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What’s really happening in recruitment M&A right now?

In this episode, Paul Masters from Sovereign Private joins us to unpack the shifting landscape of agency mergers and acquisitions across Australia in 2026.

We explore why deal activity has slowed from the 2022–2023 highs, and why today’s transactions are increasingly favouring high-performing niche agencies over generalist firms. From valuation multiples to what “strong” actually looks like in the current market, this is a grounded look at how economic conditions are reshaping pricing and expectations.

We also get into what really happens behind the scenes. How buyers stress test growth forecasts, why generic projections don’t hold up, and what a credible EBITDA bridge needs to demonstrate to make it through due diligence.

Paul also explains the practicalities of deal structure, founder dependence, earnouts, and the critical role of a strong second-tier leadership team.

Paul also shares a surprising insight from offshore buyers across Japan, Europe, and the US. If you’re thinking about growth, exit, or just want a clearer view of the market, tune in.

Hosted by APSCo Australia's Lesley Horsburgh

To learn more about APSCo Australia, head to au.apsco.org