Private equity dealmaking in the North West is rebounding after a slow 2023. According to provisional half-year data from CMBOR, supported by Equistone Partners Europe, there were 13 buyouts in the North West in the first half of 2024, valued at £785 million. This is a significant increase from nine buyouts in H1 2023 and six in H2 2023, with deal value growing 90% from £413 million in H1 2023.

The North West saw the second highest deal volume in H1 2024, trailing only London. Notably, two North West-based deals, Morson Group’s MBO and Perspective Financial Group, were among the UK’s top 25. The North of England overall remained the most active region outside London, with 28 transactions across the North East, North West, and Yorkshire and Humber.

Despite this activity, deal value in the North (£1 billion) still lagged behind London (£5.8 billion). However, it surpassed the South East, which had a deal value of £528 million. Andi Tomkinson, Partner at Equistone Partners Europe, expressed optimism about continued activity in the North West for the rest of 2024, citing strong management teams and attractive companies coming to market.

The UK maintained its position as Europe’s largest and most active private equity market, with 95 buyouts valued at €16.1 billion (£13.8 billion). Germany and France followed, with 48 and 45 buyouts respectively, though France's activity may be impacted by political uncertainty.

Prof Kevin Amess, Director of CMBOR, highlighted the UK's resilience in private equity despite political upheaval. In contrast, France's snap general election could further delay M&A activity in an already quiet year.

Sector-wise, TMT (technology, media, and telecommunications) and Healthcare showed strong performance, reversing major corrections from 2023. TMT was the second most active sector by volume (70) and the largest by value (€21.6 billion), marking its highest half-yearly share in nearly a decade. The Healthcare sector also performed well, with 20 buyouts valued at €8 billion and 14 realisations valued at €15.8 billion, surpassing the full-year 2023 total of €11 billion.

Overall, the North West buyout industry is experiencing a robust recovery, with expectations for continued growth throughout 2024.