SPAIN - Mid-market remains strong

However, the aggregated value of investments stands at EUR 1.87bn, a 45% fall in comparision to Q3 2007. This drop is largely accounted for by a lessened number of large deals being closed. Indeed, 90%of buyouts so far in 2008 have been completed with less than EUR 5m equity per transaction. Among the more important deals have been Gecal by SCH Infraestructuras and Caléndula; Bodybell (Mercapital); Fotowatio (Landon) and MBA (Nmás1 Private Equity).

The majority of activity overall is represented by expansion deals, which account for 63% of the total number of deals and 58% of value. By contrast, Leveraged acquisitions represent just 31% of the collective value figure.

Similarly, fundraising is currently 17% down against the corresponding period in 2007, with EUR 2.03bn raised by the end of September 2008. Meanwhile the current economic environment has also had a significant impact on exits, which have decreased by over 60% to EUR 478m.

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