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Q4 Barometer: Deal volume and aggregate value slide

Aberdeen Standard PE Barometer Q4 2017 — Despite a boom in both dealflow and aggregate value across 2017 as a whole, the final quarter of the year saw a slowdown in activity

Unquote and Aberdeen Standard Investments
12 February 2018

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European private equity deal volume and aggregate value slid 10% and 6% respectively in the final quarter of 2017, according to the latest Unquote Private Equity Barometer, published in association with Aberdeen Standard Investments.

The European private equity market had a robust end to the year. While slowing somewhat, Q4 deal value finished above €40bn for the third consecutive quarter. And while deal volume lost some momentum, it remains at healthy levels.

There were 434 deals registered in Q4, down 10% on the previous quarter. While the drop may seem steep, 2017 has been a particularly busy year, with the Q4 total only slightly below the average of 449 seen over the last 10 quarters. Value also moderated in the final quarter, falling 6% to €41.1bn, which still remains above the figure seen in Q1 2017.

Deal numbers decreased in the buyout and growth capital segments in Q4, while the number of early-stage deals edged up. The number of buyouts dropped to 196, a three-quarter low, and growth capital investments dipped to 166, a four-quarter low. Meanwhile, the number of early-stage transactions climbed to 72.

Looking at all segments and deal types, the most deals were done in the UK, despite a fall in the number of deals to 121 from 147. Volume rose in DACH to 106 from 96 and also rose slightly in the Nordic region. The UK claimed the highest aggregate deal value at €13.3bn, which marked a fall compared with the previous quarter. Deal value in France almost doubled, rising to €9.3bn.

Over the whole of 2017 there were 1,893 deals of all types, up from 1,653 the year before. Total deal value climbed substantially to €163bn from €126bn.

Click here to download the full report, including detailed commentary and statistics for the growth capital and venture capital markets, as well as regional breakdowns.