BDO posts surge in Scottish deals as activity rises – Daily Business

BDO Scotland’s deal advisory team saw a 29% increase in the number of completed transactions last year.

Almost two-thirds (29) had private equity involvement, an increase of over 30% on the prior year, with a further 17 involving privately owned corporate/trade parties or publicly listed companies.

The majority of completed deals centred around technology, real estate, industrial products and manufacturing, support services and healthcare.

Craig Goold, head of M&A in Scotland, said: “We saw the 2025 deal market pick up pace in the second half of 2025. 

“The backdrop remains unpredictable, with geopolitical uncertainty and evolving investor priorities. However, going into 2026, our current activity levels are high and there’s cause for optimism on the back of strong activity in Scotland making it one of BDO’s standout markets in 2025.”

Notable deals included supporting Optima Partners as part of Growth Capital Partners’ investment and acting for Frasers Group on its acquisition of Braehead Shopping Centre.

It also advised on the sale of Turmeric & Co to AG Barr, and Denovo Business Intelligence on the sale to LEAP Legal Software. A third of total deal value was real estate.

MHA report points to pick-up in activity

A pick up in private equity (PE) activity and rising numbers of owners looking to exit are key drivers behind increased optimism in the M&A market, according to MHA’s latest Global Transaction Report.

Andrew Feeke, head of corporate finance at MHA, said: “We expect deal volumes to continue to pick up, relative to a more cautious early 2025.

“While drivers of value remain high growth sectors, there is a theme of a much broader positive outlook for mergers and acquisitions (M&A) across multiple sectors.

“With PE looking to invest in mid-market transactions as a key driver of returns and with an abundance of ‘dry powder’ to deploy, the fundamentals of an active M&A market appear to be there.”

According to the report, global increases in activity are being driven by better economic conditions, including rising stock market performance, stabilisation of inflation and greater post-pandemic stability.