Italy hosts largest European buyout of Q1

According to figures from the unquote" Private Equity Barometer published in association with Candover, three of the top 10 buyouts registered in the first quarter of 2009 were closed in Italy, with the BCC Private Equity EUR454m Euromisure deal occupying the number one spot in the table. The two other regional deals were the acquisition by Sator Group of Banca Profilo (EUR110m) and the EUR40m buyout of TINet by BS Private Equity.

However, Southern Europe was not to be spared by the effects of the drop in activity. The region saw a staggering drop in deal value from Q4 2008 figures; down from EUR2.6bn to EUR800m.

Unsurprisingly, given the ongoing deterioration in the macroeconomic environment, private equity investment activity in Europe has continued its downward trajectory. Figures for the first quarter of this year indicate that across Europe numbers are down by a remarkable 39% in volume and 86% in value against the corresponding period of last year. Transaction value in Q1 2009 has more than halved to a shade over EUR4bn - the lowest quarterly total since Q3 1996. Some slight consolation is seemingly offered by the volume total, which has showed a much more modest drop of 18% quarter-on-quarter from 267 deals to 219 (see chart).

The barometer can be downloaded from the research paper section on the research tab at www.unquote.com.

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