Shared Insights: UK M&A Market Valuation Barometer October 2025
posted 7th November 2025
Welcome to the October 2025 edition of MarktoMarket’s Valuation Barometer, covering deals and multiples in UK M&A during September 2025.
Volumes
A total of 373 deals were recorded as completed in September 2025 by the publication date. In addition to the most up-to-date figure at the time of publication, we also report an estimated total for the month, which includes a provision for deals completed during the month but not reported until after the report cut-off date. The estimated total is based on the variance between provisional and final deal volumes we have observed in previous reports. Based on our estimation, the final deal count for September UK M&A activity is expected to reach 440+ deals.
Deal Value
We calculated that M&A deals valued at a total of £20.1 billion** were executed or announced during the month.
NASDAQ-listed Skyward Specialty has agreed to acquire Lloyd’s-based specialist underwriter Apollo Group for £414 million. Apollo is an US-focused, capital-light underwriting platform at Lloyd’s of London with a strong growth record. The acquisition, expected to close in Q1 2026 subject to regulatory approvals, marks Skyward’s entry into the Lloyd’s market and helps strengthen Skyward’s US specialty presence, adding over $1.5 billion in managed premiums.
London-listed Diversified Energy has agreed to acquire Oklahomabased Canvas Energy in a £406 million transaction. The deal adds complementary operated acreage in Major, Kingfisher, and Canadian Counties, enhancing Diversified’s existing Oklahomaoil and gas portfolio. It is expected to boost adjusted EBITDA and free cash flow by 18–29%, continuing Diversified’s strategy of acquiring cash-generating energy assets at attractive valuations.
London-listed food flavourings firm Treatt PLC has agreed to be acquired by the rival Natara for £156.6 million in an allcash transaction. The deal will bring together Natara’s specialty base aromas expertise with Treatt’s natural extracts capabilities, creating a leading global ingredients platform in the food and flavouring sector.
Other deals in the small and lower mid-market:
- London-headquartered management consulting firm Elixirr International has acquired Chicago-based strategy consulting firm TRC Advisory for £93 million. TRC, with a strong industrial and manufacturing client base, is expected to strengthen Elixirr’s footprint across its seven U.S. locations.
- Sysco GB has acquired catering butcher Fairfax Meadow from Hilton Foods for £54 million. The 50-year old business with 360 employees will continue operating separately while gaining access to Sysco’s food service network, supporting its new owners’ strategy to grow its UK fresh meat offering.
- Willenhall-based Kasdon Electronics has been acquired by Swedish electronics group NOTE AB in a deal
worth £34.1 million. The acquisition strengthens NOTE’s position in the UK electronic manufacturing services market and provides access to the defence sector.
Buyer Makeup
Trade buyers accounted for 66% of UK M&A deals in September. Private equity firms and their portfolio companies represented 22% of the deals recorded. The most acquisitive buyer this month is PE backed Insurer JMG Group with four transactions announced during the month.
UK CF Confidence Index
UK CF Confidence Index provides a monthly update on market participants’ expectations about deal volume and valuation in the next 12 months. It is based on surveys conducted among our UK corporate finance webinar audiences.
To produce the index, we assign weights of 1, 0.5, and 0 to the percentage of responses indicating improvement, no change, and deterioration, respectively. The index ranges from 0 to 100, with a value above 50 indicating “net confidence” about UK M&A activities over the next 12 months.
How GS Verde Can Support
At GS Verde Group we help leaders turn insight into action. With the release of the October 2025 edition of the UK M&A Market Valuation Barometer, you gain real-time visibility into deal volumes, valuations and investor sentiment. Our dedicated corporate finance team uses this data to support sellers and buyers with rigorous valuation benchmarking, tailored transaction strategy and an integrated, cross-discipline approach. Whether you’re preparing to exit, raise funding or pursue growth through acquisition, we bring the expertise to help you navigate complexity and seize opportunity with confidence.
Want to know the value of your business? Explore our Valuation page:
Find the report from Mark To Market here: https://marktomarket.io/october-2025-uk-ma-valuation-barometer/
