Done Deal – Insights from our M&A and Activism team – February 2026
Insights from our M&A and Activism team
Welcome to the latest instalment of Done Deal. Val Mack breaks down the activism trends on the horizon and shares how you can dive deeper by joining our upcoming Done Deal Talks webinar. We also share insights on why the defense sector is primed for a wave of IPOs. In addition, we share our thoughts published in Management Today on why IPO success depends not only on the numbers, but the story behind them. Finally, in our colleague spotlight, Heather Wilson, a new Senior Managing Director in our Los Angeles office, offers a brief reflection on current trends and challenges.
Upcoming Webinar | Done Deal Talks: Activism Outlook for 2026
FTI Consulting Receives Accolades for Activism
In our upcoming Done Deal Talks webinar, top activism defense leaders – Evan Johnson, Margaret Williams, and Val Mack – will discuss how they keep their clients ahead of the curve with preparation and tailored strategies. With Garrett Muzikowski as moderator, the group will discuss the ever-changing landscape of shareholder activism.
Defense Tech: Primed for the Public Markets
A convergence of factors has primed the defense sector for a period of IPOs. Rising defense budgets and increased investor interest in defense technology companies, among other factors, kicked off an initial round of IPOs last year — including Kratos Defense & Security Solutions, Voyager Technologies, Karman Space and Defense, AIRO Group Holdings, and Firefly Aerospace. The trend is all but certain to continue, with 2026 promising a wave of public market entries. However, ensuring success during one of the most high-profile moments a company will face requires careful preparation and positioning.
IPO success depends on both the numbers and the story via Management Today
The IPO market has remained subdued since 2021. However, the second half of 2025 saw several successful European IPOs, including Shawbrook Group, Ottobock, and Verisure, which could help bolster market confidence and support increased IPO activity in 2026. So, what is it that drives IPO success? When companies prepare for an IPO, attention often skews toward the financial numbers. But the words — purpose, strategy and future narrative — can be just as important. An organisation must simultaneously demonstrate economic strength and earn market confidence. Both sides matter and when either falter, value leaks away.
Let’s talk Carve-out: Concept. Capital. Communication. Culture.
We recently hosted our carve-out event with Norton Rose Fulbright and Christopher Weiß. It was an evening designed to leave a lasting impression—featuring open and candid reflections, practical firsthand experience, and concrete examples, including lessons learned from what didn’t work. The lively discussion underscored just how complex carve-outs are in practice and how critical thoughtful planning, comfort with ambiguity and clear, strategic communication are to achieving success.
What We’re Up To
Meet our Team: 30 seconds with Heather Wilson
Describe your area of expertise at FTI and the value you bring to clients?
Earlier in my career, I was a financial journalist and then later worked in public affairs, which gives me insights into how crises, transactions, activist campaigns, and financial narratives are interpreted in the market – and by lawmakers and regulators. That perspective helps me counsel clients not just on what to say – but how their story will be received, analyzed, and amplified in a variety of channels.
I help clients anticipate stakeholder reaction – from policymakers and regulators to investors, employees, and the media – and build strategies that help protect their reputation and advance their objectives. Sitting on the West Coast provides another perspective as well. Not only in terms of the industries we have here, but the cultural perspective that greatly influences the business environment. We jokingly refer to it as “speaking Californian”.
What deal trends are you seeing in your marketplace?
California’s biotech and med tech markets remain incredibly innovative, but much more disciplined than a few years ago, especially as venture funding increasingly prioritizes later-stage companies with strong clinical data, clear reimbursement pathways, and credible commercial plans. Relatedly as the IPO window has been uneven, more companies are looking to strategic M&A or partnerships as more realistic exit paths. AI continues to reshape the landscape (as it’s doing across the board) – from drug discovery and diagnostics to med tech devices and health data platforms – but it’s also drawing greater regulatory and policy scrutiny. At the same time, California’s deep bench of research institutions, talent, and venture capital keeps the ecosystem highly competitive. Overall, it’s a market defined by innovation – but with a sharper focus on capital efficiency, risk management, and long-term value creation, which is all a great space for FTI to play in.
What do you do outside of work that helps you reset and stay sharp for the next professional challenge?
Staying active and getting outside whenever I can is the best reset for me. I’m fortunate to live in a place where the weather is nice nearly all-year-round so I can take my dog (a very active labrador retriever) for hikes and play fetch in the park. I’m pretty religious about my morning workouts – they wake me up and get me ready for the day ahead.
Contact Us
To be added to the distribution list for FTI Consulting’s M&A and Activism Insights, or for further information on the dedicated M&A and Activism team at FTI Consulting, please contact Edward Bridges ([email protected]) Pat Tucker ([email protected]) or Alex Le May ([email protected]).
| The views expressed in this article are those of the author(s) and not necessarily the views of FTI Consulting, its management, its subsidiaries, its affiliates, or its other professionals. ©2026 FTI Consulting, Inc. All rights reserved. www.fticonsulting.com |
