Large-cap market awakens after tepid Q1

European private equity activity figures for the first three months of 2013 reveal a stark drop in deal-making following a comparatively hectic Q4 last year, most of which was concentrated on the buyout market: private equity-backed buyouts fell by 23% from 102 to 79 deals, while the value total plunged 68% from €23.4bn to €7.5bn.

Most of that jarring difference in aggregate value can be traced back to large-cap activity – or the lack thereof. Just one transaction was recorded in the €500m+ segment in Q1 – Rhone Capital's acquisition of Dutch bakery supplies business CSM, valued at €1.05bn – against 14 deals worth an overall €15.7bn in the last three months of 2012.

But it would seem that the tide has started turning in this second quarter. So far, unquote" data has recorded six large-cap transactions since the beginning of April, collectively valued at nearly €7.2bn.

The standout transaction in this busy April came courtesy of CVC: the GP bought back German metering business Ista from Charterhouse for €3.1bn. April also saw another long-awaited transaction coming to fruition: PAI partners struck a deal to buy British ice cream manufacturer R&R Ice Cream from Oaktree Capital for €850m.

 

For a more in-depth look at Q1 2013 activity figures, click here to read the latest unquote" Private Equity Barometer in full.

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• Topics
• Buyouts
• Large-cap buyout
• Market Insight