Buy & Build on the Rise: How Strategic Consolidation Is Shaping Private Equity Growth

In the 2010s buy and build activity existed, but not to the extent it does today. Fast forward to the present, and the conversation has shifted. Founders and investors are no longer just looking to weather the storm – they’re focused on disciplined, repeatable growth, set against a backdrop of challenging macroeconomic conditions. That’s why bolt-ons matter more than ever.

We’re seeing this across SME-focused, founder-led businesses. 2025 brought “selective optimism,” but buy-and-build activity stayed active. This type of deal still made up a large share of completed transactions, especially in fragmented, founder-led markets where consolidation has real room to run.

Fragmented markets create room to grow

Healthcare, EdTech, training, business services, facilities management, fire and security – all remained busy. Grant Thornton’s 2025 review shows 184 deals across the built environment and technical services space. Fire and security was the standout, with private equity-backed buyers driving 70% of transactions. It mirrors what we see every day: strong local operators, genuine technical expertise, and sectors where consolidation can unlock the next stage of growth.

Bolt-ons: supplementing capability, not a substitute for organic growth

Bolt-on acquisitions should support a strong organic growth plan – not distract from the lack of one. They’re not just about adding revenue; they build strategic value through stronger positioning, deeper capability, and better long-term returns.

Why bolt-ons matter in today’s market

When conditions are more cautious, bolt-on acquisitions can help businesses grow with greater scale, capability and resilience. Bolt-ons give founders and management teams practical ways to move forward by helping them:

• widen their footprint.
• deepen customer relationships.
• add specialist capability.
• improve margins through scale.
• build a more resilient platform for the next stage.

For founder-led businesses, this is often the step that takes you from a strong local presence to a meaningful national position.

Maximising value: get the integration right

Finding the right target is one part. Integrating it well is the real test. Quality opportunities can be scarce, valuations still need discipline, and integrations often take more management time than expected if the platform isn’t ready. The teams who get this right build a platform that can integrate cleanly, move at pace, and stay aligned throughout. That’s where bolt-ons create value that lasts.

Recent example

We have completed close to 20 bolt-ons across our chosen sectors, each delivering against growth targets and expanding operational capacity. This has supported management teams and broadened geographic coverage and technical expertise.

A recent example is TIS and NSP, where the acquisition supported broader scale and strengthened the platform’s position in the market. TIS acquires smoke control specialist NSP – Key Capital Partners

Why the strategy still works

Even though the market has moved on since 2020, the logic behind an acquisition strategy for growth hasn’t. When executed well, bolt-ons accelerate scale, strengthen competitive position, and build long-term value.

At Key Capital Partners, we’ve spent 20 years working closely with founders to help grow and professionalise their businesses through targeted acquisitions, operational support and genuine partnership.

If you’re in Facilities Management, Training, or Fire & Security and thinking about your business growth strategy, the fit matters.  james.excell@keycapitalpartners.co.uk

 

UK fire and security sector M&A review 2025 | Grant ThorntonUK leveraged finance trends & 2026 outlook