2002 European mezzanine upbeat, UK falls

After experiencing lower levels of activity during the first half of 2002, the European mezzanine market showed a demonstrable recovery towards the end of the year, although the UK value fell. Initiative Europe data shows that the value of European buyouts with mezzanine financing totalled EUR 14.7bn during the second half of 2002, whilst the volume of deals using the instrument rose by 46% to 38 buyouts. Both France and Southern Europe showed a rise in the rolling value of mezzanine invested in 2002, whilst the UK witnessed a drop of 30%. The UK fall reflects a fall in buyouts generally. Equally, the figures for unsponsored European transactions with mezzanine in 2002 were also upbeat. The total value of non-buyouts quadrupled in 2002 from EUR 1.1bn to EUR 4.8bn, whilst the total value of mezzanine in unsponsored deals increased by more than 20% from EUR 367m to EUR 445m.

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• UK / Ireland