Incisive Media releases Q3 2005 Unq

11 December 2005

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The value of buyouts in France, the German speaking regions and the Benelux increased substantially in Q3 2005, according to preliminary figures released in the Q3 2005 unquoteÂ” barometer. Published by Incisive Media and sponsored by Candover, the report has also shown that the value of buyouts in the Nordic region, Southern Europe and the UK fell over this period. In Germany, the value of buyouts climbed some 180% while France registered an increase of 120%. The relative strength of Continental markets has meant that the UKÂ’s market share by value has dropped to 18% in Q3 2005 from 24% in the previous quarter.The European private equity market has continued its record breaking growth with the value of deals reaching some EUR 39.8bn in Q3 taking the total to date close to EUR 95bn, almost 50% higher than the EUR 64.3bn achieved for the first three quarters of last year. The growth in the total value of private equity deals has been led by an increasing proportion of larger buyouts - buyout transactions contribute some 95% of total transactions by value. The value of 2005 buyouts to date totals some EUR 90.6bn which is 17% higher than the total annual value for 2004. Over half of the top 20 largest buyouts in Q3 2005 weighed in at over EUR 1bn with 4 buyouts over EUR 2bn. Among these, France recorded the largest deal of Q3 in the shape of Starwood CapitalÂ’s buyout of Tattinger, valued at EUR 2.6bn. Other notable buyouts included the EUR 2.25bn buyout of Auna in Spain, the EUR 1.56bn buyout of Travelex in the UK and the EUR 1.5bn buyout of Ruhrgas Industries in Germany.The value of mid-market deals (valued between EUR 160m and EUR 1.65bn) increased 32.5% to EUR 22.9bn, representing some 61% of the total value of all buyouts - up from 54% in the prior quarter. This shift towards mid-market buyouts came as the proportion of very large buyouts (greater than EUR 1.65bn) fell to 24% from 31% in the previous quarter. Smaller buyouts (less than EUR 160m) remained steady at 15%.