The TICC market shows stability amid macroeconomic uncertainty
TICC Spot On
In the first eight months of 2025, the TICC market showed a consistent level of M&A activity, broadly in line with the same period in 2024. Deal flow was led by the sector’s leading consolidators, underpinned by robust fundamentals and stable valuation levels.
As our TICC specialist, Arjen Kostelijk, reveals in our latest Spot On, consolidators continue to play a key role in M&A. The top 10 consolidators accounted for 39.1% of the transactions in LTM to August 2025. The top 15 were responsible for 49.0%. Major consolidators include SGS, Phenna Group, SOCOTEC, Celnor and Normec Group.
Despite ongoing macroeconomic uncertainty, the TICC sector has once again proven its resilience, with consolidators remaining highly active, valuation levels remaining stable and investor confidence in sector fundamentals staying strong.ARJEN KOSTELIJK, TICC SPECIALIST, OAKLINS
You can also read an interview with Joep Bruins, founder and CEO of Normec Group. Normec has grown rapidly in recent years, combining strong organic performance with a disciplined M&A strategy. We asked Joep about Normec’s vision, approach to acquisitions, and outlook for the future.
In addition, our report features a summary of top-10 consolidators in LTM to August 2025 as well as various case studies of transactions where Oaklins played an advisory role.
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