Market Insight
Growth capital dealflow ebbs in Q1
Emphasising the pervasive nature of the activity decline in the first quarter of 2013, deal volume in the expansion category recorded a drop commensurate with that of the buyout market.
Large-cap market awakens after tepid Q1
European buyouts valued in excess of €500m have been conspicuous in their absence in the first quarter following a flurry at the tail-end of 2012 – but recent weeks have shown signs of a revival.
French buyouts up 50% YoY in Q1
The French buyout market enjoyed a much welcome uptick at the start of 2013, with both volume and overall value significantly up on Q1 2012 figures.
Germany: large-cap deals on the rise
CVC’s €3.1bn buy-back of German metering business Ista this month has sparked speculation about a revival of Germany’s large-cap market.
Q1 activity hits five-year low
The UK & Ireland’s first-quarter activity levels are at their lowest level for five years, according to the latest research from unquote” data.
Family offices keen on bypassing GPs?
Nearly 60% of family offices polled in the Investec Family Office Intelligence Survey are considering investing in private equity. The headline figure is not the whole story, though.
IPO activity dwarfs 2012 after first quarter
Private equity-backed IPOs are making a major comeback and could be set to reach their highest level since 2010, according to figures from unquote” data.
Gap narrows between trade sales and SBOs
Trade sales and SBOs have posted remarkably similar figures in the past six months indicating a narrowing of the historic gap between the two types of exit.
Lower mid-cap renaissance for London in 2012
London was home to a noticeable dealflow uptick in the £5-50m segment last year, with both activity volume and overall value up by more than 30% on 2011 figures.
London & Scotland see most growth investment
In 2012, the UK’s venture and growth capital scene was once again most active in London, where unquote” data recorded 82 transactions with a combined value of £734m.
UK consumer sector: private equity dealflow up 45% in 2012
High street woes notwithstanding, the UK consumer sector proved to be ripe for investment opportunities last year: private equity dealflow was up by 45% compared to 2011 figures while the overall value of these investments rose by a quarter.
Lower mid-market buyouts hit €2bn record in January
France and the UK led Europe in January in the lower mid-market, which saw 18 such transactions across Europe worth a combined €1.9bn - the largest monthly value witnessed for a year. Greg Gille reports
Italy shines in January thanks to CVC mega-buyout
Italy topped Europe's private equity value charts in January, while the UK recorded the most deals, showing both familiar names and outliers starting 2013 on a high.
Capital cities attract most private equity investments
Europe’s capital cities attract the lion's share of private equity investment, though other regions in Europe have been shown to be very active, according to new research from unquote” data.
UK activity falls behind France and DACH
The UK & Ireland private equity market has been overtaken by the French and DACH regions in January according to figures from unquote” data.
Exit market hits €15bn in December
Almost €15bn worth of capital was realised by private equity portfolio sales in December 2012, the highest amount in the past year, according to figures from unquote” data.
SBOs subside in 2012
Following a record 2011, the volume of “pass-the-parcel” deals abated slightly last year – but primary transactions still have a long way to go before returning to their pre-crisis glory.
Early-stage deals bounce back in Q4
After a slow summer, early-stage investments took off in Q4, according to the latest unquote” Private Equity Barometer, published in association with Arle Capital Partners.
Growth equity deals enjoy Q4 uptick
Growth capital investment activity recovered substantially in Q4 following a poor third quarter, but remains low compared to recent historical averages.
Mega-buyouts bolster Q4 activity figures
The €11.6bn overall enterprise value of Q4’s large-cap deals is the largest total since the third quarter of 2010, which itself was by some margin ahead of every quarter since Q3 2007 (see chart).
Retail sector activity benefits from economic woes
The current economy has forced most retail businesses to rethink their strategy, leaving enough space for private equity firms to come in and get their share.
Germany quiets down in Q4
After a substantial increase in deal activity in Q3, the German private equity market grew quieter again towards the end of 2012.
PE-backed IPOs few and far between in 2012
Moleskine might make headlines if and when it finally lists on the stock market later this year, but flotations remained a seldom-explored exit route for GPs in 2012, continuing a trend initiated in 2008.
Cinemas could be the big deal in 2013
While Terra Firma is considering getting out of the movie business, its private equity competitors could see some very attractive investment opportunities this year.