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8/14/2019 EUR Private Equity Review FY2009
1/24
European Private Equity
in ReviewFull-year 2009 edition
8/14/2019 EUR Private Equity Review FY2009
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Foreword 3
Pan-European private equity 4
Trend graphs 6
Sectors 7Geography 11
European private equity deals 12
European secondary buyouts 14
Private equity activity tables - buyouts 15
Private equity activity tables - exits 16
Financial adviser activity tables - buyouts 17
Financial adviser activity tables - exits 18
Legal adviser activity tables - buyouts 19Legal adviser activity tables - exits 20
Appendix 21
Notes and contacts 23
Contents
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European Private Equity in Review 3
Foreword
The ull-year 2008 edition o this report recognised that the
near collapse o the banking sector had signicantly impaired
the dealmaking ability o nancial investors. However, at the
time there were reasons to be cautiously optimistic and it wassuggested that with valuations sliding, the asset class could
take advantage o distressed vendors and acquire undamentally
sound assets on the cheap.
As it turned out, 2009 was one o the most challenging years
yet aced by private equity with the cost o leverage, availability
o viable targets and price dislocation all emerging as major
obstacles. Even where these challenges were overcome, the
acquisitive aspirations o many unds was curtailed, so pre-
occupied were they with ghting res at portolio company
level. Indeed, highly geared deals that were struck during the
buyout boom began to look ill-timed at best and badly judgedat worst. As such, several private equity houses were orced
to reassess their portolio holdings, selling o some assets
while looking to preserve and create value in other investments
through eective and innovative management.
A back to basics approach by the asset class is one o the most
signicant by-products o the economic downturn and it is no bad
thing. Going orward, private equity volumes will likely continue to
trend upwards although valuations will stay at depressed levelsas sensible mid-market dealmaking becomes the norm. The
heady days o near ree and easy debt are certainly over although
leverage is still obtainable or undamentally sound investments.
Debt packages are now typically widely syndicated with investors
required to inject a greater equity component into transactions.
Despite this, a number o signicant buyouts have been brokered
in recent times, indicating that the larger players are still willing
and able to do deals at the top o the market. KKRs recent
acquisition o Pets At Home or a consideration o almost 1.1bn
and BC Partners move to buy Spotless Group or 600m are just
two very recent examples o the condence returning to the asset
class and must be treated as signs o continued recovery.
We hope you enjoy this ull-year edition o European Private
Equity in Review and, as always, we welcome any comments or
eedback that you may have. I you are interested in sponsorship
o this or any other mergermarket publication, please contact
Simon Elliott.
Tom Coughlan, The Mergermarket Group
mergermarket is pleased to present the ull-year 2009 edition o European Private Equity in Review. This reporthighlights the latest trends within the private equity industry, covering activity in several o the top dealmakingsectors and regional markets across Europe.
mailto:simon.elliott@mergermarket.commailto:simon.elliott@mergermarket.com8/14/2019 EUR Private Equity Review FY2009
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4 European Private Equity in Review
Pan-European private equity
Such a act is baldly armed by the dismal deal trend guresrom 2009. In the year, buyout and exit transaction volumes
each shrank by nearly 45% to 613 and 283, respectively. This
was only somewhat better than the 64% and 60% decline in total
disclosed transaction values. In absolute terms, buyouts and
exits stood at 28.9bn and 24bn apiece in the year, down rom
80.8bn and 59.6bn in 2008.
Predictably, thereore, the large-cap segment o the buyout
market or transactions valued at 500m or more in 2009
became ar less active than in recent years, comprising just 4%
o total acquisitions by unds in the year, compared to11.3% or
the 2004-2008 period. In the exit market, dealmakers have alsoretreated to the lower end o the market, but overall it has ared
relatively well with large-cap transactions comprising 10.9% o
combined valuations, compared to 13% over the wider period.
The global nancial crisis has not simply impacted upon the
asset class ability to broker transactions at the top end o the
market, however. It has also challenged undamental aspects
o the industry itsel with regards to issues such as undraising,
investment strategies, portolio company management and deal
nancing structures. No doubt some o these challenges will
prove transitory, as will the responses, although others will be
longer lasting in their eects and magnitude.
In a handul o instances, general partners moved to scale
down and even curtail undraising as cash-strapped limited
partners remained unwilling to commit their precious capital.
Most prominently, Candover, a one-time giant o private equity
now hobbled by the nancial crisis, agreed with investors to
terminate its Candover 2008 Fund ater the listed arm o the
buyout house ailed to meet its own 1bn commitment to
the 3bn investment pool. Elsewhere, PAIs general partners
agreed with investors to halve its current PAI Europe V und rom
5.4bn to 2.7bn. Moreover, the Financial Times reported that
the buyout house also made concessions to limited partnersrelating to governance and ee structures, something that would
have been unthinkable in previous years.
These concessions are, o course, symptomatic o abroader shit in the power balance between und managers
and investors. Elsewhere, it has also been reported that
endowments rom Harvard and Yale universities blocked the
Munich-headquartered Nordwind Capital rom investing in
US-based assets in the Pharma, Medical & Biotech space
when the rm went to draw down committed to the und.
Opposition sprang rom the act that such a play was not in
line with the unds initial strategy o investing in turnaround
opportunities in the Germanic region.
But while limited partners are seemingly enjoying some
newound power, many have been orced to sell o privateequity commitments in secondary markets at steep discounts
in a bid to shore up their own cash position and avoid any
orthcoming capital calls. This has hastened a bustling trade in
secondary markets with some private equity rms raising unds
and deploying capital specically to this end. More generally,
investors have been hit hard by the worsening sale environment
and the concomitant all in exit activity which has adversely
impacted upon capital redistributions to limited partners.
It is not surprising, however, that nancial sponsors would
alter investment strategies, holding o exits to ocus instead on
operational eciency and value preservation in existing portoliocompanies. Rather intuitively, the sale price o an enterprise
determines the high exit multiples or which the asset class
is so amed and also the carried interest paid out to general
partners. Understandably, private equity groups were generally
loathe to bring assets to market, particularly in those sectors
more sensitive to the downturn, that would only etch depressed
prices rom opportunistic acquirers. Nevertheless, a number o
hard hit unds aced no choice with the likes o 3i and Candover
moving to dispose o several assets over the course o 2009.
Despite the rally in global equity markets over the second hal
o the year and widespread optimism rom buyout houses,there was a dearth o public listings o portolio rms in Europe
last year. In this respect, 2010 has already seen a number
Looking back, ew in the European private equity industry will remember 2009 with much ondness. It is plainlyclear that last year marked a low-water mark or the industry, so reliant, as it was, on the availability o cheapleverage that uelled the buyout boom. And, as debt capital markets imploded ater Lehman Brothers bankruptcy,private equitys all rom the heights o the pre-crisis period was no less spectacular than the very investmentbanks that unded the dealmaking renzy.
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European Private Equity in Review 5
o aborted foatations o large private equity-backed rms,
suggesting that while the IPO market may recover, it will not
be the quick route to exit that had been previously mooted by
private equity practitioners.
Nonetheless, competition is beginning to rm within the deal
market itsel, particularly among private equity bidders, with a
number o auctions being ercely contested in the rst quarter
o 2010. Stier competition has helped to drive up valuationsand ease the level o price dislocation that had existed between
buy- and sell-side parties, signalling private equitys growing
appetite to broker new deals. Indeed, buyout activity had also
been curbed by widespread market uncertainty, a testing
nancing environment and a general lack o suitable targets.
Where the big buyouts came to market in 2009, it was generally
or deensive assets in more resilient investment niches. In
addition, rms also ound ertile ground or distressed and
opportunistic investments in the ashes let (or created) by the
nancial crisis.
Overall, private equity has had to go back to basics by creatingvalue through managerial expertise and operational eciency
improvements. Firms that relied too much on nancial wizardry
during the boom have clearly struggled without the magic
stardust o debt during the bust. While there have been positive
signs o credit market easing, nancial investors have also had
to employ increasingly creative deal structures in order to bridge
the liquidity gap and get deals over the nish line. This includes,
or example, club deals, the use o deerred earnouts and hybrid
securities. On the creditor side, lenders have teamed up to
nance deals and spread risk through syndicated loans. In the
latest such example, a consortium o banks, including Nomura,
Calyon, KKR Capital Markets and Commerzbank agreed toprovide a 455m (695m) debt package or the 1.10bn buyout
o the British pet retailer Pets at Home, a transaction discussed
in urther detail in the Consumer section below.
Given the challenges that private equity continues to ace, it
is undeniable that the asset class has a signicant role to play
in the economic recovery, primarily by helping to enhance the
eciency and productivity o portolio rms. Nevertheless, amid
this backdrop, the spectre o regulatory reorms emanating
rom Brussels has loomed large in the orm o the Alternative
Investment Fund Managers Directive (AIFM), legislation which
aims to tighten the regulation o the private equity and hedgeund industries. Lobbyists rom country and region-wide trade
bodies, including the British Venture Capitalist Association
(BVCA) and the European Venture Capitalist Association (EVCA),
shot back with measured but rm criticism o the proposals.
Conversely, the two bodies have also tried to ward o any harsh
criticism o regulators rom private equity industry gures
themselves, which could work against a better outcome on
the proposals.
There is arguably little doubt that these pending regulatory
changes are a backlash against the perceived avarice andrecklessness o the Financial Services sector in Europe and
the US. Likewise, there is little doubt that oisting a strict
regulatory burden on private equity will be detrimental to the
industry and its ability to help revitalise economic activity.
Specically, the drat AIFM proposals set out greater
disclosure rom rms, independent valuations o investments
and minimum capital requirements. At a time when margin
pressures are already heightened or many rms, any reorms
that will add increased oversight costs are most unwelcome.
Meanwhile, the proposed regulatory changes in the US are
also relevant or the European deal market in an era wheninternational investment is an everyday occurrence. The Volcker
Rule, as it has come to be known, sets out proposed changes
designed to prevent the problems with institutions that are too
big to ail. I adopted, the Volcker Rule could see investment
banks ofoad hedge und and private equity divisions, ocusing
instead on traditional investment banking activities. At the same
time, other prospective reorms could see private equity rms
based in the US ace urther regulatory scrutiny in the orm o
tighter capital and disclosure requirements.
It is unclear what the nal orm o the regulatory changes
will be and how severely they will aect the nascent recoveryunderway in private equity dealmaking. The major economies
o Europe are just beginning to emerge rom recession and at
very low rates o economic growth. As such, the underpinnings
or a more robust uptick in transaction activity remain ragile.
Private equity deal trends are showing signs o recovery relative
to year-earlier levels, albeit rom a low base o comparison. In
the nal quarter o 2009, or instance, buyout and exit valuations
rose robustly, doubling in the rst instance and nearly trebling in
the second, to 13.59bn and 14.68bn, respectively. Transaction
volumes have not, however, bounced back with the same vigour.
While exits rose by 8.1% year on year in Q4, buyouts were down
by over 10.0% on Q4 2008 levels. Clearly, lingering challengespersist, but the vantage rom today is ar better than it was a
year or even six months ago.
Pan-European private equity
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6 European Private Equity in Review
Buyout and exit trends by volume
Vo
lumeofdeals
400
350
300
250
200
150
100
50
0Q1
2005Q2
2005Q3
2005Q4
2005Q1
2006Q2
2006Q3
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2007Q2
2007Q3
2007Q4
2007Q1
2008Q2
2008Q3
2008Q4
2008Q1
2009Q2
2009Q3
2009Q4
2009
Buyouts Volume o deals
Exits Volume o deals
2 per. Mov. Avg. (Buyouts Volume o deals)
2 per. Mov. Avg. (Exits Volume o deals)
Trend graphs
Buyout and exit trends by value
Valueofdeals(m)
100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0Q1
2005Q2
2005Q3
2005Q4
2005Q1
2006Q2
2006Q3
2006Q4
2006Q1
2007Q2
2007Q3
2007Q4
2007Q1
2008Q2
2008Q3
2008Q4
2008Q1
2009Q2
2009Q3
2009Q4
2009
Buyouts Value o deals (m)
Exits Value o deals (m)
2 per. Mov. Avg. (Buyouts Value o deals (m))
2 per. Mov. Avg. (Exits Value o deals (m))
90
80
70
60
50
40
30
20
10
0Q1
2005Q2
2005Q3
2005Q4
2005Q1
2006Q2
2006Q3
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2007Q3
2007Q4
2007Q1
2008Q2
2008Q3
2008Q4
2008Q1
2009Q2
2009Q3
2009Q4
2009
Volume
Value
Secondary buyout trends by volume and value
30,000
25,000
20,000
15,000
10,000
5,000
0
Valueofdeals(m)
Volumeofdeals
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European Private Equity in Review 7
Technology, Media & Telecommunications (TMT)
The European TMT space is replete with a range o diverse,
niche businesses and an array o investment opportunities,
ranging rom the provision o venture and growth capital in
start-up and small-cap companies to mature large-cap assets.
Accordingly, the TMT sector has been a mainstay investment
area or private equity in Europe or many years, and last year
was no dierent.
Indeed, private equity players brokered 76 buyouts in the sector
worth a combined 6.60bn in 2009, making it the ourth most
active buyout market in Europe in terms o deal volume and
the top ranked by value. Likewise, with 57 exits worth 7.53bn
TMT also ranked as the highest value sector or private equity
divestments and the second most active exit market ater the
Industrials & Chemicals space.
While the overall volume and value o TMT buyouts and exits
undertaken by the asset class in Europe ell by nearly a third
against 2008 gures, the sector increased its share o total
private equity transactions to its highest proportion in recentyears. Measuring the volume and value o TMT transactions
to overall private equity deals, the proportion rose appreciably
last year to 15.1% and 20.0%, respectively, up by 1.9 and 3.2
percentage points compared to the aggregated average or the
2004-2008 period.
Tellingly, the sector hosted several o the asset class largest
deals in the year, including the top ranked transaction. In
this deal, BC Partners and Apollo Management divested
respective stakes o 35.3% and 29.1% in Unitymedia GmbH,
the international cable group based in Germany. US-based
trade buyer Liberty Global was involved on the buy-side othe transaction which was valued at a total consideration o
3.50bn, consisting o 2.00bn in cash and the assumption o
1.50bn in Unitymedias debts. This represents an attractive
return or BC Partners and Apollo who had previously acquired
Unitymedia or 1.50bn in 2003.
The largest private equity buyout o the year also came
to market in the TMT space. The transaction saw EQT
Partners team up with GIC Special Investments, the private
equity investment arm o the Singaporean state, to broker
the 2.24bn secondary buyout o Springer Science and
Business Media, the German-based academic publisher inDecember. EQT and GIC respectively acquired 82% and 18%
o the company which, at the time o sale, carried net debt
o approximately 2.20bn. On the sell-side, Candover, the
embattled buyout house struggling to manage its own debts,
and co-investor Cinven were able to exit Springer ahead o loan
renancings that were due to begin maturing in early 2010.
While the Springer Science transaction was an SBO, it proved
to be something o an anomaly as the SBO market actually
shrank in the year to just over 10% o total activity, downrom an average o 16% or the 2004-2008 period as a whole.
Moreover, in this particular deal, the vendors sold rom a
position o distress, with the transaction only made possible by
EQT and GIC managing to inject new equity into the business
and renance its debts, greatly improving Springers capital
structure and uture prospects. Nonetheless, as one o
the biggest LBOs to come to market in Europe in 2009, the
transaction oers hopeul signs or 2010.
Another signicant deal saw Silver Lake Partners lead an
investor consortium which acquired a 65% stake in Skype
Technologies, the Luxembourg-headquartered global Internetcommunications company, or 1.42bn rom eBay Inc. Post-
deal, eBay will retain a 35% stake in the company with the
technology-ocused consortium o investors bringing a wealth
o technological and management expertise to help grow the
business going orward in the ast expanding social media and
technology niche.
As the leading technology private equity house in Silicon Valley,
Silver Lake is the most prominent among the investor consor-
tium, but other partners included institutional investor, Canada
Pension Plan Investment Board, and two venture capital
rms, US-based Andreessen Horowitz and Switzerlands IndexVentures notably, the latter provided backing or Skype in the
days beore it was acquired by eBay.
Consumer
Private equity investment in Consumer businesses abated at
a airly steep pace in 2009, marking the second successive
year o retrenchment in buyout and exit activity in the sector.
Such a trend is o course o little surprise given the sensitivity
many Consumer companies ace to cut backs in discretionary
household expenditure in uncertain economic times.
This is particularly apparent when looking at the raw
numbers. In the year, the asset class brokered just 106
Sectors
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8 European Private Equity in Review
buyouts worth 3.33bn, representing year-on-year declines o
48% and 75% in volume and value terms. Obstacles in the exit
market also saw divestments ebb to just 41 transactionscollectively valued at 4.30bn, down 52% and 60% respectively
compared to the same time period 12 months earlier.
Looking at the Consumer subsectors, buyout and exit activity
was uniormly depressed with little variation between the
Retail, Foods and the broader Other sector, including the
tobacco and beverages, household and personal care items
and luxury goods businesses. That said, this latter segment
saw a noteworthy 8.8% increase in aggregate valuations
over last year on the back o two o the asset class biggest
transactions. Notably, both deals came to market in the
beverages niche, a comparatively deensive investment spacegiven the resilience these companies oten have to down
business cycles.
In the largest such transaction, Blackstone Group Holdings
and Lion Capital exited Orangina Schweppes Group, the French
sot drink maker and distributor, to Japanese strategic investorSuntory Holdings or a consideration o 2.25bn. Blackstone
and Lion Capital initially acquired Orangina Schweppes in early
2005 or 1.85bn and grew the business through inorganic
growth and expansion into new markets.
Financial investors were also involved on the buy-side in the
beverages subsector. The top deal was announced in the
third quarter o the year and witnessed CVC Capital Partners
acquire the Central & Eastern European assets o AB InBev,
the worlds largest brewing company, or US$2.23bn (1.49bn)
with a possible earnout payment o US$800m dependent upon
CVCs return on initial investment. The deal also saw CVCacquire brewing operations in nine countries and a number
o brands, including the Czech label Staropramen. Notably, a
Sectors
Sector split of buyouts by volume
Industrials & Chemicals
Consumer
Business Services
TMT
Pharma, Medical & Biotech
Energy, Mining & Utilities
Financial Services
Construction
Leisure
Transportation
Real Estate
Deence
Agriculture
8.3%
5.7%
5.4%
5.2%
5.1%0.2%2.9%
0.2%1.0%
17.3%
21.7%
14.5%
12.6%
Sector split of buyouts by value
TMT
Energy, Mining & Utilities
Transportation
Consumer
Industrials & Chemicals
Financial Services
Pharma, Medical & Biotech
Business Services
Construction
Leisure
Agriculture
Real Estate
Deence
22.8%
13.2%
12.9%11.5%
11.2%
9.3%
7.5%
6.9%
3.3%
0.2% 0.1%1.2%
0.1%
Sector split of exits by volume
Industrials & Chemicals
TMT
Consumer
Business Services
Pharma, Medical & Biotech
Leisure
Financial Services
Energy, Mining & UtilitiesConstruction
Transportation
Real Estate
Deence
Agriculture
27.2%
20.1%
14.5%
12.7%
8.1%
5.3%
3.2%
2.8%
2.8%
1.8% 0.4%
0.7%0.4%
Sector split of exits by value
TMT
Consumer
Industrials & Chemicals
Pharma, Medical & Biotech
Business Services
Real Estate
Financial Services
Transportation
ConstructionLeisure
Energy, Mining & Utilities
Deence
31.3%
17.9%
13.1%
10.2%
6.7%
5.4%
5.2%
4.5%
3.3%
1.4%0.9%
0.1%
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European Private Equity in Review 9
syndicate o lenders provided US$1bn in senior debt to nance
the transaction, one o the largest debt packages seen in the
European buyout space last year.
The beverages niche may have been the top spot or large-cap
deals last year, but in the early days o 2010 it appears that
private equity-backed M&A in the Retail niche may be en route
to a strong revival. The 1.10bn management buyout o Pets at
Home, the UK-based retailer o pet products and accessories,
by Kohlberg Kravis Roberts & Co rom Bridgepoint Capital
ranks as the largest global private equity-related deal at the
time o publication.
Moreover, there was strong competition or the asset at
auction rom a host o private equity heavyweight biddersincluding Apax Partners, Bain Capital and TPG. On the sell-
side, Bridgepoint realised an exit multiple o 15.7x EDITDA, an
impressive return in any economic climate, more so when it is
noted that the median exit multiple or private equity-related
deals in 2009 stood at 8x EBITDA.
While private equity investment in the Consumer sector
may recover only gradually in the ace o lingering post-crisis
challenges this year, it is certainly encouraging that 2010 has
got o to a good start or a deal market that has languished in
decline or the past two years.
Financial Services
With the Financial Services industry at the epicentre o the
global economic crisis, it is not surprising that the sector
witnessed a sharp contraction in the volume and value o
private equity-brokered transactions in Europe in 2009.
In the year, the number o buyouts totalled 33 transactions
collectively valued at 2.68bn over last year, down rom 60
Sectors
1,600
1,400
1,200
1,000
800
600
400
200
02005 2006 2007 2008 2009
Buyout deal size by volume
Not disclosed
< 15m15m - 100m
101m - 250m
251m - 500m
> 500m
300,000
250,000
200,000
150,000
100,000
50,000
02005 2006 2007 2008 2009
Buyout deal size by value
15m
15m - 100m101m - 250m
251m - 500m
> 500m
Valueofdeals(m)
800
700
600
500
400
300
200
100
02005 2006 2007 2008 2009
Exit deal size by volume
Not disclosed
< 15m
15m - 100m
101m - 250m
251m - 500m
> 500m
Vo
lumeofdeals
140,000
120,000
100,000
80,000
60,000
40,000
20,000
02005 2006 2007 2008 2009
Exit deal size by value
15m
15m - 100m
101m - 250m
251m - 500m
> 500m
Valueofdeals(m)
Volumeofdeals
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10 European Private Equity in Review
deals worth 9.28bn in 2008. Exit activity was also airly sub-
dued with just nine transactions valued at 1.26bn in 2009,
down by 50.0% and 40.5% in year-on-year terms.
The largest deal transacted by the asset class in the year
saw a consortium o investors including Stone Point Capital,
Hellman & Friedman, Vestar Capital Partners, Crestview
Partners, New Mountain and Caisse de Depot et Placement
du Quebec sell a 57% stake in Paris Re Holdings, the French-listed, Swiss-based reinsurance solutions provider. The
transaction saw Bermuda-based re-insurance provider
PartnerRe acquire the stake in a block purchasing scheme
or a consideration o 1.19bn. PartnerRe already owned
a 7% stake in the company and paid the Swiss companys
shareholders a premium o 12.75% over the traded share
price one day prior to the oer announcement.
Looking ahead, it is possible that a number o drivers may
bolster private equity investment in the sector. Although
Financial Services is a comparatively small deal market or
the asset class in Europe, representing approximately 5% and10% o total European buyout and exit activity in 2009, activity
may be set to increase in the year ahead with buyout houses
eagerly eyeing a number o prospective targets in a sector
that is arguably ripe or consolidation.
In this respect, the UK looks set to be the hotbed o activity
with private equity players gearing up to pounce on assets in
the Financial Services sector. In early 2010, it was announced
that Blackstone will team up with und manager Cambridge
Place to invest in a proposed new retail bank, the Home and
Savings Bank. Cambridge Place is also reportedly in talks
with urther prospective investors including other buyoutrms as well as strategic players.
Elsewhere, Northern Rock, which is set to be split into a good
and bad bank by the UK government, has also reportedly
attracted the attention o private equity houses. The Wall
Street Journal reported that the National Bank o Australia
had received approaches rom the asset class regarding
teaming up or a joint bid or the good bank. In addition to
Northern Rock, buyout houses may be eyeing parts o RBS
and Lloyds Banking Group ater both banks were ordered
to dispose o assets by the EU ater having received bailoutunds rom the UK government.
Lastly, private equity rms themselves may see industry con-
solidation as stronger players take over their weaker rivals.
Candover, struggling under a heavy debt load, is the most
prominent example, having becoming a takeover target itsel.
Elsewhere, Natixis, the investment banking arm o BPCE,
recently announced that it has received a conditional oer
rom AXA Private Equity to acquire parts o its private equity
division. The proposed oer would see AXA acquire iXEN
Partners, NI Partners and Initiative & Finance. Consolidation
may also be driven by regulatory changes as smaller playersmerge to share the costs o compliance to new disclosure
requirements in both the US and Europe.
Sectors
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European Private Equity in Review 11
The UK & Ireland maintained its position as the main hub o deal
activity in 2009 with the largest share o buyouts and exits o any
regional market in Europe. The region witnessed 135 buyouts,
comprising 22.0% o overall acquisitions undertaken by nancial
sponsors in Europe. On the sell-side o the asset class, a total
o 67 exits were announced in the UK & Ireland, accounting or
23.7% o the overall market in this regard.
In terms o deal value, the UK & Ireland also ranked highest or
buyouts with 6.94bn worth o deals coming to the market, rep-
resenting a 24% share o 2009 valuations. However, UK & Ireland
exit valuations were surpassed by both the Germanic region and
France. With 10.20bn in total exit value, the Germanic region
accounted or 42.5% o the overall total, much urther ahead
than France which had exits totalling 5.71bn (23.8% o total exit
value). Notably, activity in these regions was driven by the above-
mentioned Unitymedia and Orangina Schweppes exits.
While this trend obviously refects the act that several o the yearstop private equity transactions were brokered in the Germanic and
French markets, it is noteworthy that these geographies were
also ranked as active or dealmaking, only surpassed by the UK &
Ireland in terms o both buyout and exit volumes.
Elsewhere, the CEE and SEE M&A markets witnessed a relative
dearth o private equity investment activity. Indeed, increasingly
risk-averse western unds generally eschewed bold buyouts in
these regions, preerring to stay closer to home - CVC CapitalPartners acquisition o AB InBevs CEE brewing operations was,
o course, a notable exception.
The gures rom last year show that the CEE region witnessed
36 buyouts collectively valued at 3.37bn. However, the SEE
region saw the ewest number o buyouts with only 11 such
transactions carrying an aggregate value o 419m. The largest
such deal was announced in the rst quarter o the year with
Greece-based investment holding company, Marn Investments,
acquiring the fying activities, MRO assets and ground handling
activities o Olympic Airlines or 177m rom the Government o
Greece. Somewhat unsurprisingly, there were not any exits inthe SEE region in 2009, while the CEE region saw just 13 worth
a combined 595m.
GeographyGeographic split of buyouts by volume
UK & Ireland
Germanic
France
Benelux
Nordic
Iberia
Italy
CEE
SEE
22.1%
17.1%
13.7%
12.1%
11.9%
8.5%
6.9%
5.9%1.8%
Geographic split of buyouts by value
UK & Ireland
Germanic
CEE
Italy
Benelux
Iberia
France
Nordic
SEE
24.1
20.8
11.7
11.2
9.5%
9.3%
6.5%
5.5%1.5%
Geographic split of exits by volume
UK & Ireland
Germanic
France
Nordic
Benelux
Iberia
Italy
CEE
23.7%
21.2
19.1%
13.4%
6.7%
5.7%
5.7%
4.6%
Geographic split of exits by value
Germanic
France
UK & Ireland
Benelux
Nordic
Italy
CEE
Iberia
42.5%
23.8%
17.9%
5.7%
4.7%
2.6%
2.5%
0.3%
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12 European Private Equity in Review
European private equity deals
Top 20 private equity transactions, 2009
Rank Announceddate
Status Targetcompany
Targetsector
Bidder company Bidder description Seller company Dealtype
Dealvalue(m)
1 Nov-09 C UnitymediaGmbH
TMT Liberty Global Inc US-based international cableoperator
Apollo Management LP;BC Partners Ltd
Exit 3,500
2 Nov-09 C OranginaSchweppesGroup
Consumer Suntory Holdings Ltd Japanese beverage producer anddistributor
Blackstone Group HoldingsLLC; Lion Capital LLP
Exit 2,245
3 Dec-09 C SpringerScience +
Business MediaDeutschlandGmbH
TMT EQT Partners AB; GICSpecial Investments
Pte Ltd
Sweden-based private equityrm; Singapore-based
soveriegn wealth und
Candover Investments plc;Cinven Ltd
SBO 2,240
4 May-09 C Enel Rete GasSpA (80% stake)
Energy,Mining &Utilities
AXA Private Equity;F2i SGR SpA
France-based private equityrm; Italian closed-end undocused on inrastructure invest-ments in Italy
Enel Distribuzione SpA IBI 1,716
5 Oct-09 C Gatwick Airport
Ltd
Transpor-
tation
Global Inrastructure
Partners
US-based private equity rm BAA Ltd IBO 1,609
6 Oct-09 C Anheuser-Busch InBev(Central
Europeanoperations)
Consumer CVC Capital PartnersLtd
UK-based private equity rm Anheuser-Busch InBev IBO 1,493
7 Sep-09 C SkypeTechnologiesSA (70% stake)
TMT Silver Lake Partners;Andreessen Horowitz;Canada Pension PlanInvestment Board;
Index Ventures
US-based private equity rm;US-based venture capital rm;Canada-based investmentmanagement rm; Swiss private
equity rm
eBay Inc IBI 1,424
8 Dec-09 C Compagnie laLucette SA
Real Estate ICADE French Real Estate investmentand development company anda unit o the French bank Caissedes Dpts et Consignations
Morgan Stanley Real EstateFund V
Exit 1,299
9 Jul-09 C Paris ReHoldings Ltd
FinancialServices
PartnerRe Ltd International reinsurance group Caisse de Dpt et Placementdu Quebec; Crestview PartnersLP; Hellman & Friedman LLC;
New Mountain Capital LLC; StonePoint Capital LLC; Vestar Capital
Partners Inc
Exit 1,187
10 Dec-09 P Marken Ltd Transpor-
tation
Apax Partners LLP UK-based private equity rm Intermediate Capital Group SBO 1,080
11 Oct-09 P ConstantiaPackaging AG(75% stake)
Industrials& Chemicals
Sulipo Beteiligungs-verwaltungs GmbH
Austria-based civil-lawpartnership and aliateo One Equity Partners LLC
Constantia Packaging BV IBI 927
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European Private Equity in Review 13
European private equity deals
Top 20 private equity transactions, 2009
Rank Announceddate
Status Targetcompany
Targetsector
Bidder company Bidder description Seller company Dealtype
Dealvalue(m)
12 Dec-09 P Gas NaturalSDG SA(certain gasdistribution
assets inMadrid)
Energy,Mining &Utilities
GALP Energia SGPSSA; Morgan StanleyInrastructure
Portuguese Energy company;US-based alternative investmentarm o Morgan Stanley
Gas Natural SDG SA IBI 800
13 Sep-09 C Invitel HoldingsAS (64.60%
stake)
TMT Mid Europa PartnersLLP
UK-based private equity rm TDC A/S IBI 737
14 Jun-09 C Wood Macken-zie Ltd
BusinessServices
Charterhouse CapitalPartners LLP
UK-based private equity rm Candover Partners Ltd SBO 654
15 Oct-09 P GFKL FinancialServices AG
(80% stake)
FinancialServices
Advent InternationalCorporation
US-based private equity rm IBI 584
16 Jul-09 C AEG PowerSolutions BV
Industrials& Chemi-cals
Germany1Acquisition Ltd
Channel Island-based specialpurpose acquisition vehicleormed or the acquisition ooperating businesses with
principal operations in Germany,Austria or Switzerland
Ripplewood Holdings LLC Exit 582
17 Apr-09 C Strabag SE (25%
stake)
Construc-
tion
Raieisen Holding
Niederoesterreich-
Wien; Haselsteineramily (privateinvestors)
Austrian Financial Services and
holding company; Austria-based
private investors
Rasperia Trading Ltd Exit 494
18 Nov-09 C Gras Savoye &Cie SAS
FinancialServices
Alcee SAS France-based acquisition vehicleormed or the acquisition oGras Savoye SA
Willis Europe BV MBO 474
19 Jun-09 C CintraAparcamientosSA (99.92%stake)
Construc-tion
Ahorro CorporacionInraestructuras 2,SCR, SA; Ahorro Cor-poracion Inraestruc-turas FCR; Assip SGPS
SA; Banco EspiritoSanto de Investimento;ES Concessoes SGPS
S.A; Espirito SantoInrastructure Fund IFundo de Capital de
Risco; Transport Inra-structure InvestmentCompany
Spanish inrastructure undowned by nancial groupAhorro Corporation; Spanishinrastructure und owned bynancial group Ahorro Corpora-
tion; Portugal-based holdingcompany owned by constructiongroup A Silva & Silva; Portuguese
investment bank; Portuguesetransportation concession armo Banco Espirito Santo; Portu-
guese inrastructure und ownedby nancial group Espirito Santo;Luxembourg-based investmentcompany controlled by Portu-guese toll-road operator Brisa,
Portuguese bank BCP, La Com-pagnie Benjamin de Rothschildand its management
Cintra Concesiones deInrastructuras de Transporte SA
IBI 451
20 Dec-09 P British CarAuctions Ltd
Consumer Clayton, Dubilier &Rice Inc
US-based private equity rm Montagu Private Equity LLP SBO 426
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14 European Private Equity in Review
European secondary buyouts
Top 10 secondary buyouts, 2009
Rank Announceddate
Status Target company Target sector Bidder company Bidder description Seller company Deal value(m)
1 Dec-09 C Springer Science+ Business MediaDeutschlandGmbH
TMT EQT Partners AB; GICSpecial InvestmentsPte Ltd
Sweden-based privateequity rm; Singapore-based soveriegnwealth und
Candover Investmentsplc; Cinven Ltd
2,240
2 Dec-09 C Marken Ltd Transportation Apax Partners LLP UK-based privateequity rm
Intermediate CapitalGroup
1,080
3 Jun-09 C Wood MackenzieLtd
BusinessServices
Charterhouse CapitalPartners LLP
UK-based privateequity rm
Candover Partners Ltd 654
4 Dec-09 P British Car
Auctions Ltd
Consumer Clayton, Dubilier
& Rice Inc
US-based private
equity rm
Montagu Private Equity
LLP
426
5 Nov-09 C Web ReservationsInternational Ltd
TMT Hellman & FriedmanLLC
US-based privateequity rm
Ray Nolan (privateinvestor); Summit Part-ners LP; Tom Kennedy(private investor)
228
6 Aug-09 C Kalle GmbH Industrials &Chemicals
Silverfeet CapitalPartners LLP
UK-based privateequity rm
Montagu Private EquityGmbH
213
7 Jul-09 C Viking MooringsGroup Ltd
Industrials &Chemicals
HSBC Private Equity(UK)
UK-based privateequity rm
F&C Private Equity Trustplc; Infexion PrivateEquity Partners LLP
208
8 Apr-09 C Bol.Com BV Consumer Flevo DeelnemingenI BV
Netherlands-basedacquistion vehicleormed by Cyrte
Investments
Holtzbrinck NetworksGmbH; VerlagsgruppeWeltbild GmbH
200
9 Jul-09 C FPEE Industries
SA
Construction Barclays Private
Equity Ltd; PragmaCapital
UK-based private equi-
ty rm; France-basedprivate equity rm
AGF Private Equity; AtriA
Capital Partenaires;Euromezzanine ConseilSAS; UI Gestion SA
150
10 Oct-09 C AVG Technologies
CZ sro (25% stake)
TMT TA Associates Inc US-based private
equity rm
Benson Oak; Enterprise
Investors; Intel Capital
137
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European Private Equity in Review 15
Private equity activity tables - buyouts
Buyouts - Volume
Rank Company name Value (m) Volume of deals
1 Lloyds TSB Development Capital 447 12
2 AXA Private Equity 2,086 9
3 EQT Partners 2,619 6
4 Gimv 202 6
5 BLUO SICAV SIF 109 5
6 Advent International 708 4
7 Barclays Private Equity 475 4
8 HgCapital 454 4
9 Waterland Private Equity Investments 436 4
10 Altor Equity Partners 322 4
Buyouts - Value
Rank Company name Value (m) Volume of deals
1 EQT Partners 2,619 6
2 GIC Special Investments 2,240 2
3 AXA Private Equity 2,086 9
4 CVC Capital Partners 1,866 2
5 Global Inrastructure Partners 1,609 1
6 Index Ventures 1,433 2
7= Andreessen Horowitz 1,424 1
7= Silver Lake Partners 1,424 1
9 Apax Partners 1,080 2
10 One Equity Partners 927 1
Note: The tables are based on private equity houses as the bidder on buyouts and buyins announced between 01/01/2009 and 31/12/2009, where the target is European, excluding lapsedand withdrawn deals.
The Private Equity Activity Tables refect the activity o buyout rms, venture capitalists, investment rms, nancial institutions and all parties whose activities wholly involve, or includemaking private equity investments. Please note that the values in the 'Value' column do NOT refect the equity contribution o the investors but represent the total values o deals theywere involved in.
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16 European Private Equity in Review
Private equity activity tables - exits
Exits - Volume
Rank Company name Value (m) Number of deals
1 3i Group 142 11
2 Arques Industries 134 6
3 Cinven 2,240 4
4 NI Partners 159 4
5 NPM Capital 30 4
6 Candover Investments 2,894 3
7 Sonnova Partners 688 3
8 Montagu Private Equity 639 3
9 Gimv 576 3
10 Infexion Private Equity Partners 230 3
Exits - Value
Rank Company name Value (m) Number of deals
1 BC Partners 3,500 2
2 Apollo Management 3,500 1
3 Candover Investments 2,894 3
4 Lion Capital 2,354 2
5 Blackstone Group 2,245 1
6 Cinven 2,240 4
7= Caisse de Dpt et Placement du Quebec 1,187 1
7= Crestview Partners 1,187 1
7= Hellman & Friedman 1,187 1
7= New Mountain Capital 1,187 1
7= Stone Point Capital 1,187 1
7= Vestar Capital Partners 1,187 1
Note: The tables are based on private equity houses as the seller on exits announced between 01/01/2009 and 31/12/2009, where the target is European, excluding lapsed and withdrawn deals.
The Private Equity Activity Tables refect the activity o buyout rms, venture capitalists, investment rms, nancial institutions and all parties whose activities wholly involve, or includemaking private equity investments. Please note that the values in the Value column do NOT refect the equity contribution o the investors but represent the total values o deals theywere involved in.
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European Private Equity in Review 17
Financial adviser activity tables - buyouts
Buyouts - Volume
Rank Company name Value (m) Number of deals
1 PricewaterhouseCoopers 413 15
2 KPMG 340 10
3 Deloitte 114 10
4 Ernst & Young 1,777 8
5 Lazard 1,706 8
6 Close Brothers Corporate Finance 552 7
7 BDO Corporate Finance 28 7
8 ING 1,626 6
9 JPMorgan 4,316 5
10 UniCredit Group 3,673 5
Buyouts - Value
Rank Company name Value (m) Number of deals
1 JPMorgan 4,440 7
2 UniCredit Group 3,673 5
3 Ernst & Young 1,777 8
4 Lazard 1,706 8
5 ING 1,626 6
6 Close Brothers Corporate Finance 552 7
7 PricewaterhouseCoopers 413 15
8 KPMG 340 10
9 Deloitte 114 10
10 BDO Corporate Finance 28 7
Note: The tables are based on nancial advisers to the bidder on buyouts and buyins announced between 01/01/2009 and 31/12/2009, where the target is European, excluding lapsed andwithdrawn deals.
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18 European Private Equity in Review
Financial adviser activity tables - exits
Exits - Volume
Rank Company name Value (m) Number of deals
1 Rothschild 3,573 11
2 Lazard 1,885 8
3 PricewaterhouseCoopers 131 8
4 Morgan Stanley 5,799 7
5 Goldman Sachs 4,005 7
6 KPMG 271 7
7 UBS Investment Bank 6,977 6
8 Close Brothers Corporate Finance 150 6
9 Lincoln International 8 6
10 Jeeries & Company 482 4
Exits - Value
Rank Company name Value (m) Number of deals
1 UBS Investment Bank 6,977 6
2 Morgan Stanley 5,799 7
3 Nomura Holdings 5,745 2
4 Credit Suisse 4,688 3
5 Goldman Sachs 4,005 7
6 UniCredit Group 3,687 2
7 Rothschild 3,573 11
8 JPMorgan 2,501 3
9 Citigroup 2,245 2
10 Royal Bank o Scotland Group 2,245 1
Note: The tables are based on nancial advisers to the seller/target on exits announced between 01/01/2009 and 31/12/2009, where the target is European, excluding lapsed and withdrawn deals.
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European Private Equity in Review 19
Legal adviser activity tables - buyouts
Buyouts - Volume
Rank Company name Value (m) Number of deals
1 Linklaters 3,800 18
2 Freshelds Bruckhaus Deringer 3,114 14
3 Allen & Overy 2,343 14
4 CMS 749 14
5 SJ Berwin 612 14
6 Ashurst 1,303 11
7 Loyens & Loe 870 11
8 Cliord Chance 1,060 10
9 PricewaterhouseCoopers 291 9
10 Poellath & Partners 2,173 8
Buyouts - Value
Rank Company name Value (m) Number of deals
1 Linklaters 3,800 18
2 Freshelds Bruckhaus Deringer 3,114 14
3 Hengeler Mueller 2,476 3
4 Allen & Overy 2,343 14
5 Vinge 2,190 7
6 Poellath & Partners 2,173 8
7 Slaughter and May 1,646 2
8 Sullivan & Cromwell 1,564 3
9 Bojovic Dasic Kojovic 1,493 1
10 Bird & Bird 1,446 2
Note: The tables are based on legal advisers to the seller/target on buyouts announced between 01/01/2009 and 31/12/2009, where the target is European, excluding lapsed and withdrawn deals.
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20 European Private Equity in Review
Legal adviser activity tables - exits
Exits - Volume
Rank Company name Value (m) Number of deals
1 Freshelds Bruckhaus Deringer 2,797 8
2 CMS 1,175 8
3 SJ Berwin 537 8
4 Latham & Watkins 4,154 7
5 Linklaters 870 7
6 Allen & Overy 268 7
7 Weil Gotshal & Manges 2,819 6
8 Lovells 2,313 6
9 Cliord Chance 996 6
10 Baker & McKenzie 318 6
Exits - Value
Rank Company name Value (m) Number of deals
1 Latham & Watkins 4,154 7
2 Hogan & Hartson 3,500 1
3 Weil Gotshal & Manges 2,819 6
4 Freshelds Bruckhaus Deringer 2,797 8
5 Lovells 2,313 6
6 Homburger 1,618 3
7 Cleary Gottlieb Steen & Hamilton 1,547 5
8 Travers Smith 1,506 3
9 De Pardieu Brocas Maei 1,343 2
10 Gide Loyrette Nouel 1,299 1
Note: The tables are based on law rms advising the seller/target on exits announced between 01/01/2009 and 31/12/2009, where the target is European, including lapsed and withdrawn deals.
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European Private Equity in Review 21
AppendixSource data
Buyouts Buyouts Exits Exits
Volume ofdeals
Value of deals(m)
Volume ofdeals
Value of deals(m)
Q1 2005 252 37,881 121 19,952
Q2 2005 312 44,601 173 23,343
Q3 2005 319 39,452 169 29,853
Q4 2005 275 50,835 162 30,319
Q1 2006 307 42,777 161 19,221
Q2 2006 368 70,739 172 21,531
Q3 2006 333 56,575 159 31,337
Q4 2006 356 84,358 176 43,501
Q1 2007 347 42,232 187 41,334
Q2 2007 379 90,375 230 34,411
Q3 2007 323 37,890 164 26,443
Q4 2007 340 47,620 166 22,029
Q1 2008 299 22,095 130 14,168
Q2 2008 349 32,694 163 19,166
Q3 2008 275 19 ,831 122 20,340
Q4 2008 188 6,157 86 5,889
Q1 2009 134 3,503 55 1,407
Q2 2009 147 5,175 69 3,005
Q3 2009 164 6,644 66 4,944
Q4 2009 168 13,598 93 14,682
TOTAL 5,635 755,032 2,824 426,875
Buyouts and exit trends
Volume ofdeals
Value of deals(m)
Q1 2005 44 7,371
Q2 2005 77 12,570
Q3 2005 78 11,334
Q4 2005 64 17,705
Q1 2006 71 9,374
Q2 2006 81 14,820
Q3 2006 70 19,797
Q4 2006 67 26,558
Q1 2007 72 22,214
Q2 2007 83 21,476
Q3 2007 65 14,878
Q4 2007 73 12,666
Q1 2008 54 4,127
Q2 2008 72 8,030
Q3 2008 51 7,815
Q4 2008 26 1,399
Q1 2009 15 521
Q2 2009 20 910
Q3 2009 25 988
Q4 2009 26 4,318
TOTAL 1,134 218,871
SBOs
Buyouts
Volume 2005 2006 2007 2008 2009
Not disclosed 476 610 640 554 341
< 15m 137 134 137 114 89
15m - 100m 302 330 328 289 126
101m - 250m 112 128 107 79 36
251m - 500m 62 66 65 43 10
> 500m 69 96 112 32 11
TOTAL 1,158 1,364 1,389 1,111 613
Deal size split
Buyouts
Value 2005 2006 2007 2008 2009
< 15m 1,206 1,218 1,264 1,049 816
15m - 100m 12,601 14,178 14,031 11,884 5,317
101m - 250m 18,432 20,717 16,871 12,643 5,869
251m - 500m 22,475 24,241 22,720 14,885 3,654
> 500m 118,055 194,095 163,231 40,316 13,264
TOTAL 172,769 254,449 218,117 80,777 28,920
Exits
Volume 2005 2006 2007 2008 2009
Not disclosed 197 232 263 207 142
< 15m 64 49 60 49 37
15m - 100m 168 182 216 133 60
101m - 250m 96 96 87 52 24
251m - 500m 52 50 46 28 12
> 500m 48 59 75 32 8
TOTAL 625 668 747 501 283
Exits
Value 2005 2006 2007 2008 2009
< 15m 611 474 545 483 362
15m - 100m 8,315 8,269 10,066 5,684 2,653
101m - 250m 15,310 15,250 13,842 8,135 4,142
251m - 500m 18,773 18,584 16,155 9,608 4,094
> 500m 60,458 73,013 83,609 35,653 12,787
TOTAL 103,467 115,590 124,217 59,563 24,038
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22 European Private Equity in Review
Appendix: source data
Buyouts
Volume of deals Value of deals (m)
Industrials & Chemicals 133 3,227
Consumer 106 3,334
Business Services 89 1,986
TMT 77 6,606
Pharma, Medical & Biotech 51 2,164
Energy, Mining & Utilities 35 3,810
Financial Services 33 2,676
Construction 32 952Leisure 31 344
Transportation 18 3,723
Real Estate 6 35
Deence 1 15
Agriculture 1 48
Sector split o buyouts 2009
Exits
Volume of deals Value of deals (m)
Industrials & Chemicals 77 3,148
TMT 57 7,525
Consumer 41 4,304
Business Services 36 1,620
Pharma, Medical & Biotech 23 2,452
Leisure 15 334
Financial Services 9 1,255
Energy, Mining & Utilities 8 224Construction 8 782
Transportation 5 1,080
Real Estate 2 1,299
Deence 1 15
Agriculture 1 -
Sector split o exits 2009
Buyouts
Volume of deals Value of deals (m)
UK & Ireland 135 6,941
Germanic 105 5,984
France 84 1,880
Benelux 74 2,734
Nordic 73 1,584
Iberia 52 2,674
Italy 42 3,220
CEE 37 3,366
SEE 11 419
Geography split o buyouts 2009
Exits
Volume of deals Value of deals (m)
UK & Ireland 67 4,309
Germanic 60 10,208
France 54 5,712
Nordic 38 1,139
Benelux 19 1,379
Iberia 16 79
Italy 16 617
CEE 13 595
SEE 8 782
Geography split o exits 2009
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European Private Equity in Review 23
Notes & contacts
The ollowing notes pertain to data contained in this
publication:
Dealsincludedarebuyoutsorexitswherethedealvalueis
greater than or equal to 5m.
Wherenodealvaluehasbeendisclosed,dealsareinclud-
edi the turnover o the Target is greater than or equal to
10m, or i the Target employs more than 100 people.
Dealsareincludedwithintheanalysis,chartsandgraphsor each section i the dominant geography o the Target is
in the country or region specied.
PleaserefertoindividualnotesbeneatheachActivityTable
or the precise criteria by which each table has been run.
TheSectorTrendanalysisisbasedondealsusingthe
dominant industry o the target.
mergermarket contacts:
Elias Latsis
Head o Research
T: +44 (0)20 7059 6100
E: elias.latsis@mergermarket.com
Simon Elliott
Publisher, Remark
T: +44 (0)20 7059 6100
E: simon.elliott@mergermarket.com
Remark
Remark, the publishing, market research and events division
o The Mergermarket Group, oers a range o services that
give clients the opportunity to enhance their brand prole,
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audience. Remark achieves this by leveraging o The Merg-
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Visit www.mergermarket.com/remark/ or
www.mergermarket.com/events/ to nd out more.
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