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International transactions continues to fuel M&A activity in the Irish market. Over two thirds of the transactions we, in Grant Thornton, advised on in H1 2025 involved either an Irish company acquiring an international target or an Irish vendor selling to an international acquirer.
The platform for internationalisation continues to grow with international strategic trade buyers and private equity (PE) investors continuing to target opportunities for growth in Ireland and Irish companies seeking diversification and growth through deals abroad.
Understanding the forces that motivate and shape these deals – and what’s involved in their success – is vital to Irish businesses seeking to expand abroad and in weighing up the benefits of selling to an international company.
PE firms are under increasing pressure to put uninvested capital to work. While deal activity may be somewhat muted currently versus the initial post-Covid bounce, there continues to be significant capital ‘dry powder’ in the market, ready to be deployed. As investors look for new opportunities, their ideal targets are profitable companies that have the potential to operate globally.
Ireland has much to offer in this regard given our competitive tax rates, skilled labour and EU access. As well as a stable market with a good economy, we crucially have leading skill sets in key sectors, including food and agriculture, manufacturing, data centres, technology – most notably, medtech – and pharmaceuticals.
In the past three to four years, a growing number of PEs have looked to expand in Ireland, whether they already have a foothold here or are hoping to get one.
Many companies with a remit to grow will look for fragmented markets where they can buy and consolidate businesses. Recent sectors which have seen signification consolidation in the Irish market include veterinary practices, facilities management, logistics, MedTech and pharmaceuticals, data centre service providers, technology, insurance and professional services.
We have supported many clients in their international expansion in these areas including Linnaeus on their Irish veterinary acquisitions and Apleona on their Irish business services acquisitions. Indeed, these relationships span wider than just Ireland and we work closely with our colleagues across the Grant Thornton International network to support such clients.
International acquirers, particularly those new to the Irish market, will seek advice on many of the below areas:
While capital is plentiful, there is still a ‘flight to quality’, with the best assets attracting the best price. Investors are more cautious, and we are seeing a greater level of due diligence being undertaken. While the due diligence process traditionally focused on financials and tax, it has expanded to include much more. Evolving regulations drive new environmental, social and governance (ESG) due diligence requirements and businesses, especially large global companies, have grown more cautious when it comes to technology and HR, demanding more detailed diligence in these areas as well.
Given the size of the Irish market, for many businesses here, the key to growing faster is overseas expansion. The UK is the easiest first step – even post-Brexit – because of our language and cultural connections. When companies want to go further afield, to expand their global reach or secure supply chains, local market dynamics play a critical role in the success of international M&A.
For an Irish business seeking to attract investors, in particular PE, organic growth opportunities are not quite enough, and a business will need to identify and create opportunities for inorganic growth.
Irish acquirers pursuing an international growth strategy may seek advice on many of the below areas:
We have supported many remarkable Irish businesses through our Irish office, drawing on the expertise of our international Grant Thornton colleagues for local M&A support, including Kingspan and Keelings.
Grant Thornton Ireland’s clients benefit from an extensive international network built of local expertise that can navigate the cultural, legal and economic specifics of each target market – particularly the different legal frameworks. We can manage the process anywhere in the world, taking an oversight role while remaining the client’s single point of contact, and trusted partner.
Grant Thornton Ireland ranked #1 Deal Advisor for 2024 by Experian and PitchBook league tables. To find out more about how Grant Thornton can support your business, talk to our Deal Advisory team.
