Analysis of the first 20 SFs in 2025

Now that the first quarter has concluded, we believe it’s a good time to review the initial 20 SF acquisitions completed at the beginning of 2025. As always, these are preliminary figures — we may have missed some deals and expect to include a few currently undisclosed transactions in the coming months due to confidentiality.

As in previous years, we’re seeing increasing activity early in the year, which suggests another promising outlook for 2025.

Countries:
The United States continues to lead the market with six recorded acquisitions. Including one deal in Canada, North America accounts for more than a third of the total activity.

However, for the first time, Europe has emerged as the most active region, driven primarily by Spain, which saw four acquisitions. When combined with additional deals in Italy, the UK, the Netherlands, and Germany, Europe represents 45% of all transactions to date.

In contrast, the APAC region and Latin America have recorded two deals each, specifically in Japan and Brazil.

Exits:
The good news is that exits are continuing globally, and we’re seeing strong performance trends. Notably, Spain stands out with three successful exits — all generating excellent returns for investors. Furthermore, we’re aware of at least three additional companies currently in negotiations to be sold in the coming months. Other notable exit activity occurred in the USA and Brazil.

Sectors:
Industrial acquisitions have played a prominent role this year, alongside strong activity in B2B services, including distribution. Other consistently active sectors include HVAC, IT services and software, and healthcare — all of which continue to represent a substantial share of the deals.

Below is the full list of acquisitions completed in Q1 2025: