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Azets has reported a record year for buy-side activity across the Midlands, Wales and the West, advising on 21 financial due diligence and buy-side transactions in the past 12 months.
The firm said the region continued to show strong demand for strategic acquisitions despite wider market uncertainty.
Deals supported during the period were worth a combined £176m, with an average enterprise value of £8.2m.
Activity spanned sectors including manufacturing, health and social care, technology and real estate, with transactions completed in Birmingham, Shropshire, Stourbridge, Wolverhampton and South Wales.
Funding was drawn from a mix of acquirer investment at 47%, bank finance at 43% and private equity at 10%.
Highlights included JGP Holdings’ acquisition in the care sector; the completion of Birmingham-based Niche and Bespoke, supported by HSBC and Cattaneo; and Mercia Asset Management’s investment in Telford-based Crown Plus Limited, which marked the British Business Bank’s 100th deal.
Natasha Hill, associate director at Azets, said: “This year has been exceptional, not only in volume but in the depth of support we’ve provided. We’ve invested heavily in advanced data analytics to strengthen the quality and precision of our buy-side work, enabling earlier risk identification and more targeted analysis throughout due diligence.
“Over three-quarters of our engagements included full wrap-around buy-side advisory, from supporting management with indicative offers and deal structure, to inputting into the financial elements of the legal documents, giving acquirors specialist guidance at every stage of the process.”
The firm said there had been a marked rise in complex buy-side mandates, with 76% of FDD projects supported by its wider advisory service. Activity accelerated in recent months ahead of the latest budget cycle, culminating in three transactions completing within three days.
Lee Humble, head of corporate finance at Azets, added: “2025 has been very strong for buy-side transactions and FDD work over the last year due to high demand from our clients, despite the M&A landscape being in one of its most stormy phases for many years.
“Whilst M&A markets have generally contracted and we have noted extreme shifts in approach from buyers and investors, our own teams have been able to deliver an increase in deal volumes and overall deal sizes. 2026 will hopefully see some stability now we have the benefit of a confirmed tax landscape, at least in the short term, and we envisage more activity, with our breadth of lending contacts showing us that capital remains available to support good teams, strong businesses and well-thought-out proposals.”
Azets is an international advisory group with regional offices across the Midlands, Wales and the West, including sites in Birmingham, Bristol, Cardiff, Coventry, Gloucester, Nottingham and Wolverhampton.
