By Max Fellows, Founder of allpoints
October proved to be a compelling month for M&A in the events, experiential, and agency space; a period that underscores how the conference and entertainment landscape is consolidating in ways that balance scale, creativity, and strategic reach.
Key Deal: Secret Cinema’s Parent Company Acquired
Perhaps the headline grabber of the month is the acquisition of TodayTix, the parent company of the London based immersive entertainment powerhouse Secret Cinema, by Mari, a global events firm backed by Apollo Global Management and RedBird Capital Partners.
Why it matters
Secret Cinema is not just a niche film screening outfit, it’s a brand known for immersive, highly experiential storytelling; combining cinema with theatre, set design, live performance, and audience participation, making it a perfect fit for Mari, which appears to be building a portfolio that goes beyond traditional live events. By acquiring TodayTix, Mari gains access to a massive customer base, of an estimated 20 million members, giving them a direct to consumer (D2C) platform for future entertainment, sports, and art experiences to accelerate their growth in the market.
This deal signals that the experiential events landscape is changing, it is being reimagined not just as gatherings, but as integrated entertainment ecosystems, combining ticketing, content, community, and brand partnerships.
Continuing the trend
November, has also shown a major move from Encore, who acquired Eclipse, a UK based event production company. This deal boosts Encore’s presence and production capabilities in one of the world’s most important event markets. With Eclipse’s creative and technical expertise; especially across high profile London venues, now combined with Encore’s global reach, this acquisition underscores the broader M&A trend that growth is being built on creative strength and strategic alignment.
Broader M&A Trends: Agency and Professional Services
Beyond immersive events, October M&A activity saw strong movement among more traditional sectors with the strategic drivers being scale, specialisation, and operational consolidation.
October featured a number of M&A transactions across regulated services, logistics, infrastructure, and professional services, demonstrating the appetite for UK investment. Investors are focusing on certainty, scale, and strategic goals. Portfolio refinement remains a strong indicator, with sales like Smiths Group to Molex mirrors indicating investors are concentrating on fewer, higher-margin divisions. Whilst the Tritax and Macquarie transactions show the persistent pull of UK hard assets for long term capital. Both deals demonstrate how global investors are seeking dependable yield through physical infrastructure rather than cyclical equities.
Meanwhile in technology and professional services, the acquisition of Decho by Accenture and SRG’s dual healthcare deals illustrates how specialist UK firms continue to command premium valuations from international buyers.
Overall, deal flow throughout October suggests that, despite economic caution, buyers are targeting assets offering either resilience through essential infrastructure or strategic leverage through specialisation.
On the flip side the UK investment sector, saw a drop in deal volume during October, with only four transactions above £5m reported. This relative slowdown may reflect a more cautious approach heading into year end.
In the public M&A arena, WSP Global completed a major move by acquiring Ricardo in a recommended cash offer, reinforcing its technical and regulated services footprint.
What This Means for the Events and Agency Ecosystem
Mari’s acquisition of TodayTix/Secret Cinema isn’t just a bet on ticketing, it’s a bet on immersive storytelling as a scalable, premium product. As event companies consolidate, they are increasingly positioning themselves as content producers, not just organisers.
Data and technology are forcing the more traditional agency’s to build scale in regulated or technical areas, whilst leaning into specialist advisory to differentiate themselves within the market.
The drop in deal volume in the UK investment sector suggests that while big, high profile acquisitions continue, some mid market M&A is slowing. This could reflect valuation discipline or macro uncertainty heading into year end.
Brands and agencies working in the experience space should watch Mari closely, their expanded event production portfolio could make them a valuable partner for immersive brand activations, sponsorship, or content collaboration. Opposingly, independent event producers may face increasing pressure; with consolidation, competition for talent, venues, and audience attention intensifying.
Overall, the deal suggests institutional investors continue to see live, immersive experiences as a growth area. For founders, this could mean more capital and exit options, but also higher expectations around scale, digital reach, and profitability.
Final Take
October 2025 marked a moment where the lines between events, entertainment, and platform businesses blurred. The Secret Cinema deal is a standout example, but it also reflects a broader strategic trend, that M&A in the agency and events world isn’t just about putting companies together, it’s about building the future of experiences.