PwC delivers deals worth £8bn
PwC’s transaction and lead advisory teams in the North completed deals with a total value in excess of £8bn in FY22/23.
The teams operate across the Midlands and the North, with the combined value of the transactions across both regions amounting to £10bn in FY22/23.
Dan Gallagher, partner and N&M deals leader, said: “The North Transactions and Lead Advisory team has delivered a strong performance this year against a backdrop of economic and geopolitical challenges. Following the record level of deals in 2021, we entered 2022 with a strong pipeline of activity which continued throughout the first half and then began to temper at the end of the year.
“Demand for our expertise remains strong, particularly in areas such as technology, transformation and ESG across a variety of sectors including Technology, Healthcare, Industrial Products, Business Services and Energy & Infrastructure. Despite the challenges, there continues to be positive market sentiment and ongoing appetite to acquire good quality businesses. In our latest CEO Survey, 63% of UK company leaders said they do not plan on delaying deals in the coming year and we are seeing companies are still very much on the lookout for opportunities to transact to transform their business. Corporate appetite to accelerate growth and change combined with private equity’s continued deployment of capital continue to support the deals market. We remain cautiously optimistic that 2023-24 will be an active M&A market.”
The TMT sector in particular continued to see high activity levels across both corporate and private equity transactions, some of the key deals included Volpi Capital’s acquisition of Xalient Holdings, LDC investing in AI Recruitment Technologies and Bowmark Capital investing in Littlefish.
Deals in the industrials and business services sector also remained strong particularly in the infrastructure services sector where we saw a cluster of transactions including Triton Partners acquisition of O’Connor Utilities, OMERS acquisition of Network Plus and Arcus Infrastructure Partners acquisition of Workdry International Group Limited. More recently PwC lead advisory and transactions combined to advise Augean on its acquisition of Future Industrial Services from NorthEdge Capital and advised on another three deals in the waste and circular economy segment.
To support the pipeline of activity, PwC has recently announced further investment into the deals team in the North, with 58 promotions taking place in July, including four directors and two new partner admissions – Georgie Bryce and Zeynep Turunc.
