Deal values in freefall

This year saw a dramatic plunge in terms of deal value; even more remarkable than last year's frenetic ascent (see graph). The largest buyout in 2008 was the EUR2.3bn take-private of oil-field services business Expro International, led by Candover in June - a far cry from the EUR16bn take-private of Alliance Boots a year earlier by KKR.

Preliminary figures from the latest European Buyout Review, published by unquote" in association with Bridgepoint, reveal not only a drop in overall buyout activity across Europe, but the UK and Ireland's slice of the total decreasing from 40% in 2007 to under a third in 2008. Large deals (EV >EUR1bn) saw a near 80% decline in value. Comparatively, smaller buyouts (EUR25-50m) fell by only 8%.

This issue traces the rise and fall of the UK private equity and venture capital market since unquote" launched in 1992 (page 10).

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