Deal Pulse: Queensland M&A 2025 mid-year update by Pitcher Partners

Resilient and poised

M&A activity in Queensland demonstrated continued resilience through the first half of 2025, with 111 deals recorded (just shy of the 120 deal average seen in the first halves of 2023 and 2024). Despite early year uncertainty caused by international trade tariffs, the market has held firm and appears well positioned to rebound in step with improving business confidence.

Key sector trends from H1 2025 include:

• Real estate – Six transactions recorded, with a notable uplift in average deal size. Aged living provider Eureka Group led the charge with three acquisitions across Queensland and New South Wales.

• Technology, media & telecommunications – With 30 transactions, Queensland’s capability continues to be showcased, outperforming the 11-year average of 18 deals. Increased activity was broad-based, spanning software, digital marketing, and data centres.

• Pharma, medical & biotech – Activity doubled year on year, with 10 deals compared to five in H1 2024. Medical imaging and day hospitals were the most active subsectors.

If you would like to explore M&A activity in your sector, or simply have a conversation about how we can support you, please don’t hesitate to get in touch.

Warwick Face Partner in Charge –Corporate Finance

p +61 421 613 060

e wface@pitcherpartners.com.au

Sectors trending up +36%

Activity in technology, media and telecommunications rose to 30 deals, a Deal Pulse record in the first half.

Technology, media and telecommunications

Avg deals Deals

Avg value Value

$158m $114m from avg 6 deals from 6 deals

Most active subsectors

• Software: 9

• Data centres: 2

• Cybersecurity: 2

Notable deal

Global clean energy investment firm, United H2 Limited, acquired Oper8 Global for $50m.

deal Deal Avg value Value $22m $118m from avg 1 deal from 3 deals

Most active subsectors

• Aged living: 3

• Workers accommodation: 1

Notable deal

Eureka Group (ASX:EGH) acquired 3 accommodation assets, with 2 in Queensland and 1 in NSW.

Pharma, medical and biotech

Avg deals Deals Avg value Value

$55m $84m from avg 2 deals from 4 deals

Most active subsectors

• Medical imaging: 3

• Day hospitals: 2

Notable deal

Affinity Equity Partners acquired Lumus Imaging, a diagnostic imaging business, from Healius Limited (ASX:HLS) for $965m.

Balance of sectors

Consumer

Avg deals Deals

Avg value Value

$90m $215m from avg 5 deals from 3 deals

Most active subsectors

• Education services: 3

• Packaged food and meats: 2

• Veterinary: 2

Notable deal

Eagers Automotive (ASX:APE) acquired 100% of Norris Motor Group for $170m.

Energy, mining and utilities saw the second-lowest number of deals historically at just 9 transactions. This reflects a significant decline off the average of the two prior years (19).

Energy, mining and utilities

19 9

Avg deals Deals

Avg value Value

$492m $67m from avg 13 deals from 6 deals

Most active subsectors

• Renewable energy: 2

• Exploration: 2

Notable deal

RPMGlobal (ASX:RUL) sold its mining advisory consulting division to SLR Consulting for a reported $63m.

Business services

Industrials

Avg deals Deals Avg value Value $40m $38m from avg 4 deals from 2 deals

Most active subsectors

• Fire safety services: 1

• Security and alarm services: 1

• Childcare: 1

Notable deal

BGIS, a global integrated facilities management provider, acquired Fire Services Queensland.

Avg deals Deals

Avg value* Value

$167m $25m from avg 3 deals from 3 deals

Most active subsectors

• Waste treatment: 2

• Waste management: 1

Notable deal

Cleanpro, a specialty water treatment rental company, was acquired by Atlas Copco Group.

Warwick Face

Partner – Brisbane

p +61 421 613 060

e wface@pitcherpartners.com.au

Kieran Wallis

Partner – Brisbane

p +61 423 569 151

e kwallis@pitcherpartners.com.au

Ventura Caso

Partner – Brisbane

p +61 417 129 647

e vcaso@pitcherpartners.com.au

Alex Pollock

Client Director – Brisbane

p +61 437 944 817

e apollock@pitcherpartners.com.au

Jonathan McDonald

Client Director – Brisbane

p +61 404 064 036

e jmcdonald@pitcherpartners.com.au

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Disclaimer : This publication contains general information and is not intended to be comprehensive, it has been compiled from both public and non-public sources including various transaction research tools. Whilst we have no reason to believe that the information in this document is not reliable and accurate, this cannot be guaranteed. Pitcher Partners, its subsidiaries or affiliates thereof are not liable for any error, omission or inaccuracy contained herein, whether negligently caused or otherwise, or for any loss or damage howsoever suffered by any person or entity due to reliance on this publication.