The YTD 2023 report details that the firm advised on 41 deals. A&L Goodbody followed in second place with 40 deals; Matheson took third place with 38; Philip Lee Solicitors and Beauchamps followed with 37 each. 

The manufacturing sector returned to first position as Ireland’s most active industry for M&A up to and including Q3 2023 – there were 143 confirmed deals representing almost 30 per cent of the region’s total, whereas the 147 deals announced in 2022 represented a 24 per cent share.

This was marginally ahead of infocomms – 142 deals, down by 32 per cent from 209 last year, with wholesale and retail being the only other sector to break through the 100+ barrier with 106 transactions.

Deals of note in this sector saw Kerry Group close the acquisitions of France based Proexcar (€58 million) and China-based Shanghai Greatang Orchard Food (€188m) further highlighting the consolidation and expansion of their operations into overseas markets.

However, there were very few other positives to take in terms of transaction volume, with only creative industries, education, and agriculture, forestry and fishing showing an increase in numbers from some of the traditionally smaller industry segments. From a deal value perspective, only creative industries, other service activities and waste management reported year on year growth.

Jane Turner, research manager, Experian MarketIQ, said: “The slowdown in UK and Irish M&A that took hold in the second half of 2022 has persisted deep into 2023, as companies adjust to headwinds driven by inflation and escalating interest rates inflate the cost of financing deals.

“However, a silver lining has emerged in the form of a resilient small deals market, and we’ve seen both corporate and private equity buyers still prove keen to deploy mounting cash reserves in this area.

“Meanwhile, ARM’s multi-billion New York flotation was among the largest ever launched by a UK business, and while the UK IPO market remains subdued, a recent uptick in the US raises hopes that a domestic recovery could follow next year.”