Which sectors the deals come from
These charts show each sector's share of the deals in our database, period by period. A second chart shows each sector's share of deal value.
Deals updated October 2026
All markets covers Australia, New Zealand, the UK, the US and Canada.
These figures count deals in our database, not every deal in the market. Most are deals whose terms were published, and many carry figures. A sector whose share rises may partly have more of its deals reported.
Source: deals in our database, from company filings, experts' reports and press reports. Shares by onestepright.
| Sector | 2010 to 2014 (%) | 2015 to 2019 (%) | 2020 to 2026 (%) | Change on 2015 to 2019 |
|---|---|---|---|---|
| Manufacturing | 23.9 | 25.4 | 22.3 | Share down on 2015 to 2019 |
| Technology, software, media and telecommunications | 16.7 | 20.3 | 20.0 | Share about the same as 2015 to 2019 |
| Financial and insurance services | 6.3 | 8.8 | 14.0 | Share up on 2015 to 2019 |
| Mining | 12.2 | 8.8 | 9.3 | Share about the same as 2015 to 2019 |
| Health care and social assistance | 5.5 | 4.7 | 5.5 | Share about the same as 2015 to 2019 |
| Electricity, gas, water and waste | 6.2 | 4.7 | 4.2 | Share about the same as 2015 to 2019 |
| Wholesale trade | 3.4 | 3.4 | 3.4 | Share about the same as 2015 to 2019 |
| Retail trade | 5.1 | 3.2 | 3.3 | Share about the same as 2015 to 2019 |
| Professional, scientific and technical services | 2.9 | 3.6 | 3.1 | Share about the same as 2015 to 2019 |
| Administrative and support services | 2.6 | 3.0 | 2.9 | Share about the same as 2015 to 2019 |
| Rental, hiring and real estate | 2.3 | 2.9 | 2.2 | Share about the same as 2015 to 2019 |
| Transport, postal and warehousing | 4.4 | 2.8 | 2.2 | Share about the same as 2015 to 2019 |
| Construction | 1.7 | 1.5 | 1.8 | Share about the same as 2015 to 2019 |
| Accommodation and food services | 2.8 | 2.7 | 1.7 | Share down on 2015 to 2019 |
| Arts and recreation | 2.5 | 2.2 | 1.5 | Share about the same as 2015 to 2019 |
| Education and training | Other | 1.1 | 1.3 | Share about the same as 2015 to 2019 |
| Agriculture, forestry and fishing | 1.0 | 0.6 | 0.7 | Share about the same as 2015 to 2019 |
| Other services | Other | 0.3 | 0.6 | Share about the same as 2015 to 2019 |
| Other | 0.3 | 0.0 | 0.1 |
Source: deals in our database with a published value, from company filings, experts' reports and press reports. Shares by onestepright.
| Sector | 2010 to 2014 (%) | 2015 to 2019 (%) | 2020 to 2026 (%) | Median deal size, 2020 to 2026 (A$ million) |
|---|---|---|---|---|
| Technology, software, media and telecommunications | 37.7 | 31.7 | 36.4 | 503 |
| Manufacturing | 24.4 | 25.9 | 19.0 | 539 |
| Mining | 8.5 | 9.8 | 9.5 | 428 |
| Financial and insurance services | 1.8 | 8.4 | 8.3 | 641 |
| Electricity, gas, water and waste | 6.2 | 5.4 | 6.3 | 1,035 |
| Wholesale trade | 3.3 | 1.7 | 3.3 | 208 |
| Retail trade | 3.8 | 2.4 | 2.7 | 361 |
| Transport, postal and warehousing | 3.2 | 1.9 | 2.6 | 570 |
| Professional, scientific and technical services | 1.9 | 2.5 | 2.3 | 345 |
| Health care and social assistance | 5.1 | 3.1 | 2.2 | 190 |
| Arts and recreation | 0.8 | 1.9 | 1.9 | 764 |
| Administrative and support services | 0.6 | 1.3 | 1.7 | 278 |
| Rental, hiring and real estate | 0.7 | 1.5 | 1.5 | 366 |
| Accommodation and food services | 0.8 | 2.0 | 0.8 | 298 |
| Construction | 0.9 | 0.2 | 0.7 | 124 |
| Other services | Other | 0.2 | 0.4 | 258 |
| Agriculture, forestry and fishing | 0.1 | 0.1 | 0.3 | 562 |
| Education and training | Other | 0.1 | 0.1 | 32 |
Sectors with too few deals in a period are grouped under Other for that period.
Where deal activity is rising
These subsectors took a larger share of the overseas deals in our database in 2020 to 2026 than in 2015 to 2019. Overseas means New Zealand, the UK, the US and Canada together. Each row also shows the subsector's median multiple.
A larger share means more of these deals reached our database. That can come from more deals or from more of them being reported. It describes past deals and forecasts nothing.
| Subsector | Share of deals, 2015 to 2019 (%) | Share of deals, 2020 to 2026 (%) | Median (times EBITDA) | Deals | Deal size (A$) | Years |
|---|---|---|---|---|---|---|
| Behavioural and mental health | 0.2 | 0.5 | 12.5 | 5+ | Under A$2bn | 2014 to 2023 |
| Biotechnology | 1.5 | 3.3 | Too few deals with an EBITDA multiple | |||
| Digital media and online platforms | 1.3 | 1.6 | 9.0 | 10+ | A$10m to A$500m | 2013 to 2026 |
| Primary care and medical centres | 0.2 | 0.8 | 8.5 | 5+ | Under A$2bn | 2011 to 2021 |
| Video games | 0.3 | 0.6 | 9.5 | 5+ | Under A$2bn | 2017 to 2021 |
Each median is the subsector's own figure across all markets, with its deal sizes and years as shown.