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Over the last few months, it’s become clear that mid-market M&A is moving again. Deal activity is returning, but it doesn’t feel like before.
Steve Clarke, Partner within the Finance Practice at Eton Bridge Partners, specialises in supporting organisations through complex, diligence-led M&A situations by placing experienced interim specialists at critical moments. Through his work and conversations with CFOs, CEOs and investors, he has seen a clear uptick in demand for sell-side expertise as businesses prepare for exit in an environment defined by heightened scrutiny and AI-enabled due diligence.
In this article, he shares his insights on how sell-side execution is evolving, why exit readiness is increasingly a board-level priority, and how the right specialist capability can help organisations navigate today’s more intense diligence processes with confidence.
Reflecting on recent conversations, it’s clear that momentum is building, but in a more deliberate way. Both private equity and corporates are once again spending serious time thinking about exits. This aligns closely with what I’m seeing day-to-day, and it’s backed up by recent data too. A recent 2026 Reuters survey showed that over half of PE executives expect middle-market deal activity to increase, with AI now firmly embedded in how deals are being approached.
But while activity is returning, the experience of running a sell-side process feels different.
The quiet shift: Due diligence has intensified
In the last six months alone, we’ve supported twelve sell-side, diligence-focused transactions. What’s interesting isn’t the number itself, but how similar the underlying dynamic has been across different businesses.
These weren’t struggling organisations. They were well-run companies with capable leadership teams and experienced CFOs. What they all encountered was the same pattern: a level of scrutiny designed to uncover a deeper understanding of a business’s true value, earlier in the process.
Part of this is a natural consequence of the last few years. After mixed portfolio performance, buyers are understandably more disciplined. They want to understand not just what the numbers say today, but how robust the business really is under pressure. That feels like a healthy evolution of the market.
AI has changed the pace, but the pressure remains
The biggest change I’m seeing, though, is the role AI now plays in due diligence.
AI-enabled tools are now firmly embedded across transaction advisory and diligence teams, particularly among the Big Four. According to PwC, artificial intelligence is increasingly being used to analyse large volumes of financial, contractual and operational data at speed, allowing buyers to surface risks, inconsistencies and value drivers far earlier in the process.
PwC’s analysis highlights that while this technology accelerates insight, it also raises expectations on sellers. Faster analysis does not mean fewer questions, it means sharper questions, earlier, and a greater need for vendors to respond with clarity and confidence.
In practical terms, that means questions arrive earlier and in greater volume. It’s no longer unusual to see dozens of detailed diligence questions land within days of a process starting, followed by multiple follow-ups running in parallel.
Whilst AI can simplify diligence, it can also increase intensity earlier in the process.
As Peter Brook, experienced financial projects and M&A specialist, explains: “AI is an augmentation of the buyer’s diligence process, allowing them to cut through the noise and focus earlier on what’s key. This provides for a more efficient diligence process. However, it may also lead to questions being raised earlier so there could be more upfront intensity.
While AI may bring forward the wave of questions and increase their intensity, it won’t necessarily lead to a greater volume of questions if used correctly by the buy-side team. In fact, it would be a step backward if AI resulted in more questions rather than less. Instead, AI will shift the focus of diligence, enabling a deeper dive into more targeted areas of concern and uncovering valuable insights earlier in the process, benefiting both sides in the long run.”
Most CFOs and CEOs I speak to are already operating at full capacity before a deal process even begins. The issue isn’t capability or commitment; it’s bandwidth. As AI-driven diligence compresses timelines for data to be reviewed, even the most capable teams can feel stretched. But it’s not just about having the bandwidth – it’s about having the right expertise. In today’s increasingly complex M&A environment, experience and specialist knowledge are essential to navigate this intensified process.
The sell-side processes that run most smoothly are the ones where this is recognised early – not as a weakness, but as a reality of modern M&A.
Where the best-run sell-side processes differ
Across the transactions we’ve supported recently, there’s a clear pattern.
As Robert Tailby, Corporate Disposals advisor, notes: “The skill of the expert is as important as ever. I’ve been impressed that, as a toolset, the latest AI iterations were able to check data for adjustment compliance and even assess counterarguments that could be made.”
Each one involved a specialist individual brought in specifically to support sell-side execution. Not as an extra layer of management, and not because something had gone wrong, but because the leadership team wanted control, whilst enabling them to perform their roles to maintain business performance.
These individuals had been through exits before. They understand how buyers and advisors work. They can own the diligence process end-to-end, keep things moving at pace and protect the time and focus of the CFO and CEO.
What’s striking is how often their impact is quiet but transformational. Leadership teams stay engaged in the decisions that really matter, rather than being pulled into constant data requests.
“It allows the leadership team to stay focused on value and outcomes, rather than getting dragged into constant execution detail.” Alex Koumi, Corporate Finance Specialist commented.
Control is the real differentiator
When I look back at the most successful sell-side processes, the common thread isn’t valuation or even preparation. It’s control.
Control of information.
Control of timelines.
Control of narrative.
AI has made diligence clearer and faster, but it has also made it far less forgiving of disorganisation or delay. Having the right people in place allows businesses to respond with confidence rather than urgency.
One transaction advisor put it to me recently in a way that stuck: AI undoubtedly makes expectations in diligence clearer. Whether it makes the process easier is another question.
The new baseline for sell-side readiness
As deal activity continues to build, I expect this approach to become standard rather than exceptional. Sell-side readiness is no longer just about preparation or storytelling. It’s about aligning the right execution capability with a more intense, AI-enabled diligence process.
For many businesses, that means recognising early where additional experience will protect value, ensuring data quality, accessibility and narrative alignment are optimised before scrutiny intensifies, and putting the right people in place at the right time. When that happens, sell-side processes don’t just move faster. They feel calmer, more controlled and ultimately more successful.
The quality of the underlying data is critical. AI can be a win–win for both sides, provided the information is accurate and robust. If the data is flawed, AI will simply surface the weaknesses faster – and potentially amplify them.
If you’d like to discuss how Eton Bridge Partners is supporting organisations through sell-side preparation and execution, or if you’re interested in playing a leading role in upcoming transactions, get in touch with Steve to continue the conversation.
Click here to read M&A market insights from the wider team
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