More than 100 SF acquisitions completed worldwide in 2025

After several weeks of compiling details on all transactions closed in 2025 (note that we likely missed some deals and could not include a few undisclosed transactions due to confidentiality constraints), we are pleased to release this initial overview.

The best news is that 2025 has marked a new record for the global SF industry, with more than 100 acquisitions recorded so far.

For the first time in history, Europe appears to dominate the SF market in 2025, surpassing North America by a small margin (44 vs. 41 deals). As mentioned, we are aware that some transactions (particularly in the U.S.) may be missing. From our perspective, it may therefore be more prudent to say that Europe is now on par with the U.S. 😉

Continents:
The U.S. remains the single largest SF market worldwide, with at least 37 deals recorded in 2025. North America as a whole represents more than 40% of total activity when Canadian acquisitions are included.

Europe has reached first place as the most active region, accounting for almost 45% of total SF acquisitions in 2025. As usual, Spain is the second most active market globally and continues to consolidate its position, with at least 14 deals in 2025. It is followed by the UK (7 deals), Italy (6), and Germany (5). Belgium recorded 3 transactions, followed by Poland, the Netherlands, and Austria with 2 deals each. One transaction was completed in Portugal, Sweden, and France.

Once again, the APAC region ranks third, with Japan leading the way with 5 deals, followed by 1 deal each in Australia and New Zealand, and— for the first time—1 deal in India. SF pioneers continue to emerge across nearly all Asian countries, so we expect an exceptional year in 2026.

For the first time, one deal was also completed in South Africa.

Latin America recorded a total of 6 deals: 4 in Brazil and 2 in Mexico. We expect significantly higher activity in this region in 2026, with some transactions already completed in January 2026 in both Brazil and Mexico.

Exits:
North America continues to deliver strong exits, maintaining its historical performance. However, 2025 will clearly be remembered as the year of a wave of international exits in Europe and Latin America, both of which achieved excellent results. MOIC and IRR in Europe and Brazil have improved significantly over the past 12 months, with some deals achieving ROIs of at least 5x and IRRs exceeding 50% in cases where exits occurred after very short holding periods (less than 2–3 years). Spain has been the most active market in terms of exits, followed by Brazil. We have also seen excellent results in Poland and Portugal.

Unfortunately, we have observed some bankruptcies in Brazil and Europe, although there remains a general lack of transparency around these unfavorable events. What is clear, however, is that international exit performance (vs. North America) is closing the historical gap we saw in the past (below 20% IRR vs. over 35%). There is no doubt that this asset class continues to perform very well, and continues to outperform traditional PE/VC.

Sectors:
By sector, B2B services have been the most represented category, alongside Technology (SaaS, ERP, cybersecurity). Industrial deals, Education, HVAC/Plumbing, Healthcare, Energy, Agriculture, Maintenance, and Leasing & Rental activities also continue to account for a substantial share of transactions.

Below is the list of deals completed in 2025 (full details available in our database):