Who's buying UK businesses? Trade buyers still lead, but private equity is gaining ground

New figures on UK deal activity give a useful picture of who is buying businesses right now.

According to the latest quarterly review from corporate finance firm Alinea, using data from MarktoMarket, there were 1,414 UK transactions in the third quarter of 2026, around 3% fewer than in the second quarter. Most were at the smaller end of the market: deals of up to £50m made up 61% of those with a disclosed value.

The buyers

• Trade buyers made 69% of acquisitions.
• Private equity and private equity-backed buyers made 31%, and private equity funds buying directly reached 11% of deals, their highest share in the three years covered by the data.
• UK buyers made 78% of acquisitions, their lowest share in three years, meaning overseas buyers are playing a bigger part.

Why it matters to owners

• Trade buyers remain your most likely buyer. Competitors, suppliers and companies in related markets still account for most deals, so they should be on any shortlist.
• Private equity is a growing option. Whether directly or through the consolidators they back, investors are buying more owner-run businesses, often with different deal structures, such as earn-outs or keeping a stake in the business.
• Look beyond the UK. With overseas buyers taking a larger share, a sale process that only approaches UK buyers could miss interested parties.

What to do

When you start thinking about a sale, map out every type of buyer that might be interested, including overseas groups and private equity-backed consolidators in your sector. A wider field of buyers usually means a better price and better terms.

Read more: Why consolidators keep calling owner-run businesses, and what to know if they call you and Earn-outs explained

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Source: Alinea, Seasonal M&A Review, Autumn 2026, using MarktoMarket data. Exit Index provides general information, not financial, legal or tax advice.