UNQUOTE

Maintaining momentum

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Benelux has managed to weather the storm whipped up by the summer's credit crunch. Last year's results show the region's stability (91 deals in 2006 against 97 in 2007). The average deal value figures in 2006 exceeded those for 2007 (EUR300.5m against EUR149m), as did the total deal values (EUR27.4bn against EUR14.5bn). Yet much of this disparity is accounted for by the EUR8.7bn acquisition of VNU by a consortium of buyout houses in 2006 - so if we exclude this, last year doesn't look so bad after all

In fact 2007 saw three major deals. In January Cinven and Warburg Pincus acquired Essent Kabelcom, a telecommunications company for EUR2.6bn. In May a consortium led by Lion Capital acquired Maxeda, a clothing company, for EUR1.1bn. Most notably, against a negative credit-crunch backdrop, Candover backed the EUR1.5bn take-private of Stork NV - showing that large deals are still being completed in the Benelux region.

Equally fascinating is that the upper end of the market is far busier than the lower end. In 2007, there were only four buyout deals between EUR10m and EUR100m, while there were more than 10 such deals between the EUR300m and EUR800m mark.

It is an exciting time for private equity in Benelux, and I am very pleased to be taking over the position of editor for Benelux unquote". I look forward to hearing any feedback that you may have. Please contact me on +44 20 7004 7475 or domitille.lainey@incisivemedia.com.

Yours sincerely,

Domitille Lainey

Benelux editor, unquote"

Tel: +44 20 7004 7475

Domitille.lainey@incisivemedia.com.

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