More than 35 SF acquisitions in the first half of 2025

The first half of 2025 has concluded. We are still working to include a few confidential and undisclosed deals that may have been missed for now, but will be incorporated into our annual report. That said, the initial review is very positive, with more than 35 SF acquisitions completed in this first half of the year.

This increasing activity is very promising, suggesting another record year if current trends continue.

Countries:
The United States continues to lead the market, with twelve recorded acquisitions, along with two deals in Canada. Overall, North America accounts for more than a third of total activity.

However, for the first time, Europe has emerged as the most active region, with 16 completed deals. Spain is the most active country, with five acquisitions, followed by the UK (four deals), and Italy and Germany, with three deals each. The Netherlands recorded one transaction. Europe now represents more than 45% of all transactions to date.

In contrast, the APAC region recorded three deals — all in Japan — while Latin America reported two deals, both in Brazil.

Exits:
The great news is that exits are continuing globally, with strong performance trends. Notably, Spain stands out with seven exits, most of them generating excellent returns for investors. Other significant exit activity occurred in the USA and Brazil. In total, approximately 18 to 20 companies previously acquired by SFs have been sold over the past six months, with several deals achieving multiples above 5x and IRRs exceeding 50%. This signals a clear trend towards very positive outcomes, highlighting the growing maturity and high performance of this asset class.

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

Below is the full list of acquisitions completed in H1 2025: