IMAP DEALBOOK 2025

The mid-market is not a single story. There is the founder who spent thirty years building something and is now deciding what comes next. There is the family business that quietly became the leader in its category without anyone outside the industry noticing. And a growing number have outgrown the boundaries once associated with the mid-market — competing for capital on a global stage, expanding across borders, and transacting with some of the world’s largest institutions. What connects all of it is not size but ambition: the conviction that a business, however it started, can become something larger than where it began.

We have never thought of our work as simply closing transactions. A transaction is a moment. What we are actually asked to do is harder and slower: to help someone move from what their business is today to what it needs to become — for a buyer, for a successor, or for a future they may not fully see yet themselves.

That work has grown sharper, not easier. Capital is available, but it is increasingly selective. Buyers are looking beyond the story a business can tell to the evidence beneath it: how resilient the business is, how repeatable its performance is, how credible its growth prospects are, and how well it can withstand scrutiny. The businesses that achieve the best outcomes are the ones that have been building toward that moment long before it arrives.

Every entry in our Dealbook reflects that journey at a different scale — a different sector, a different country, a different set of ambitions. On their own, they are transactions. Taken together, they are a record of what disciplined businesses — well prepared, well guided — can achieve.

It is to our clients, who did the work long before any of us sat down at the table, that we dedicate this publication.

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