Bolt-on acquisitions in Europe are running at their highest percentage of overall private equity activity on record, new figures show, as firms seek creative ways to buy businesses in a pricey deal market.

Figures from PitchBook Data show that there were 719 bolt-on purchases in Europe, accounting for a 49.5% of all private equity investment activity in the year to the end of September. That is the highest percentage for the period, according to PitchBook.