M&A Watch: Activity returns to pre-pandemic levels

Of the 76 deals tracked in November 2022, 60 were carried out by strategic acquirers, representing the second-highest monthly volume in recent years.

Three transactions were done through direct private equity investment, with 13 deals completed by private equity-backed strategics, as activity and conviction remain strong and buy-and-build journeys continue at pace.

As is regularly the case, North America was the most active region with 24 companies acquired. That said,  23 deals relating to UK assets were tracked – this is the highest monthly volume in recent years, including 16 acquisitions by strategic acquirers. There were 13 deals in Western Europe as activity in the region remains strong.

Deals of note in the month included:

• Sports and music representation and marketing group Wasserman received a strategic investment from Providence Equity Partners to drive the next stage of growth, representing a successful exit for Redbird Capital Partners and Madrone Capital Partners.

• LDC-backed Croud made its third acquisition in UK-based brand and social agency Born Social, bolstering creative and social capabilities, and adding a strong client roster.

• Carlyle made a majority investment in UK-based Incubeta, which offers creative, media, ecommerce and data capabilities, and is one of a select group certified as a Google Marketing Platform partner. Incubeta’s presence spans 22 countries, with 800 employees across the group. It is another significant statement of intent from the private equity community.

• French consulting group Capgemini, through Capgemini Invent, acquired UK purpose-driven creative agency 23red, which works with the UK government, charities and other clients to drive long-term engagement and change. This is certainly an area to watch in the near term as buyer and investor focus widens.

James Kesner is managing director of CG Results