GMcG Chartered Accountants Corporate Finance Director Robbie Milliken takes a closer look at trends and developments impacting Northern Ireland M&A activity.
In the face of shifting economic and political landscapes, Northern Ireland’s businesses are perhaps more experienced than many other regions when it comes to dealing with such turbulence. From Brexit to years without a functioning Executive at Stormont, local businesses have long operated in a state of controlled uncertainty. But rather than stagnate, many have and continue to adapt and thrive, a trend that underlines the robust nature of the local mergers and acquisitions (M&A) sector.
One of the key features of Northern Ireland’s M&A market in 2024 and in Quarter 1 of 2025 was consolidation. At GMcG we have seen numerous examples of larger companies, buoyed by steady cash flows and seeking growth, acquiring smaller competitors and key players within their supply chains. This trend is especially evident in sectors like food and drink, advanced manufacturing and professional services.
Another area where we have seen growth is the rising popularity of management buyouts (MBOs) and employee ownership trusts (EOTs). Many Northern Irish business owners are now looking to transition their companies as they approach retirement. Rather than selling to external investors or multinationals, more are choosing to pass the reins to trusted management teams or their workforce.
The EOT model, supported by generous tax reliefs, is becoming especially attractive. It provides a path for succession that protects company culture, retains jobs locally and rewards long-term employees with a stake in the business. EOTs whilst still in their infancy locally align well with Northern Ireland’s strong family owned SME businesses, where loyalty and community links have been key elements of their success.
MBOs, meanwhile, are thriving in an environment where funding has become more accessible through private equity interest and local lenders keen to back proven leadership teams. These transactions often preserve continuity while injecting new energy and strategic focus into the business.
It’s perhaps no surprise that Northern Irish businesses are pushing ahead with these strategic moves amid wider market volatility. Many have grown accustomed to navigating through headwinds. Years of political deadlock at Stormont and the complex aftershocks of Brexit—including the Northern Ireland Protocol and Windsor Framework—have forged a resilience few regions can match.
That resilience is being tested again in 2025, with business costs climbing on multiple fronts. Rising wage thresholds and increased National Insurance Contributions add pressure to bottom lines, while the threat of American tariffs - particularly in aerospace and agri-food - casts a shadow over export-heavy sectors.
Rather than retrench, many businesses are still looking to the future and seeking to continue their growth strategies. For some, that means acquiring smaller players to consolidate. For others, it’s about ensuring longevity and continuity through MBOs or EOTs that reflect Northern Ireland’s long-standing commitment to local ownership and economic sustainability.
Looking ahead, deal activity in Northern Ireland is expected to remain robust. Buyers are increasingly discerning, with due diligence focusing on supply chain resilience, management teams, and the ability to navigate rising costs. Meanwhile, sellers are more prepared, often with clear succession plans and cleaner balance sheets, reflecting lessons learned during past periods of uncertainty.
Ultimately, the message is clear: Northern Ireland’s M&A landscape is evolving. Adaptability, strong leadership, and a deep-rooted entrepreneurial spirit continue to drive deals, shape new ownership structures, and reinforce the province’s status as a business hub that’s quietly but confidently getting on with the job.
Photo: Robbie Milliken, Corporate Finance Director GMcG Chartered Accountants
