The most active legal and financial advisers in Wales' mergers and acquisition (M&A) sector in the first half of 2021 have been revealed in a new report by Experian Market IQ which also looks at the fortunes of the dealmaking sector during the period.

According to the report, Capital Law was Wales' most active legal adviser by volume advising on 12 new deals in the first half, ahead of Harrison Clark Rickerbys and Greenaway Scott on nine and seven transactions, respectively. Addleshaw Goddard and Acuity Law made up the top five.

Gambit Corporate Finance, with eight transactions, was the most active financial adviser for the opening six months of the year by volume, ahead of Azets and K3 Capital (both with five deals). Lexington Corporate Advisors and Grant Thornton made up the top five.

Kromann Reumert, Latham & Watkins and Linklaters were joint first in the legal value rankings, all having advised Novo Holdings in its acquisition of BBI Group. Burges Salmon and DLA Piper were in fourth and fifth place respectively.

Lazard led the financial value rankings by value, having also advised Novo on the BBI transaction. The other firms in the top five by value were Cenkos Securities, Grant Thornton, Alantra and Panmure Gordon.

Experian said the M&A market in Wales continued to show a healthy upsurge for H1 2021. The number of transactions rose by 8 per cent (up from 103 to 111) and transaction values reached £737m, a sharp 57 per cent increase on the £468m total that was recorded for the corresponding period in 2020.

Figures were said to have been buoyed by the standout statistic of the country announcing 12 mid-market deals generating transaction revenues of £290m, significantly higher than the previous year when seven deals contributed just £73m to the overall deal values