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European private equity gaining momentum again – deal values of €25.2bn for H1 2010 more than double last year’s values

Tuesday, July 27, 2010
Opalesque Industry Update - Preliminary figures released today in the Q2 2010 unquote” Private Equity Barometer* (published by unquote” and sponsored by Candover**, a European private equity house)

European Private Equity
􀂾 The total number of European private equity-backed transactions in the first half of 2010 has achieved a striking rise of 211% in value terms to €25.2bn from €8.1bn in H1 2009. The period has also seen a boost of 23% in volume terms, with 555 deals completed, compared with 451 in 2009.
􀂾 More than 300 deals have been completed in Q2 2010, up 18% from 254 deals in Q1 2010. Deal value figures reinforced this positive momentum, with transactions for the quarter totalling €13.9bn from €11.4bn in Q1 2010, an increase of close to 22% quarter-on-quarter.

􀂾 Buyouts drove the momentum in the market, with activity levels rising 56%, with 167 deals in H1 2010, compared to 107 in H1 2009. 􀂾 In value terms, buyouts quadrupled to €20.7bn in H1 2010, from €5.3bn in H1 2009.
􀂾 Volumes in Q2 2010 rose from 95 to 72, with value totalling €11.2bn, up from €9.5bn in Q1.
􀂾 The increase in buyouts has been driven by the €100m-1bn mid-market segment, which recorded 32 deals in Q2 2010, up 68% from Q1. However, deals valued at more than €1bn remained scarce, with just one transaction in Q2 2010: the €1.1bn buyout of Irish aircraft leasing company Avolon by Cinven, CVC Capital Partners and Oak Hill Capital Partners.
􀂾 Whilst the UK remained the most active market in Europe, other established markets such as Germany and the Nordic region recorded impressive gains.

Commenting on the latest figures, John Arney, Managing Partner of Candover, said:

“The first half of the year has shown a marked increase both in value and volume of deals, particularly in the mid-market. While the focus for a number of buyout houses over the last year has been on managing their existing portfolios, it is good to see the markets opening up and providing a competitive environment for new deals. This will have a knock-on effect on exit opportunities, which will further unlock the market as a whole”. Source

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