Shared Insights: UK M&A Market Valuation October 2025
posted 7th November 2025
Welcome to the October 2025 edition of MarktoMarket’s Valuation Barometer, providing an overview of valuation trends and deal activity across the UK M&A market during September 2025.
Deal Volumes
As at the publication cut-off date, 373 UK M&A transactions had been recorded as completed in September 2025. In line with our established methodology, an estimated full-month figure is also included to account for transactions completed during the period but reported after the reporting deadline.
Based on historical variances between provisional and final data, total UK M&A deal volume for September 2025 is expected to exceed 440 transactions, reflecting continued activity across the market.
Deal Value
Total announced and completed UK M&A transactions during the month were valued at approximately £20.1bn.
At the upper end of the market, NASDAQ-listed Skyward Specialty has agreed to acquire Lloyd’s-based specialist underwriter Apollo Group for £414m. Apollo operates a capital-light underwriting platform at Lloyd’s of London with a strong growth trajectory and a predominantly US-focused portfolio. Subject to regulatory approvals, the transaction is expected to complete in Q1 2026 and represents Skyward’s entry into the Lloyd’s market. The acquisition strengthens Skyward’s US specialty offering and adds more than $1.5bn in managed premiums.
In the energy sector, London-listed Diversified Energy has agreed to acquire Oklahoma-based Canvas Energy in a £406m transaction. The acquisition adds complementary operated acreage across Major, Kingfisher and Canadian Counties, enhancing Diversified’s existing Oklahoma oil and gas footprint. The deal is expected to increase adjusted EBITDA and free cash flow by between 18% and 29%, consistent with Diversified’s strategy of acquiring cash-generative assets at attractive valuations.
Within the food and ingredients sector, London-listed Treatt plc has agreed to be acquired by Natara for £156.6m in an all-cash transaction. The combination brings together Natara’s speciality base aromas expertise with Treatt’s natural extracts capabilities, creating a scaled, global ingredients platform serving the food and flavourings market.
Selected Small and Lower Mid-Market Transactions
Elixirr International has acquired Chicago-based strategy consultancy TRC Advisory for £93m. With a strong industrial and manufacturing client base, TRC is expected to enhance Elixirr’s US presence across its seven American offices.
Sysco GB has acquired catering butcher Fairfax Meadow from Hilton Foods for £54m. The 50-year-old business, employing approximately 360 people, will continue to operate as a standalone brand while benefiting from Sysco’s foodservice distribution network, supporting the expansion of its UK fresh meat offering.
Kasdon Electronics, headquartered in Willenhall, has been acquired by Swedish electronics group NOTE AB for £34.1m. The transaction strengthens NOTE’s position in the UK electronic manufacturing services market and provides enhanced access to defence-sector customers.
Buyer Makeup
Strategic acquirers continued to dominate UK M&A activity in September, with trade buyers accounting for 66% of completed and announced transactions. Private equity firms and their portfolio companies represented a further 22% of deal activity.
The most active acquirer during the month was private equity–backed insurer JMG Group, which announced four transactions, underlining continued buy-and-build momentum within the sector.
UK CF Confidence Index
The UK CF Confidence Index provides a monthly snapshot of market sentiment, capturing participants’ expectations for UK M&A deal volumes and valuations over the next 12 months. The index is derived from survey responses collected from UK corporate finance professionals attending our webinar series.
The methodology applies weighted scores to respondent views: 1 for expectations of improvement, 0.5 for no change, and 0 for anticipated deterioration. Scores are aggregated to generate an index ranging from 0 to 100, with readings above 50 indicating net confidence in UK M&A activity over the forthcoming year.
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.
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Find the report from Mark To Market here: https://marktomarket.io/october-2025-uk-ma-valuation-barometer/
