Starting from scratch? If only..

One marked change will surprise many: that debt packages for the large-cap segment might be easier to arrange than mid-cap, according to Simon Wakefield, SEB's global head of acquisition finance, citing the robust high-yield bond market. This does not necessarily spell disaster for Nordic GPs, who generally operate in the small- to mid-cap space. This is because regional banks are still, and have been throughout the crisis, open for business at the small end of the market. Others will find different ways of completing deals, either by using no debt and all-equity, or by rolling over existing company debt as Herkules did in the acquisition of Bandak (page 37).

But the real challenge for 2010 will not only be to take advantage of deal opportunities, but also to bring about realisations. This will be crucial to adequately prepare for the next round of fundraising in 2011-2012, as Adveq's Peter Laib advises on pages 16-17.

Either way, I wish you all an active and interesting 2010. Please continue to send me your feedback on the contact details below, as the DVCA has recently done on page 7.

Rikke Lilla Eckhoff

Editor, Nordic unquote"

Tel: +44 20 7484 9824

rikke.lilla-eckhoff@incisivemedia.com.

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