M&A has become a core part of how companies grow and compete. As more players enter the market, professionalism is rising across the board, and the gap between those who optimise their approach and those who don't is growing. Rising geopolitical tensions, an intensifying trade war, and growing macroeconomic uncertainty are reshaping the M&A landscape. At the same time, the rapid improvement of AI technologies has introduced innovative approaches to dealmaking almost overnight.

This report cuts through that complexity. Below, we summarise the key findings across four areas: market trends, strategy, execution, and process digitalisation.

Market Trends: Mid-market M&A is growing fast, and the competition is coming from both ends

Mid-market M&A is growing fast and attracting new entrants at both ends. Megafunds are moving into the lower mid-market, driving EBITDA multiples to historic highs. SMEs are professionalising their approach. Search funds are rising. Competition for quality assets has never been greater. Deal structures are shifting too: risk is moving from buyer to seller, with earn-outs, vendor loans, and W&I insurance now standard features of mid-market transactions.

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Strategy Trends: Organic growth alone is no longer enough, the leaders have moved on

The bar for M&A strategy has risen. Companies that rely solely on organic growth are falling behind, scope deals, AI capability acquisitions, and programmatic deal activity are separating the leaders from the rest. Meanwhile, private equity's shift from IRR to DPI is unlocking new sell-side supply through continuation vehicles and secondaries.

Execution Trends: Deal success has flipped, but the bar for getting there keeps rising

Deal success rates have flipped from 70% failure to 70% success, reflecting greater sophistication in process, technology, and team capability. Both buyers and sellers are more proactive: exclusivity starts later, processes run wider, and speed of conviction is a competitive differentiator. Due diligence has expanded well beyond financial and legal checks to cover strategic fit, IT, cybersecurity, ESG, and AI governance. Acqui-hiring is gaining traction as a mainstream talent strategy.

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Process Digitalisation: Technology is making M&A faster, more proactive, and more accessible

New technology is making mid-market M&A faster, more proactive, and more accessible. AI tools streamline target identification, data analysis, and due diligence, reducing manual work and improving decision quality across the deal lifecycle. Sourcing, screening, and scoring targets is now largely automated. Private credit is displacing bank financing as the preferred funding route, offering greater speed and execution certainty.

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The trends covered here are just the surface. Download the full M&A Mid-Market Trends Report 2026 for the complete analysis, data, and insights behind each of them.

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