July saw 25 PE-backed acquisitions across Europe, representing an 17% decrease year-over-year with 5 acquisitions less in July 2025 than 2024.
Number of announced PE-backed acquisitions over the past 12 months*
- Number of PE-backed Acquisitions
Roll-Up Market Insights
Despite the year-over-year and month-over-month decline of 17%, the number of PE-backed acquisitions remains above the 2025 yearly average of ∼21.
With 7 acquisitions, the UK present the country with most PE-backed acquisitions.
In July, Aladdin Tech (London) was the most active acquirer with two acquisitions.
Software, FinTech and Health Care are the most mentioned acquired industries.
This month’s case study: Xeinadin – Expansion in the UK and Ireland
Founded in 2019, in London, UK, Xeinadin is an accountancy and business advisory firm that offers cloud accounting, corporate finance, auditing and payroll services.
Under private equity ownership from Exponent, Xeinadin had already added 15 companies to its portfolio in 4 years.
- Xeinadin Companies Acquisitions
Xeinadin’s most recent acquisition, publicized in July 2025, was the acquisitions of FCC Chartered Accountants.
Founded in 2017 in Galway, Ireland, FCC is a professional firm of chartered accountants registered auditors that provides financial, accounting services.
PE interest in accounting and advisory firms reflects the potential of the sector
Xeinadin’s most recent PE-backed acquisition demonstrating the consistent growth ambitions of accounting and advisory firms in the UK, especially for small and medium enterprises.
Case study:
Exponent’s investment in Xeinadin reflects the significant potential that PE-investors see in the accounting and advisory sector, driven by a resilient client base, opportunities for transformation, and strong M&A opportunities:
- In 2019, over 100 small and medium-sized accountancy practices across the UK and Ireland merge to form Xeinadin.
- In 2021, appointment of a new independent non-executive chairman as a realignment and professional management of the group.
- One year later, PE-house Exponent invests a significant minority investment in Xeinadin, marking a turning point and enabling the company to accelerate growth.
- After Exponent’s entry, Xeinadin completed several acquisitions, including the acquisition of Tyrrell Accountants a Cambridge-based accountancy practice.
- With the plan to expand its business capabilities and provide clients with a wider array of resources, Xeinadin acquired Devonports LAS, an accountancy firm with over 3,500 clients.
- In 2025, Xeinadin acquired the long-established accounting firm FCC to expand their presence in Ireland and serve a broader range of clients in retail, hospitality or food processing.
You can read more on Exponent’s acquisition of Xeinadin here, and more on Xeinadin’s acquisition of FCC here.
*All data from CrunchBase, as of August 4, 2025.
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