ESG Consulting M&A Report [Feb 2025]

Following a record-breaking year, ESG consulting continues to evolve at an unprecedented pace, fuelled by surging demand for ESG disclosure and rising investments in climate change initiatives. 

With the global sustainability consulting market projected to hit $48bn by 2028, the space is dominated by global firms yet remains ripe for consolidation.

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  • Global M&A at an All-Time High – 418 deals since 2019, with 148 transactions in 2024 alone, concentrated mostly in Europe and the US.

  • Private Equity Participation – PE firms drive 50%+ of transactions, targeting high-growth engineering and consulting firms.

  • Valuation Trends – Private market EV/EBITDA at 11.9x on average, closely tracking public market multiples at an average 13.2x.

  • Industry Drivers - ESG remains a top C-level priority, with mounting investor and regulatory pressure to accelerate the energy transition, backed by new legislation and rise in funding.

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If you would like to further discuss the themes of this report, get in touch with the Equiteq team