2025: Autumn update
Highlighting our recent deals, key developments within our teams,
and insights into the trends shaping the market.
Welcome to the FRP Corporate Finance Autumn Update.
As we enter the final stretch of 2025, we reflect on recent activity and news from across our national team including recent deal completions, sector insight articles, award wins and team promotions.
Corporate Finance Partner Daniel Brecker explores the latest developments in the M&A market and considers why narrowing valuation gaps and greater flexibility from sellers could set the stage for renewed momentum as we head into 2026.
In our latest sector insight articles, our experts unpack the latest trends and driving forces behind recent M&A activity in the legal and beauty sectors and consider the opportunities and challenges that lie ahead.
Finally, we reflect on a successful season of award wins in Newcastle, Wales and the South Coast, and celebrate the recent promotion of three members of our team – Amy Murphy and Matthew Nolan to Associate Director, and Twm Westcott to Senior Associate.
Daniel Brecker explores the latest developments in the M&A market
Over the last quarter, ‘uncertainty’ has been the defining theme for M&A. Firms have been carefully navigating a fast-changing geopolitical environment and, most recently, waiting for the long-trailed Autumn Budget to finally arrive.
While this has led to a generally cautious market sentiment, when looking under the surface the picture becomes a lot more nuanced – there have been real areas of significant activity.
Private equity investors continue to have dry powder to invest, particularly in assets that exhibit recurring revenues, have strong technology or artificial intelligence capabilities and alignment on ESG strategies.
Tech-enabled services, pure-play technology and healthcare are all sectors that perform well against these measures and are where we’ve seen strong private equity attention, particularly where there are also fragmented markets, and where private equity investors see opportunity through buy-and-build platforms.
Jade joined FRP Corporate Finance in 2024 following the acquisition of Lexington Corporate Finance and is an Assistant Manager in the M&A team, based in our Cardiff office. Jade was recently named ‘Emerging Dealmaker of the Year’ at the Wales Dealmakers Awards 2025, recognising her exceptional contribution to the regional dealmaking community, her commitment to clients, and her growing reputation as a rising talent in the industry
Can you tell us a little about your professional background?
I started my career in Corporate Finance straight out of university, joining Lexington Corporate Finance in 2021. Since then, I’ve worked on a wide range of transactions across a variety of sectors including technology, healthcare, retail, engineering and testing and inspection. This breadth of experience has given me a strong foundation in both trade and private equity transactions and helped me develop a deep understanding of the nuances and complexities that each deal type presents.
I’ve taken on increasing responsibility with each transaction, from leading marketing processes and managing due diligence to negotiating commercial terms and building financial models. I am proud to have been recognised as Emerging Dealmaker of the Year at the Wales Dealmakers Awards 2025—an incredible milestone that reflects the journey I’ve been on and the support I’ve had from my colleagues and clients.
Tell us a little about some of the deals you’ve worked on recently?
The past few years have been busy and rewarding. I have played a key supporting role in each transaction that I’ve been involved in, with every deal presenting its own challenges and learning opportunities. What I’ve valued most is the chance to work with exceptional businesses and business owners, helping them achieve their strategic goals.
Earlier this year, I advised Cardiff-based Ceaton Security on its sale to Senseco, assisting with the formal marketing process and liaising with potential buyers and their advisors to drive value and illicit numerous offers for the business. I supported the management of sell-side due diligence and worked alongside the Company’s legal advisors to ensure the commercial terms were accurately reflected.
Another highlight was supporting the team on the investment into PureCyber by BGF. I helped market the business and liaised with private equity investors to illicit offers. We were key in identifying the right investor and managing the due diligence across multiple streams. As part of the process, I prepared an integrated financial model for the business which was the key focus of the financial due diligence.
I also supported the team on the sale of Burns Pet Nutrition to Assisi Pet Care, which involved helping to prepare the business for a successful sale, managing a formal process to evaluate numerous off market approaches that the Company received and oversee all aspects of the transaction to shield the management team from transactional distractions, allowing them to remain focused on the day-to-day operations and performance of the business.
Tell us a little about what you like to do in your spare time?
Outside of work, I enjoy spending time with friends and family, whether it’s just dinner and drinks or a weekend getaway. I’m also passionate about travel and love exploring new places whenever I get the chance. Recently, I’ve been fortunate enough to visit a number of bucket list destinations and I’m excited to continue to explore new places and gain new experiences.
