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UNQUOTE
  • Investments

European SBOs reach record levels in first three quarters

European SBOs reach record levels in first three quarters
Europe sees 202 secondary buyout deals between January and September, surpassing the peak of 200 seen in Q1-Q3 2007
  • Kenny Wastell
  • Kenny Wastell
  • 10 November 2017
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Secondary buyout volume in the European private equity market in 2017 reached its highest ever for the first three quarters of a year, amid a wider uptick in buy-side PE activity.

The European market saw 202 pass-the-parcel deals between Q1 and Q3, surpassing the peak of 200 seen in the first three quarters of 2007, according to unquote" data. The figure was also 5% up on the 193 such deals witnessed in Q1-Q3 2016.

Notable deals involving private equity vendors include Cinven's £2.4bn sale of CPA Global to Leonard Green & Partners, PAI Partners' €2bn sale of DomusVi to ICG, and PAI's €1.85bn sale of Cerba Healtchare to Partners Group and Canadian pension fund Public Sector Pensions Investments.

There was also a 36% year-on-year increase in aggregate value terms for SBOs between January and September 2017, with the total deal value reaching €26.97bn, compared with €19.81bn in the same period in 2016. However, the figure is some way below the €37.26bn aggregate value in the first three quarters of 2015, a year that saw a number of mega-deals in the space. Indeed the first three quarters of 2015 saw the €3.5bn Allianz Capital Partners-led acquisition of Autobahn Tank & Rast from Terra Firma, CVC's €2.8bn acquisition of Douglas from Advent International, and Brait Private Equity's £1.9bn acquisition of New Look from Apax Partners and Permira.

Wider uptick
Despite the swell in volume, SBOs are not necessarily moving the needle as a proportion of buyout activity, reflecting a highly active wider market on the buy-side for private equity. Fund managers accounted for just 33.3% of vendors in PE-backed buyouts in the first three quarters, down from 35.8% in 2016, 38.2% in 2015 and 35.9% in 2013. Across the last five years, only 2014 saw SBOs account for a lower percentage, with SBOs accounting for 32.5% of all buyout activity.

Meanwhile, looking at exit routes for GPs, SBOs accounted for 32.3% of all exit dealflow between January to September 2017, exactly matching the 32.3% seen in Q1-Q3 2016, but considerably up on the 23.4% in the same period in 2015, 20.2% in 2014 and 16.5% in 2013.

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