Belgian Private Equity Report 2026
64 pages · Feb 20, 2026
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Comprehensive quarterly analysis of European M&A activity. Deal volumes, sector breakdown, valuation multiples, and cross-border trends across 27 EU markets.
European M&A activity opened 2026 with renewed momentum. Q1 recorded 1,247 completed transactions totaling EUR 186.4 billion in aggregate value — a 14% increase in volume and 21% increase in value versus Q4 2025. The rebound was driven by pent-up demand from delayed 2025 processes, stabilizing interest rates, and improved CEO confidence scores across the eurozone.
Technology and healthcare remained the most active sectors, while industrial deals saw the sharpest recovery. Cross-border transactions accounted for 38% of total deal value, up from 32% in Q4 2025, signaling renewed appetite for pan-European consolidation.
Mid-market transactions (EUR 10-250M) continued to dominate European deal flow, accounting for 62% of total volume. Large-cap deals (>EUR 1B) comprised only 4% of volume but represented 47% of aggregate value, led by a cluster of transformative transactions in the technology and energy sectors.
The sector landscape continued to evolve, with technology and healthcare commanding the highest multiples while industrials showed the strongest recovery in volume terms.
Cross-border transactions surged in Q1 2026, with intra-European deals dominating. UK buyers were the most active cross-border acquirers, followed by US-based strategic and financial sponsors.
| # | Target | Acquirer | Sector | Value (EUR M) | EV/EBITDA |
|---|---|---|---|---|---|
| 1 | TechVision GmbH | NordSoft AB | Enterprise SaaS | 8,420 | 18.2x |
| 2 | MediCare Europe NV | HealthBridge SA | Healthcare | 6,150 | 14.7x |
| 3 | GreenPower SA | TotalEnergies | Energy Transition | 5,800 | 16.1x |
| 4 | CyberShield Ltd | Thales Group | Cybersecurity | 4,200 | 15.8x |
| 5 | LogiConnect BV | DPD Group | Logistics | 3,750 | 10.3x |
| 6 | FinServ AG | ING Group | FinTech | 3,200 | 12.4x |
| 7 | BioGenix SAS | Sanofi | Biotech | 2,900 | 22.1x |
| 8 | AutoTech SpA | Stellantis | Automotive Tech | 2,450 | 9.8x |
| 9 | CloudNine OY | SAP SE | Cloud Infrastructure | 2,100 | 19.5x |
| 10 | AgroTech DK | Bayer AG | Agritech | 1,850 | 11.6x |
Source: Synergy AI Deal Intelligence. Completed transactions in Q1 2026.
Enterprise value multiples continued their upward trajectory in Q1 2026. The median EV/EBITDA for European mid-market transactions reached 11.3x, a 0.8x increase from Q4 2025. This expansion was most pronounced in technology (13.2x) and healthcare (12.8x), while industrials remained comparatively compressed at 9.4x.
Analyst Note
The premium for high-quality recurring-revenue businesses continued to widen. SaaS companies with >30% growth and >110% net revenue retention commanded 15-20x EV/ARR, compared to 8-12x for lower-growth peers. Buyers are increasingly differentiating on quality metrics rather than applying blanket sector multiples.
Private equity-backed transactions represented 41% of total deal volume in Q1 2026, up from 37% in the previous quarter. Dry powder levels remain at record highs (estimated EUR 320B for Europe-focused funds), putting pressure on GPs to deploy capital. Add-on acquisitions by PE portfolio companies accounted for 58% of all PE-related deals.
Continuation vehicles and GP-led secondaries gained further traction, with 23 transactions totaling EUR 8.4B closed in Q1. This represents a 35% increase from the same period in 2025, reflecting LPs' growing comfort with these structures.
We expect the positive momentum to carry into Q2 2026, supported by several tailwinds: improving financing conditions as the ECB signals further rate adjustments, accelerating corporate carve-out activity from large European conglomerates, and sustained PE deployment pressure. Our models project 1,300-1,400 transactions in Q2, representing 8-12% growth over Q1.
Key Risks to Monitor
This report is produced by the Synergy AI Research & Intelligence team. For bespoke analysis or data licensing, contact our research desk.
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