Mid-market private equity investment activity in Scotland fell slightly compared to last year’s record high, according to KPMG UK’s latest mid-market Private Equity report.

The firm’s most recent M&A study has revealed that 42 transactions took place compared to 51 last year, with an overall value of £3.3bn compared to five-year high of £3.5bn in 2022.

Across the UK as a whole, 675 mid-market transactions were completed during the year, representing a 10% drop when compared to the 735 transactions completed in 2022. Meanwhile, the UK private equity market overall witnessed a more significant decline, with the total volume of deals down by 20% from 1,802 in 2022 to 1,451 in 2023.

Commenting on this, KPMG head of corporate finance M&A for Scotland, Graeme Williams, said: “It was always going to be tough to match the record breaking numbers of 2022 but, despite a slight dip, the figures in 2023 are cause for optimism in Scotland.

“2024 will be a year of upheaval and change, with a General Election in the UK as well as major elections in the US and elsewhere on the horizon, and therefore the future is difficult to predict.

“This might mean a tough road ahead for the country and businesses in general, but I believe there are more than green shoots for firms of all shapes and sizes, with many facing an exciting future.

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“It can only be hoped that we can overcome this period of instability and return to a more stable deals market during the coming 12 months.”