BZ Corporate Carve-Out Survey 2025: Key Findings

BZ surveyed senior Private Equity (PE) professionals across the UK and Europe to assess activity in the corporate carve-out market for 2025. The survey highlights the primary drivers, challenges, and strategic approaches influencing these transactions.

The infographic below summarises the core findings, providing a concise view of market sentiment, execution hurdles, and practical responses from key participants.

Key takeaways:

• Strong appetite for carve-outs, driven by rising corporate divestiture activity and quality assets coming to market.
• Complex separation issues and valuation gaps remain the most significant execution challenges.
• Firms are addressing complexity through asset-based lending and maintaining sufficient debt capacity.
• Cross-border transactions present additional hurdles, though specialist advisers are helping firms manage these challenges effectively.

The findings offer a snapshot of today’s corporate carve-out environment and outline key factors shaping Private Equity activity in 2025.