CIL plans for busy 2023 as deals market heads for growth

13 February 2023 4 min. read
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CIL Management Consultancy is bracing for growth in the year ahead, predicting return of growth to the M&A sector. Anticipating the demand this will bring, the firm has kicked off 2023 with a round of senior promotions, all of whom started their careers at CIL as Graduate Analysts. 

Amid economic, geo-political and social uncertainty, spending huge amounts on investments that could struggle to return any value saw M&A figures tumble over 2022. From a record number the year before, deal volume in 2022 fell significantly by 19%, with 853 completed globally, compared to 1,047 deals in 2021. This was driven by a marked slowdown in M&A activity in North America – and a drop in buyer performance, putting more buyers off of deals.

However, CIL Management Consultants Managing Partner Jon Whiteman remains optimistic regarding the M&A space for the year ahead. With private equity firms increasingly focusing on high-quality assets with robust recurring revenues, many are beginning to grow their existing portfolios through bolt-ons and value creation – something which the stabilising of interest rates will add to in the second half of 2023.

CIL plans for busy 2023 as deals market heads for growth

Whiteman said, “We also expect the increased popularity of follow-on funds as PE looks to reinvest in businesses they already know. Infrastructure funds will continue to expand their definition of what fits their remit, adding competitive tension to traditional PE.”

Even so, there remains a lingering sense of caution in the deal environment that is turning attention towards portfolio value creation. To get the most out of their prospective deals, this is seeing many private equity firms seek corporate finance advice from consultancies, such as CIL. Pricing in particular will take on vital importance to private equity firms hoping to stave off the worst effects of inflation and reap the rewards.

Alex Marshall, Senior Partner added, “Pricing will be of vital importance to private equity; those who invest will reap the benefits and stave off the worst effects of inflation. Value creation will gain importance; entry multiples have been high and PE assets need to transform either profits or multiples to deliver expected returns.”


In anticipation of this growing demand, CIL is growing its global footprint across the world’s largest markets. It recently opened its Paris office, further growing its value creation services into 2023 and beyond. Now, the firm has announced a spate of senior promotions across the UK.

Laurence Ludgate has been promoted to Director in CIL’s Industrials practice. Ludgate will be helping to drive the Industrials practice forward, with expertise in Testing, Inspection, Certification and Compliance (TICC), instrumentation and chemicals. Alongside client-facing work, he will also be responsible for managing CIL’s legal affairs.

He commented, “My focus will be on continuing to develop CIL’s Industrials practice, helping investors to deploy capital wisely and management teams to grow their businesses and capitalise on emerging opportunities such as technological innovation. I will also continue to support a wide range of service businesses across energy, infrastructure, environmental and broader industrial end-markets.”

James Leonard has been promoted to Director within CIL’s Financial Services practice. He brings more than four years of specialism in the sector to his new role. It is an exciting time for growth within the Financial Services practice and he has been ideally placed to help CIL tackle the significant market opportunity for commercial due diligence and value creation services.

Leonard said, “I look forward to continuing to grow our Financial Services practice, building on our strong foundation in growth advisory and commercial due diligence across our key market segments of wealth & asset management, insurance and lending. I’ll be helping to evolve our robust, evidence-led approach in the practice, while uncovering new opportunities to deploy our rapidly expanding suite of value creation services for businesses striving for growth.”

Matt Jenkins has meanwhile been promoted to Associate Director in the Business Services practice. Jenkins’ analytical mindset has seen him repeatedly deployed on large and complex projects in a range of sectors for CIL.