Buy-and-build deals globally have slumped to one of their lowest quarterly levels for five years, according to research, as the economic malaise continues to make chief executives nervous of expanding through acquisitions.

The number of buy-and-build deals - acquisitions by private equity portfolio companies - stood at 50 in the third quarter, down from 85 in the same period last year, according to data from buyout firm Silverfleet Capital and research provider Mergermarket. The data is based on deals performed by companies based in Europe.