Mixed results for buyout activity

In 2007, buyout activity in the Southern European markets was able to build on the momentum of the strong months at the end of 2006. As unquote's proprietary database Private Equity Insight reveals, Spanish buyout volume increased to 35 in 2007 from 29 in the previous year, clocking up more than EUR7bn. At the same time buyout activity in Italy dropped slightly from a record 2006 level of 45 to 38 deals valued at approximately EUR6.7bn.

The changing credit market environment has had a clear impact on deal activity in the fourth quarter. While the drop in deal volume was cushioned by the region's active small and mid-cap buyout sector, the absence of large deals resulted in a significant drop in total deal value for Spain and Italy from EUR5.3bn in Q3 to approximately EUR1.2bn in Q4. As a result the average buyout deal value dropped to around EUR60m in Spain and EUR95m in Italy.

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• Southern Europe