'It has been another incredibly active year': Northern Ireland M&A market thrives as top local advisers named
Experian Market IQ identifies Tughans and AAB as the most active advisers in a year marked by high-value transactions and cross-border interest
The most active legal and financial advisers in Northern Ireland’s mergers and acquisitions (M&A) sector for 2025 have been revealed in a new report by Experian Market IQ.
In a review of the year, Experian said the M&A landscape underscores a market that "remains active and increasingly value-driven, with robust performance at the upper end and continued stability in the midmarket".
Tughans LLP has once again secured top spot in the legal adviser rankings, marking 11 consecutive years as Northern Ireland’s most active M&A law firm. The firm advised on 69 qualifying corporate transactions, representing over a fifth of all reported deals in the local market during 2025, including high-profile cross-border transactions in England and the Republic of Ireland.
Deal volumes were highest in the technology, manufacturing, and energy sectors. Key transactions included Westland Horticulture’s acquisition of Bulldog Products Group, the sale of Auditcomply to Toronto-based Nulogy, and investment in TeamFeePay by YFM Equity Partners, Techstart, and the Investment Fund for Northern Ireland, managed by Clarendon Fund Managers.
Reacting to the firm again securing top place in the rankings, Patrick Brown, managing partner at Tughans, said: "Maintaining this position for an 11th consecutive year reflects the continued trust our clients place in us to advise on their most important strategic transactions and projects.
"It is also a testament to the expertise and quality of our teams, who are consistently engaged on complex, high value mandates.”
James Donnelly, head of the corporate practice at Tughans, continued: "It has been another incredibly active year for our transactional teams, with a broad range of mandates across different sectors and a noticeable increase in larger value transactions.
"The volume and variety of instructions reflect the continued strength and maturity of Northern Ireland’s deal market.”
Fellow corporate partner, John McGuckian, added: "Private equity backed acquisitions remain a key feature of the deal market with Northern Irish companies and management teams continuing to impress funds in London, Dublin, the US and beyond."
The latest M&A review also revealed A&L Goodbody (56) and Carson McDowell (51) were in second and third position, with Mills Selig (50) and Millar McCall Wylie (25) completing the top five.
The top 10 also included Davidson McDonnell Solicitors (23), Arthur Cox (19), Turley Legal (19), Shoosmiths (13) and DWF (11).
In the financial adviser rankings, AAB retained the top spot with 25 deals, ahead of HNH Partners (24) and Grant Thornton (21). Rounding out the top ten were EY (13), BDO NI (12), Cooper Parry (8), ASM Chartered Accountants (6), KPMG (5), PwC (5), and Beltrae Partners (5).
Overall, Northern Ireland’s M&A activity showed steady momentum, with 337 transactions recorded in 2025 compared with 348 in 2024. While the total deal volume remained broadly consistent, disclosed deal values strengthened significantly, reflecting robust investor confidence.
The largest deal of the year was the buyout of FD Technologies by Kairos Bidco, backed by private equity firm TA Associates. Another notable transaction was DuPont’s sale of its Aramids business, which produces Kevlar, to US-based Arclin, marking the conclusion of DuPont’s 65-year presence in Londonderry.
The Experian Market IQ report underscores Northern Ireland’s continued role as a strong and stable M&A market, with advisers such as Tughans and AAB leading the way in delivering high-value transactions across multiple sectors.