European buyout activity drops, with only €9.1b of deals completed in Q2 2012 – 34% lower than Q1, and less than 60% of Q2 2011’s value
Volumes are down by a similar amount, and the average deal price is down to €82m
While short-term activity is dictated by events outside private equity control, availability of capital keeps medium-term prospects healthy
Activity in Germany and France continues on the downward trajectory identified in Q1 as companies assess the impact of turmoil in the Eurozone
The UK accounts for more than a third of deals, but values drop from a strong €6.6b in Q1 to €3.3b in Q2
By value, Sweden is the second most active market in Q2, with €2.0b from 11 deals
Two mega-buyouts were completed in Q2 with a total value of €3.4b: Sweden’s Ahlsell was bought by CVC for €1.8b and the UK’s Misys was taken private by Vista Equity Partners for €1.6b
With 83 deals, manufacturing is the most active sector in the first half of 2012, but TMT is still the largest in terms of deal value (€5.3b)
Exits in Q2 realized €9.5b, with 22 secondary buyouts generating €4.4b
There were no IPOs in Q2, but only five exits through insolvency
