European buyout volume falls by 55% in Q4

European buyout activity saw declines all round in Q4 2008, according to the unquote" Private Equity Barometer, produced in association with Candover. Compared with Q3 2008, the final quarter saw a 61% drop in buyout value from EUR17bn to under EUR7bn, with volume falling by 55%.

In the French market the decline was comparatively more modest, with only a 45% drop in value from EUR2.6bn to EUR1.4bn and a 37% drop in deal numbers from 27 to 17. As a result, France was the most active buyout market in Q4 2008 in terms of volume. The French market comes second in deal value only to the "rest of Europe" category, which includes Southern Europe and Ireland.

The largest deal in Q4 was completed in Portugal. The Magnum Capital-led acquisition of Portuguese renewable energy utility Enersis, which had a value of over EUR1bn, is the mega-deal which pushed the "rest of Europe" category's value above that of France.

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