Mid-market props up private equity market in Q1 2004

The first quarter of 2004 saw continued strong activity in the mid-market (deals between £10m and £250m) area of the UK buyout market. According to figures released by KPMG's Private Equity Group transactions with a total value of £3.6bn were completed in the UK in Q1 2004. This represents 28 deals with an average value of £129m. In the UK mid-market there were 24 deals with a value of £1.54bn in Q1 2004. This is the highest value quarter in this market segment for over two years. Charles Milner, head of private equity at KPMG said, 'Although we have seen yet more robust activity in the UK mid-market, buyers are not getting ahead of themselves. The mantra is quality and only the strongest companies are being sold. It is well chronicled that this part of the market held up comparably well during the downturn. Given the significant amounts of capital available for private equity backed investment, it is encouraging that sound reasoning continues to prevail as the market picks up.'

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