Frank Dunne, Consulting Partner specialising in corporate finance at RSM Ireland, spoke to Business Plus Magazine for their annual mergers and acquisitions (M&A) survey.

M&A deal activity in 2024 

The Irish M&A market has demonstrated continued resilience, with deal activity gaining momentum during the second half of 2024. This growth reflects improved macroeconomic conditions, a more supportive interest rate environment, growing investor confidence, and a renewed appetite for strategic transactions.    

The technology sector continues to attract interest due to its scalability and emphasis on digital transformation, while consolidation within the financial services industry remains strong as firms seek greater scale and efficiencies. Transaction timelines have extended slightly, in part due to the increasing complexity of due diligence, particularly in areas like cybersecurity and ESG compliance.

At RSM Ireland we have experienced strong deal flow throughout 2024, reflected across each of our service lines - M&A advisory, due diligence, valuations, and funding. Notable publicly announced assignments include advising the vendors of Neylons Facility Management and Allmed Logistics, both of whom were acquired by PE-backed trade entities. From a due diligence perspective, we have advised on several complex cross border buy-and sell-side assignments, including the acquisition of the ATA Group by the US based Harvey Performance Company.

 

Attractiveness of Irish businesses for international investors

Private equity continues to play a pivotal role in the Irish deal landscape, particularly in the middle market where scalable models and strong management teams are highly valued. Record levels of 'dry powder' and growing private equity competition are driving increasingly sophisticated deal structures, with many funds seeking minority stakes or long-term partnerships to secure access to high potential businesses. For owner managed businesses, this presents significant optionality as they seek to secure capital, strategic expertise and global networks - all to drive accelerated growth. These trends underscore the importance of having globally integrated advisers.

The proposed transatlantic merger between RSM US and RSM UK will establish a partner-owned multinational organization spanning locations across the US, the UK, Canada, Ireland, India and El Salvador, supported by 23,000 professionals, with combined annual revenues of $5 billion (USD). For RSM Ireland, this milestone marks an opportunity to significantly enhance our ability to deliver seamless cross border services to clients navigating increasingly global opportunities.

2025 M&A outlook

The outlook for the Irish M&A market in 2025 is positive, with particularly strong buyer interest anticipated across middle market, privately owned businesses – a segment that strongly embodies Ireland's diverse and resilient economic strengths. We expect activity across multiple sectors, including technology, healthcare and financial services, alongside growing interest in industrial and consumer goods.

Private equity is set to remain a driving force, leveraging capital reserves to target businesses with robust growth potential and innovative business models. As global investor sentiment continues to improve and clarity around the US presidential election takes hold, Ireland is well positioned to capitalise on this momentum.

As published in Business plus, December 2024.