IMAP closes 108 M&A transactions in H1 2025

The first half of 2025 saw steady middle-market M&A activity despite global headwinds, including uncertainty around new U.S. tariffs and shifting trade policies. Deal momentum briefly slowed at the start of Q2 as investors reassessed valuations and strategic plans, particularly in the Consumer, Manufacturing, and Automotive sectors. However, renewed optimism followed the May trade agreement between the U.S. and U.K., signaling a move toward rebalancing international trade relations, particularly with China.

As market volatility eased, dealmakers adapted, drawing on experience from previous periods of inflation and interest rate hikes. Strategic buyers—both public and private—continued to fuel transaction volume, contributing to a stable but cautious dealmaking environment.

IMAP advisors closed 108 deals globally in the first half of 2025, totaling over USD 8 billion in transaction value. Cross-border deals made up more than a third of this activity, as firms leveraged IMAP’s international platform to seize global opportunities. The most active sectors included Consumer, Services, Technology, and Industrials.

Looking ahead, market fundamentals remain favorable for continued M&A activity. Founder-led businesses are increasingly coming to market due to generational transitions, while private equity firms face mounting pressure to exit long-held assets, increasing the supply of targets. On the demand side, capital remains abundant, with both financial and strategic investors competing aggressively for high-quality assets.

Buyers are placing a premium on companies with stable earnings and pricing power, reflecting a broader focus on predictability in an unpredictable market. However, deals are taking longer to close due to heightened diligence, risk sensitivity, and more complex transaction structures. Even so, the middle-market remains a vibrant and strategically important space for dealmaking in 2025.

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IMAP Quarterly 2025 H1-Q2 final.pdf

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