Private equity funds currently fighting fires at portfolio companies may soon turn their attention to boosting operations by making add-on acquisitions, according to a new report from PitchBook.

Already in the first quarter of 2020, bolt-on deals in Europe accounted for 63.4% of deal volume, reaching a Q1 decade peak. Analyst Dominick Mondesir expects bolt-ons to make up the bulk of deal activity through the rest of the year.