are taking longer to complete with more due diligence streams e.g. Commercial, ESG, HR and Technology.
Sustainability and ESG becoming more important to buyers when seeking acquisition targets.

02 Financing trends

2025 thus far has seen an increase in transactions seeking growth capital and acquisition funding which is positive. We are also seeing continued repricing activity with more borrowers looking to test the market, seeking improved terms.
Real estate activity is still weighted to residential and industrial. The office market continues its bifurcation with strong demand for newly constructed centrally located assets, and weaker demand for assets in lower quality locations – though alternative lenders offered broader options on the latter.
Lenders also showed strong demand for well-structured cash flow lending opportunities, with the main Irish banks continuing to participate in LBO’s despite the growth in private capital.
We continue to see loosening in debt structures across commercial real estate and cash flow lending, given competition from funders and developments in international markets.

Deals Digest

Welcome to our latest edition of our Deals Digest

H2 2025 outlook

Building on success and strength

H1 transactions

Wide recognition for our expertise

Strength through our global platform

H1 2025 transactions

H1 2025 market trends

Meet your dedicated deals team