In Q1 2026, private equity and venture capital accounted for 145 deals in marketing services. Marketing groups accounted for 16. Global networks: three (see snapshot from our Q1 2026 M&A Review below).

That’s not a quirk of one quarter. It’s the structural reality of the buyer pool today, and it’s changing what a sell-side process looks like.

Where the volume actually sits

A decade ago, if you were a founder selling an agency, the buyer universe was effectively the holdco rolodex – WPP, Publicis, Omnicom, IPG, Dentsu, Havas, Stagwell. Today that list is still relevant, but it’s no longer where most of the volume is.

The volume is with PE-backed platforms. Gemspring’s Residence (LA, 600+ staff) acquired UK-founded OK Cool earlier this year. Bridgepoint’s SAMY has built a European influencer platform through bolt-ons including Intermate in Germany and Content Lab in the US. Literacy Capital, Growth Capital Partners, Rockpool – UK mid-market PE is increasingly fluent in marketing services and willing to underwrite buy-and-build theses in social, influencer, performance, and experiential.

These aren’t financial sponsors looking for a passive minority. They’re active platform builders running multi-year roll-up strategies with capital, M&A teams, and a clear sector thesis. We’ve seen this play out directly in our own deal work: IDHL (Bridgepoint) has been one of the most active acquirers we’ve worked with, completing two deals in quick succession – The MTM Agency and Vervaunt – as it builds out its eCommerce and performance marketing platform. Brainlabs, MSQ and Croud have all followed this path: using PE capital to accelerate capability acquisitions rather than waiting for organic growth alone – and in their case moving onto to larger PE backers as they mature.

What this means for founders

Three things change when the buyer pool shifts this way.

First, optionality goes up. A well-positioned agency today can credibly run a process across strategics, PE platforms, and direct PE sponsors. That tension is what drives competitive outcomes – and it’s only achievable if your advisor knows the platform landscape as well as the holdco one.

Second, the questions get sharper. Holdcos buy capability and client relationships. PE platforms buy growth, margin, and integration potential. The diligence reflects that: data rooms get scrutinised harder on unit economics, retention, and operational scalability than on creative credentials alone.

Third, deal structures look different. PE-led deals often involve meaningful rollover equity, second-bite economics, and a clearer post-close growth plan. For founders who want to keep building, that can be more attractive than an earn-out offered from a strategic buyer – but it requires a different mental model going in.

Where this goes next

The platform thesis is still early in marketing services relative to other sectors. Most of the platforms being built today are sub-£100m EBITDA and have years of bolt-on runway ahead. The supply of high-quality independent agencies – particularly in social, influencer, and AI-native performance – is finite, which is part of why valuations have held up: Q1 2026 saw median deal size of £73m and capital invested up 135% year-on-year (WY Partners Q1 2026 M&A Review).

For founders, the practical takeaway is simple: don’t assume your buyer is a holdco. The most competitive process you can run today reaches all three buyer types, and the right outcome often isn’t the one you expected when you started.

For acquirers – strategic or financial – the assets that win are the ones with defensible capability, clean financials, and a credible growth narrative. The rest of the market is moving faster than the deal volume suggests.

WY Partners has advised on a number of deals with PE-backed acquirers, including Vervaunt’s sale to IDHL (Bridgepoint), The MTM Agency’s sale to IDHL, Miri Growth’s sale to MSQ (LDC), Consumer Acquisition’s sale to Brainlabs (Livingbridge), and financial due diligence for Croud (LDC) on its acquisition of Metageni. If you’re considering a sale or want to understand what your business is worth, get in touch at hello@wypartners.com.