Ten years young

As the market increased in popularity so too did deal sizes. By 2003 we were seeing much larger transactions, such as the EUR1.5bn acquisition of FiatAvio by The Carlyle Group and later CSFB Private Equity's EUR1.5bn buyout of eyewear manufacturer Safilo and the EUR3bn+ LBO of Seat Pagine Gialle.

After some exuberant years of (over-levered) transactions, some of those larger deals are now receiving unrequited attention due to restructuring talks (Ferretti, Cortefiel, Global Garden Products come to mind) or sales that saw investors make a not so successful exit (as was PAI partners' divestment from Saeco). Some investments have continued to perform well, as is the case of Cinven and BC Partners' 2004 EUR4.3bn Amadeus LBO in Spain, which is in the midst of preparing for a listing.

As we mark the 10th anniversary of Southern Europe unquote", I would like to take this opportunity to thank you for your continued contributions and support. 2009 has been a difficult year and 2010 is likely to have a slow start, albeit with activity gently on the rise. It will be an interesting time, one when investment and fundraising models may be re-assessed (see page 14) with European regulation further transforming the private equity space in years to come.

Yours sincerely,

Francinia Protti-Alvarez

Editor, Southern Europe unquote"

Tel: +44 20 7004 7476

francinia.protti-alvarez@incisivemedia.com.

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