People
Global consumer and retail dealmaking saw a decisive shift toward large‑cap transactions in Q4 2025. Total deal value rose to £88bn, up 52% quarter‑on‑quarter despite declining volumes. This late‑year surge reflects a market increasingly defined by fewer, higher‑value deals rather than a broad‑based recovery, as investors channel capital toward scale opportunities over smaller, more sensitive mid‑market assets.
Private equity remained a powerful force, backing 50% of all large‑cap deals and 40% of EMEA transactions, as sponsors accelerated deployment into resilient assets supported by attractive financing conditions. While mid‑market momentum softened – just 42 deals were announced, a 31% drop from Q3 – valuation discipline remains high, with buyers favouring margin‑durable categories and applying structured protections where growth is less certain.
Sector performance diverged sharply, with Food & Beverage leading activity continuing to anchor the cycle amid consumer demand stability, followed by Health & Beauty, which sustained the highest valuation multiples. Geographically, the Americas contributed 62% of total value, while EMEA drove 49% of global volume, signalling differing regional deal drivers as corporates and sponsors reposition portfolios entering 2026.
Scan our full report below or access it as a PDF.
