The next phase: from volume to value
Despite signs of increased confidence in the market, with activity in the second quarter and particularly the start of the third quarter of 2026 starting to pick up, the broader operating environment remains far from straightforward. Geopolitical tension, shifting trade dynamics, changes in Government leadership and strategy, inflationary pressures and evolving regulation will continue to affect the market. The data and the contributor insights both point towards a buy-and-build market that is in an evolutionary phase. Following several years of strong activity, culminating in the peak observed in 2024, the emphasis is shifting away from volume-driven expansion towards a more tailored approach built on clearer acquisition criteria and integration gains.
This shift was visible in the reduction in deal volumes during 2025, but more importantly in the changing characteristics of the transactions being pursued. Buyers are becoming more focused, with a greater emphasis on strategic fit, defensibility and long-term value creation.
As Mark Williams from Canaccord Genuity notes, “the next phase of buy-and-build will be more strategic, more selective, and much more focused on outcomes rather than simple consolidation.”
A central theme emerging from both the data and industry roundtable discussions is the increasing importance of integration. In earlier phases of buy-and-build strategies, speed and scale were often prioritised, with value expected to follow from EBITDA arbitrage. That assumption is now being challenged. Buyers appear to be placing far greater emphasis on how effectively acquisitions are integrated, how quickly and effectively synergies are realised and how clearly the combined platform can articulate its value proposition and start creating organic growth of their own.
Robin Lawson from Bridgepoint captures this dynamic succinctly: “you are much better focusing on integration than pace. A well-integrated platform creates more value than a rushed acquisition machine.” This marks a meaningful shift in mindset, with integration viewed as a central driver of valuation and exit potential.
At the same time, the underlying structural drivers of buy-and-build remain firmly in place. Highly fragmented markets continue to present consolidation opportunities. Regulatory complexity, recurring revenue models and the need for operational or geographical scale and capability all contribute to a sustained pipeline of acquisition targets.
Overlaying these trends is the continued influence of AI. As explored earlier in the report, AI is acting as both a catalyst and a filter, shaping not only sector attractiveness but also the criteria by which individual assets are assessed. Businesses that can demonstrate a credible AI strategy are likely to attract stronger interest, while those that cannot risk falling behind.
Taken together, these dynamics point to a future in which buy-and-build remains highly active, but is executed with greater discipline, greater selectivity and a sharper focus on value creation and priorities through integration.