European buyout dealflow up 36% year-on-year in Q3

The volume total for Q3 2021 is virtually identical to the 348 deals recorded in the second quarter and is in fact likely to exceed it in due course, as Unquote researchers inevitably uncover more transactions in the coming weeks. In aggregate value terms, the EUR 69.8bn announced over the summer marks a slight uptick on Q2's total, but is still shy of the all-time record of EUR 73.5bn seen in Q1 this year. Deal volume was also higher by a small margin in both Q4 2020 and Q1 2021.

Nevertheless, the preliminary Q3 tally confirms the robust health of the deal-doing environment in 2021 so far. While the Q3 2020 figures were still affected by the first wave of the Covid-19 pandemic, similar periods in 2019 and 2018 also saw less plentiful dealflow (338 and 292 buyouts, respectively) while aggregate EV figures were also considerably lower.

Reflecting a similarly strong exit activity for sponsors, Q3 dealflow was more heavily slanted towards secondary buyouts than usual. Around a third (32.5%) of European buyouts were sourced from fellow GPs between July and September, compared with 29% in Q2 and 25% over the preceding 12-month period.

France was once again the busiest buyout market in Europe over Q3 with 77 transactions, up 16% on Q2 figures and accounting for 22.3% of all buyout dealflow. The UK remained about as busy as in Q2 and was home to 18.8% of European activity, followed by Germany with 14.7%.

Should activity continue at a similar pace in the fourth quarter, Europe could see around 1,400 buyouts announced by year-end, for an aggregate EV approaching EUR 280bn. This would mark a spectacular 33% recovery on 2020 year-end figures, and would also set a new all-time record for European buyout activity.

Largest European buyouts announced in Q3 2021

Deal	Date	Sector	Country	Value (EUR m)
T-Mobile Netherlands	Sep 2021	Mobile telecommunications	Netherlands	5,100
Ceramtec	Aug 2021	Diversified industrials	Germany	3,800 est
Zegna	Jul 2021	Clothing & accessories	Italy	2,694
Polynt and Reichhold	Jul 2021	Speciality chemicals	UK	2,600
Allego	Jul 2021	Electrical components & equipment	Netherlands	2,077
ITP Aero	Sep 2021	Aerospace	Spain	1,800
Pharmathen	Jul 2021	Pharmaceuticals	Greece	1,600 est
Seqens	Aug 2021	Speciality chemicals	France	n/d (1,500-2,000)
Almaviva Sante	Jul 2021	Healthcare providers	France	1,500
Restaurant Brands Iberia	Jul 2021	Restaurants & bars	Spain	n/d (>500)

source: Unquote Data

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