It’s 2025, and the M&A landscape is shifting fast—shaped by geopolitical uncertainty, the return of tariffs, and investor fatigue around speculative tech. One thing remains constant: profitable companies in stable, essential industries continue to attract strong buyer demand.
At Eaton Square, we work closely with IBG Business, our U.S. partner, and we’re both seeing a consistent pattern: private equity and institutional buyers are actively chasing deals, but they’re becoming more selective—especially when it comes to industry.
So what are buyers actually looking for right now? And what should owners consider if they’re thinking about selling in the next 12 to 24 months?
Let’s dig into what’s trending—and what it really means.
What Buyers Are Asking For
On any given week, each of our M&A partners is fielding dozens of inquiries from buyers across the globe. While their exact criteria vary, nearly every buyer is clear on two things:
1. Their target EBITDA range
2. The industries they want in on
In many ways, these requests offer a live, rolling survey of what’s hot. But before diving into the list, let’s take a step back.
Not every “hot industry” is worth the hype.
Sometimes buyers are genuinely targeting a sector because of long-term fundamentals. Other times, the demand is driven by capital pressure—they’ve raised funds, they need to deploy them, and they’re following the crowd. That’s not always a sign of sustainable value.
The Return to Real-World Businesses
We’re seeing buyers, particularly in North America, shift away from speculative tech plays (with the exception of cyber) and toward more grounded, cash-flow-positive businesses. In our recent conversations with private equity groups, here’s what’s standing out:
In-demand sectors include:
- Electrical infrastructure services (especially those tied to grid transformation and maintenance)
- Infrastructure maintenance firms with recurring contracts—think roads, bridges, water, and energy assets
- Field services like HVAC, elevators, and fire safety, especially with long-term service agreements
- Pharmaceutical logistics, including storage and cold chain distribution
- Food packing and distribution, with strong capabilities in processing, cold storage, and freight
- IT and cybersecurity services, especially when tied to enterprise clients and recurring work
We’re also seeing continued strength in:
- Environmental remediation
- Precision metals and component manufacturing
- Civil engineering
- Logistics and trucking
- Energy and resources
These aren’t “faddish” sectors. They’re essential industries with high barriers to entry and ongoing demand—traits private equity values deeply.
As I shared in a recent Eaton Square client letter, this renewed interest reflects a more cautious, strategic mindset: investors want businesses that are resilient, understandable, and able to deliver consistent returns, even in uncertain economic conditions.
Global Politics, Local Impact: The Trump Factor
Geopolitical shifts are also playing a role in where capital flows. Policies out of Washington—especially under a second Trump administration—are encouraging U.S. investment to stay home. For Australian and international sellers, this could mean:
- More inbound buyer interest from U.S. acquirers looking to diversify
- A narrowing window for outbound deals, especially in politically sensitive industries
- Stronger demand for high-performing assets in stable, Western markets
If you’re running a mid-market company in Australia, this is a prime opportunity to engage with international buyers before policy tightens further.
Bottom Line: Buyers Still Want Great Businesses
While trends come and go, one truth never changes: good businesses get bought.
Whether your company operates in a “hot” sector or not, if it’s profitable, well-managed, and has growth potential, there is a buyer out there. In fact, many of our most successful deals have come from sectors that weren’t trending—but had the fundamentals to attract strategic or financial suitors.
At Eaton Square, we help business owners around the world—particularly in the U.S., Australia, and Asia—prepare, position, and sell their companies at the right time, for the right value.
If you’re thinking about selling in the next year or two, let’s talk. We can give you a read on market demand for your specific industry and help you understand how global dynamics might impact your deal.
