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
New Zealand, the UK, the US and Canada together. US deals make up most of the set, so it leans on the deals US bankers cited.
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.
Subsectors split each sector's deals further, so more of them fall under Other.
Source: deals in our database, from company filings, experts' reports and press reports. Shares by onestepright.
| Subsector | 2010 to 2014 (%) | 2015 to 2019 (%) | 2020 to 2026 (%) | Change on 2015 to 2019 |
|---|---|---|---|---|
| Banking and lending | 1.1 | 4.4 | 9.1 | Share up on 2015 to 2019 |
| Software | 4.2 | 5.5 | 7.8 | Share up on 2015 to 2019 |
| Mining (producers) | 7.1 | 2.7 | 4.3 | Share up on 2015 to 2019 |
| Food and beverage manufacturing | 5.5 | 3.9 | 3.5 | Share about the same as 2015 to 2019 |
| Biotechnology | 0.3 | 1.5 | 3.3 | Share up on 2015 to 2019 |
| Pharmaceutical and health products | 3.8 | 2.3 | 3.1 | Share about the same as 2015 to 2019 |
| Wholesale and distribution | 2.7 | 2.6 | 2.7 | Share about the same as 2015 to 2019 |
| Midstream (pipelines and storage) | 3.9 | 4.8 | 2.5 | Share down on 2015 to 2019 |
| Industrial and engineered products | 3.1 | 3.4 | 2.4 | Share down on 2015 to 2019 |
| Building materials | 1.2 | 2.0 | 2.0 | Share about the same as 2015 to 2019 |
| Utilities (energy networks, generation and water) | 3.2 | 2.4 | 1.9 | Share about the same as 2015 to 2019 |
| Medical devices | 1.4 | 2.7 | 1.7 | Share down on 2015 to 2019 |
| Digital media and online platforms | 0.6 | 1.3 | 1.6 | Share about the same as 2015 to 2019 |
| IT services | 0.9 | 1.5 | 1.6 | Share about the same as 2015 to 2019 |
| Aerospace and defence | 1.5 | 1.5 | 1.5 | Share about the same as 2015 to 2019 |
| Insurance | 1.8 | 1.4 | 1.4 | Share about the same as 2015 to 2019 |
| Funds management | 1.7 | 1.2 | 1.3 | Share about the same as 2015 to 2019 |
| Telecommunications and networks | 3.0 | 2.9 | 1.3 | Share down on 2015 to 2019 |
| Payments | 1.0 | 1.1 | 1.1 | Share about the same as 2015 to 2019 |
| REITs and property investment | 1.3 | 1.9 | 1.1 | Share about the same as 2015 to 2019 |
| Restaurants and food service | 2.0 | 1.3 | 1.1 | Share about the same as 2015 to 2019 |
| Waste and recycling | 1.3 | 0.6 | 1.1 | Share about the same as 2015 to 2019 |
| Chemicals and plastics | 1.7 | 1.7 | 1.0 | Share about the same as 2015 to 2019 |
| Gaming and wagering | 1.4 | 1.5 | 1.0 | Share about the same as 2015 to 2019 |
| Semiconductors and electronics | 2.4 | 1.8 | 1.0 | Share about the same as 2015 to 2019 |
| Data centres and hosting | Other | 0.5 | 0.9 | Share about the same as 2015 to 2019 |
| Hospitals and day surgery | 1.5 | 0.5 | 0.8 | Share about the same as 2015 to 2019 |
| Oilfield services | 1.7 | 0.7 | 0.8 | Share about the same as 2015 to 2019 |
| Primary care and medical centres | Other | 0.2 | 0.8 | Share about the same as 2015 to 2019 |
| Road freight and logistics | 0.7 | 0.9 | 0.8 | Share about the same as 2015 to 2019 |
| Cannabis retail | Other | Other | 0.7 | No earlier period to compare. |
| Cybersecurity | 0.5 | 0.5 | 0.7 | Share about the same as 2015 to 2019 |
| Data and information services | 1.0 | 1.3 | 0.7 | Share about the same as 2015 to 2019 |
| Financial platforms and broking | Other | 0.4 | 0.7 | Share about the same as 2015 to 2019 |
| Packaging | 0.5 | 1.1 | 0.7 | Share about the same as 2015 to 2019 |
| Scientific instruments | 0.4 | 0.6 | 0.7 | Share about the same as 2015 to 2019 |
| Broadcasting (TV and radio) | 1.3 | 1.7 | 0.6 | Share down on 2015 to 2019 |
| Home health and hospice | 0.4 | 0.5 | 0.6 | Share about the same as 2015 to 2019 |
| Insurance broking | Other | Other | 0.6 | No earlier period to compare. |
| Video games | Other | 0.3 | 0.6 | Share about the same as 2015 to 2019 |
| Automotive parts | 1.8 | 1.3 | 0.5 | Share about the same as 2015 to 2019 |
| Behavioural and mental health | Other | 0.2 | 0.5 | Share about the same as 2015 to 2019 |
| Cannabis products | Other | Other | 0.5 | No earlier period to compare. |
| Engineering consulting | 1.2 | 0.8 | 0.5 | Share about the same as 2015 to 2019 |
| Equipment hire and pooling | 0.6 | 0.5 | 0.5 | Share about the same as 2015 to 2019 |
| Financial advice and licensee services | Other | 0.7 | 0.5 | Share about the same as 2015 to 2019 |
| Life science tools and diagnostics | 0.8 | 0.3 | 0.5 | Share about the same as 2015 to 2019 |
| Mobile towers | Other | Other | 0.5 | No earlier period to compare. |
| Staffing and recruitment | 0.5 | 0.5 | 0.5 | Share about the same as 2015 to 2019 |
| Building services and restoration | Other | Other | 0.4 | No earlier period to compare. |
| Consumer products manufacturing | 0.7 | 0.8 | 0.4 | Share about the same as 2015 to 2019 |
| Facility and asset services | Other | 0.4 | 0.4 | Share about the same as 2015 to 2019 |
| Hotels and accommodation | 0.6 | 1.1 | 0.4 | Share about the same as 2015 to 2019 |
| Online retail | Other | 0.4 | 0.4 | Share about the same as 2015 to 2019 |
| Accounting and advisory | Other | Other | 0.3 | No earlier period to compare. |
| Advertising and marketing | 0.5 | 0.5 | 0.3 | Share about the same as 2015 to 2019 |
| Business process outsourcing | Other | Other | 0.3 | No earlier period to compare. |
| Civil and infrastructure construction | Other | 0.3 | 0.3 | Share about the same as 2015 to 2019 |
| Clinical research organisations | 0.4 | 0.4 | 0.3 | Share about the same as 2015 to 2019 |
| Construction | Other | 0.3 | 0.3 | Share about the same as 2015 to 2019 |
| Contract logistics and warehousing | 0.4 | Other | 0.3 | |
| Diagnostic imaging | Other | Other | 0.3 | No earlier period to compare. |
| Energy retail | 0.3 | 0.6 | 0.3 | Share about the same as 2015 to 2019 |
| Film and television production | Other | 0.3 | 0.3 | Share about the same as 2015 to 2019 |
| Fuel wholesale and distribution | Other | 0.3 | 0.3 | Share about the same as 2015 to 2019 |
| Funeral services | Other | Other | 0.3 | No earlier period to compare. |
| Home medical equipment | Other | Other | 0.3 | No earlier period to compare. |
| Management consulting | Other | 0.3 | 0.3 | Share about the same as 2015 to 2019 |
| Metals and metal products | 0.6 | 0.5 | 0.3 | Share about the same as 2015 to 2019 |
| Motor vehicle dealerships | Other | Other | 0.3 | No earlier period to compare. |
| Publishing and print media | 0.6 | 0.7 | 0.3 | Share about the same as 2015 to 2019 |
| Pubs, taverns and bars | Other | 0.3 | 0.3 | Share about the same as 2015 to 2019 |
| Real estate agencies and franchising | Other | Other | 0.3 | No earlier period to compare. |
| Specialty construction trades | Other | Other | 0.3 | No earlier period to compare. |
| Testing and inspection | 0.3 | 0.5 | 0.3 | Share about the same as 2015 to 2019 |
| Wood and paper products | Other | 0.3 | 0.3 | Share about the same as 2015 to 2019 |
| Allied health and physiotherapy | Other | 0.2 | 0.2 | Share about the same as 2015 to 2019 |
| Benefits administration and HR services | Other | Other | 0.2 | No earlier period to compare. |
| Cannabis cultivation | Other | Other | 0.2 | No earlier period to compare. |
| Early learning and childcare | Other | Other | 0.2 | No earlier period to compare. |
| Electronics and household goods retail | 0.4 | 0.1 | 0.2 | Share about the same as 2015 to 2019 |
| Events and exhibitions | Other | Other | 0.2 | No earlier period to compare. |
| Furniture | Other | Other | 0.2 | No earlier period to compare. |
| Gaming equipment | 0.5 | Other | 0.2 | |
| Grocery and convenience retail | 1.0 | 0.5 | 0.2 | Share about the same as 2015 to 2019 |
| Health benefits management | Other | Other | 0.2 | No earlier period to compare. |
| Healthcare revenue cycle services | Other | Other | 0.2 | No earlier period to compare. |
| Manufacturing, other | Other | Other | 0.2 | No earlier period to compare. |
| Metal fabrication and coating | Other | Other | 0.2 | No earlier period to compare. |
| Networking and communications equipment | 2.0 | 1.2 | 0.2 | Share down on 2015 to 2019 |
| Pathology and laboratories | Other | 0.3 | 0.2 | Share about the same as 2015 to 2019 |
| Personal care and cosmetics | 0.4 | 0.4 | 0.2 | Share about the same as 2015 to 2019 |
| Petroleum refining and products | 0.4 | 0.5 | 0.2 | Share about the same as 2015 to 2019 |
| Pharmacy retail | Other | 0.2 | 0.2 | Share about the same as 2015 to 2019 |
| Pulp and paper | 0.4 | 0.4 | 0.2 | Share about the same as 2015 to 2019 |
| Security services | 0.4 | Other | 0.2 | |
| Sporting goods and ammunition | Other | Other | 0.2 | No earlier period to compare. |
| Technology, software, media and telecommunications | Other | Other | 0.2 | No earlier period to compare. |
| Telematics and tracking | 0.4 | 0.3 | 0.2 | Share about the same as 2015 to 2019 |
| Travel services | Other | 0.4 | 0.2 | Share about the same as 2015 to 2019 |
| Tutoring and education services | Other | 0.1 | 0.2 | Share about the same as 2015 to 2019 |
| Utility infrastructure construction | Other | Other | 0.2 | No earlier period to compare. |
| Apparel and footwear retail | 0.6 | 0.2 | 0.1 | Share about the same as 2015 to 2019 |
| Computer hardware and peripherals | 0.6 | 0.3 | 0.1 | Share about the same as 2015 to 2019 |
| Dental | 0.6 | 0.2 | 0.1 | Share about the same as 2015 to 2019 |
| Environmental consulting | 0.3 | Other | 0.1 | |
| Foreign exchange | Other | Other | 0.1 | No earlier period to compare. |
| Forestry | Other | Other | 0.1 | No earlier period to compare. |
| Fuel and convenience retail | Other | Other | 0.1 | No earlier period to compare. |
| Government services contractors | Other | 0.2 | 0.1 | Share about the same as 2015 to 2019 |
| Health and beauty retail | Other | Other | 0.1 | No earlier period to compare. |
| Health care, other | Other | Other | 0.1 | No earlier period to compare. |
| Healthcare marketing and commercial services | Other | Other | 0.1 | No earlier period to compare. |
| Horticulture | 0.6 | Other | 0.1 | |
| Institutional pharmacy | Other | Other | 0.1 | No earlier period to compare. |
| Legal services | Other | Other | 0.1 | No earlier period to compare. |
| Outdoor advertising | Other | 0.3 | 0.1 | Share about the same as 2015 to 2019 |
| Passenger transport | Other | Other | 0.1 | No earlier period to compare. |
| Ports and terminals | 0.4 | 0.2 | 0.1 | Share about the same as 2015 to 2019 |
| Property development | Other | Other | 0.1 | No earlier period to compare. |
| Shipping | 0.5 | Other | 0.1 | |
| Specialty retail | 0.6 | 0.4 | 0.1 | Share about the same as 2015 to 2019 |
| Trailers and transport equipment | Other | 0.3 | 0.1 | Share about the same as 2015 to 2019 |
| Veterinary services | Other | 0.2 | 0.1 | Share about the same as 2015 to 2019 |
| Airlines | 0.4 | 0.3 | Other | |
| Airports | 0.4 | 0.1 | Other | |
| Apparel manufacturing | 1.1 | 0.5 | Other | |
| Customer contact centres | 0.4 | Other | Other | |
| Department stores | 0.4 | 0.2 | Other | |
| Dialysis and renal care | 0.4 | Other | Other | |
| Electronics manufacturing services | 0.5 | 0.2 | Other | |
| Engineering and construction contracting | 0.4 | Other | Other | |
| Fitness and gyms | Other | 0.1 | Other | |
| Furniture and bedding retail | Other | 0.2 | Other | |
| Helicopter and aviation services | 0.5 | 0.3 | Other | |
| Mining services and contractors | Other | 0.3 | Other | |
| Pharmacy benefit management | 0.4 | 0.1 | Other | |
| Physician services | 0.3 | 0.3 | Other | |
| Ski resorts | 0.6 | 0.2 | Other | |
| Social care and disability services | Other | 0.2 | Other | |
| Sporting goods retail | Other | 0.1 | Other | |
| Theme parks and attractions | 0.5 | 0.3 | Other | |
| Timeshare and vacation ownership | Other | 0.3 | Other | |
| Uniform rental and laundry | Other | 0.1 | Other | |
| Vocational training | Other | 0.1 | Other | |
| Other | 8.8 | 9.6 | 8.6 |
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.