The year that was 2011: Funds launch amid Eurozone crisis

John Bakie
21 December 2011

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The past year has been perhaps the most turbulent since the financial crisis hit. While there has been plenty of activity and a return of large deals, the Eurozone crisis has certainly had an impact.

Each day this week, unquote" takes a look at the highlights and lowlights of 2011.

July
-BC Partners acquires Com Hem from Carlyle and Providence in estimated SEK 17bn deal.
-Blackstone expands its German portfolio with the acquisition of Jack Wolfskin for €700m from Quadriga.
-Mid-cap players Chequers Capital and Apax Partners close their latest vehicles on €850m and €700m respectively.
-Eurozone crisis escalates as Greece government fails to implement cuts.

August
-IK Investment Partners sells Belgian industrial supplier Mogotteaux for €550m and generates 6x returns.
-CVC makes an investment to buy Virgin Active, in a deal worth around £900m.
- Advent International buys part of secure technologies specialist Oberthur for €1.15bn. Barclays, Lloyds and Royal Bank of Canada arrange a 4.5x EBITDA, all-senior debt package to finance the transaction.
-Rising concerns over the Italian government's ability to deal with its deficit, borrowing costs rise rapidly.

September
-Two of France's largest LBO lenders, SocGen and Crédit Agricole see their Moody's rating downgraded by a notch to Aa3 and Aa2 respectively.
-Bridgepoint acquires 100% of Swiss sports marketing agency Infront Sports & Media from private shareholders for €600m.
-Advent International acquires a 50% stake in Spanish explosives supplier Maxam as part of an SBO valued at almost €900m. Portobello and Vista reap an IRR of 28%.