The firm maintained its top position by advising on 27 transactions during the year, according to the latest Experian MarketIQ report, narrowly ahead of Azets on 26 and K3 Capital Group on 21.

BDO advised on 17 transactions, followed by Altius Group on 11, with HNH Partners on 10. EY, Grant Thornton, and Quantify Advisors each advised on 9 transactions, while Hazlewoods rounded out the top ten, also with 9 successful mandates.

In total, there were 557 announced transactions in Scotland in 2025, representing a 4.7% rise in overall deal volume compared with 2024. While the total disclosed value of £6.8 billion was a 3% decrease from the previous year, the report notes this was primarily due to a reduction in the number of mega-deals rather than a dip in underlying market health.

“Overall, the 2025 figures highlight a healthy level of deal making activity, underpinned by growth in volumes and stable performance across the upper end of the market,” the Experian report states.

The year was headlined by the £1.3bn acquisition of Dundee-based Smiths Interconnect Group by US-based Molex, reflecting sustained international confidence in Scotland’s high-value manufacturing capabilities. Other significant activity included the £900 million acquisition of SP Smart Meter Assets by Macquarie and a £770m secondary buy-out of OEG Energy Group led by Apollo Global Management.

The professional, scientific, and technical sector remained Scotland’s most active industry, closely followed by manufacturing, which saw a 3% increase in deal volume. Notable growth was also recorded in the health and hospitality sectors, which saw transaction volumes rise by 72% and 58% respectively.