2007 had its up and downs

08 January 2008

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The year had a promising start when Belgian drug developer Movetis raised EUR49m in a financing round led by Sofinnova Partners and Life Sciences Partners. Bridgepoint acquired educational publisher Wolters Kluwer Education in March for EUR774m, while Lion Capital bought general merchandise retailer Hema from retail group Maxeda in a deal reported to be worth EUR1.1bn.

Then the credit squeeze came, forcing Kohlberg Kravis Roberts & Co to cancel its plans to raise EUR1bn of loans to refinance Maxeda. Mid-market players in the region, however, claimed that the market troubles hardly affected them, thanks to modest levels of leveraging. Even larger deals, such as CVC's EUR800m acquisition of Taminco, could be completed despite the turmoil. Two large de-listings came as the dust started to settle: CVC de-listed chemicals distributor Univar for EUR1.52bn, and Candover is to take Stork private for EUR1.5bn after prolonged negotiations with the company's shareholders.

Although large transactions involving international players make the headlines, the bulk of the industry activity continues to stem from mid-market buyouts and venture investments. Most of these deals do not get the public attention they deserve, but they have and will continue to make a difference.

Yours truly,

Irmak Bademli

Benelux editor, unquote"

Tel: +44 20 7004 7475

irmak.bademli@incisivemedia.com.