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IPO market closed until 2026?

UK 5 min read
Author
Daniel Black

Hello,

It’s been a relatively slow week for market rumours and confirmed deals. Is it just the Easter break or another sign that deals are paused while the market waits for some certainty to return? 

That said, there are still a number of noteworthy stories for your attention, including:

  • THG rejected a £600m bid for Myprotein
  • IPOs apparently won’t be back until 2026
  • Revolut doubled profits to £1bn

Thanks for reading, and connect with me on LinkedIn if you want to discuss how I can help with your next M&A deal.

Deal Tracker

Our weekly roundup of all the confirmed M&A deals in the UK.

TransactionSectorsBuyer
01

Alan Boswell Group acquired East-Suffolk-based Andrew Thompson and Associates

Insurance

Alan Boswell Group

02

JMG Group expands in the UK through a trio of acquisitions by three of its businesses – GSGroup, Greenwood Moreland and Lighthouse Risk Services.

Insurance

JMG Group

03

Carr’s Group PLC sold its £75m engineering division to Cadre Holdings Inc

Manufacturing

Carr's Group PLC

04

GTO Partners took majority stake in Complea

TMT

GTO Partners

05

AECOM acquired Allen Gordon

TMT

AECOM

The rumour mill

Salaries and bonuses

Job moves

Market trends

Dealmakers take advantage of the relative calm

In Europe’s volatile equity markets, sellers are moving fast and seizing the brief windows of market calm to get deals done. For instance, Ageas raised €550 million to fund its takeover of British Esure, and a day later, sponsors Cinven, Permira and MidEuropa sold a $309.86 million stake in Polish Allegro. 

Both deals landed during rare green trading days. With tariffs shaking the markets and block discount widening – Allegro priced at a 7.2% discount – advisors are urging their clients to act swiftly when sentiment turns positive, even briefly. 

Despite global turbulence, Europe remains relatively steady: the Stoxx 600 is down only by 0.89% YTD, compared to the S&P 500’s 12% slide. With PE funds facing pressure to return capital, and LPs sitting on heavy public losses, these sporadic windows are becoming viable tools for sponsors to re-open the secondary blocks market. 

Global optimism, UK caution

Speaking of private equity, PitchBook reports a sharp rise in the value of PE investments in European financial services firms in Q1, with €7.8 billion flowing into the sector, compared to only €6.4 billion during the same period last year. However the number of deals remained low, with just 101 transactions, the fewest since Q3 2021. 

As expected, UK-based PE firms remain cautious, with only half of them looking to increase their investment levels. The primary concern for UK firms is talent retention, as competition for skilled professionals intensifies. Meanwhile, across global markets the sentiment is upbeat, with 67% of firms planning to boost investments this year.

Moreover, a Grant Thornton survey suggests that PE strategies themselves are getting craftier. While traditional debt options are tightening, firms are looking into alternative funds and unitranche financing, or even swapping debt for equity stakes. 

Goldman tops the charts

And finally, our sincere congratulations to Goldman Sachs for securing the top position among financial advisory firms in Q1, according to Mergermarket.

IPOs