According to Experian’s latest report, Tughans was the most active legal advisor in terms of volume last year, participating in over 30 per cent of NI deals - 38 per cent more than the next placed legal advisor.

Northern Ireland’s deal performance, at 228, was up by 31 per cent since 2015 and 105 per cent better than 2014.

Manufacturing was the most active industry with 69 transactions, a 35.3 per cent increase over the previous year.

In second place was the wholesale and retail sector which saw deal volumes increase by 115 per cent to 58, with financial services also seeing a substantial 238 per cent increase to take the third spot on 44.

Tughans’ submissions to Experian included a spread of transactions across multiple sectors including manufacturing, technology and energy, and multiple jurisdictions, such as the sale of indigenous tech company Sophia Search to California-based Mixaroo, and the sale of Path XL to Holland-based Phillips.

The firm’s work on the multi-million pound Randox Healthcare sponsorship with the Jockey Club, incorporating support for the Grand National, did not meet Experian’s criteria to be included.

Patrick Brown, managing partner at Tughans, said: “The last year has been strong for the firm having advised in 31 per cent of all M&A transactions in Northern Ireland representing 62 per cent of the total gross deal value and 38 per cent more than the next ranked legal advisor.

“The number of deals we completed has doubled from 2015, a positive sign that despite continuing uncertainty in the economy there is still significant activity and clients are placing their trust in us to deliver the high quality legal services required to support and execute their strategic plans.

“Although the headline making deals have come from the manufacturing sector – our largest Experian deal this year was the sale of local company Delta Print and Packaging to Huhtamaki for £80 million – the deal volumes have been bolstered by active technology and real estate sectors and a marked increase in investment activity.”