IMAP closes 171 M&A transactions in Q1-Q3 2025

IMAP dealmakers closed 171 M&A deals around the world worth more than USD 10 billion through the first three quarters of 2025. While global headlines at the close of Q3 2025 emphasize high-profile mega-deals pushing aggregate deal values past $1 trillion, mid-market activity has generally slowed, with many pointing to a sharp decline in smaller deal volumes. Against this backdrop, however, IMAP continues to buck the trend and is on track to deliver another strong year — underscoring the resilience of the strategically important middle market, where IMAP’s local expertise and global reach provide unique advantages.

2025 began with high expectations for a banner year in M&A, but those hopes were soon tested as President Trump’s proposed tariff regime and aggressive trade measures unsettled global markets. For mid-market companies in particular, the ripple effects have been significant: disrupted supply chains, higher input costs, and valuation challenges across export-led sectors. At the same time, financing has remained costly, with lenders cautious and demanding tighter terms. Transactions are taking longer to close due to extended diligence cycles and more complex deal structures, as buyers work to mitigate risk and justify valuations. This has created a bifurcation in the market: deals are possible, but only for those who can structure, execute, and differentiate effectively. IMAP has consistently outpaced competitors in this environment, reinforcing its position as a leading global mid-market advisor.

IMAP activity year-to-date has been well balanced across Consumer, Services, Industrials, and Technology - sectors where long-term fundamentals remain robust. Cross-border deals remain a defining strength, accounting for more than a third of 2025 transactions, as IMAP partners continue to leverage the partnership’s international reach to help clients seize opportunities across markets. Partner perspectives emphasize notable resilience in Healthcare, Logistics, and Digital Transformation-driven businesses, alongside a steady stream of succession-driven transactions in founder-led companies. Mid-market companies are increasingly being judged not just on growth multiples but on resilience, digital capability, and strategic positioning.

Jurgis V. Oniunas, IMAP Chairman commented: "The broader market may be reporting fewer mid-market deals, but at IMAP we are proving that quality opportunities remain abundant. Our partners are closing transactions that matter — for entrepreneurs, for investors, and for industries undergoing transformation — and that positions us for a strong close to 2025.”

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