Still, private-equity companies remained active in the space and were responsible for 38% of the deals in the media and marketing sector last year, according to the advisory firm Ciesco.

With interest rates stabilizing and global private-equity dry powder estimated to stand at more than $2.5 trillion, experts predict private equity M&A activity will tick up in 2024.

“We started to see a lot of inquiries and outreach in late December from different firms, strategics, and PE asking us what we were representing and giving us their mandates,” said Bob Morris, cofounder and managing partner of the Bravery Group, an advisory firm.

Areas of interest in the advertising and marketing sector include digital and creative transformation, social and influencer marketing, retail media networks, sports marketing, and data-powered creative, according to William Ritchie, managing director of the advisory firm WY Partners.

Ritchie said PE buyers will be on the hunt for “profitable businesses demonstrating growth in 2024, potentially coming off softer 2023 performance.”

And Chris Karl, the chief business development officer at advisory firm JEGI Clarity, said that while some of the funds are looking for add-ons to existing marketing investments, others are looking to provide the first institutional money to up-and-coming companies and will then encourage the founders of those businesses to “stick around to build.”

Business Insider identified 13 of the most active PE firms in the space, listed alphabetically. The list is based on deals made in the last 12 months and conversations with industry experts about which firms are searching for new marketing and advertising investments.

Representatives for the PE firms either declined to comment or didn’t respond to requests for comment unless otherwise noted.

Did we miss any other major PE deals or active acquirers in the advertising, marketing, and communications space from the last 12 months? Let us know by emailing Lara O’Reilly at loreilly@businessinsider.com