European Private Equity

in Review
Full-year 2009 edition
Contents

Foreword 3
Pan-European private equity 4
Trend graphs 6
Sectors 7
Geography 11
European private equity deals 12
European secondary buyouts 14
Private equity activity tables - buyouts 15
Private equity activity tables - exits 16
Financial adviser activity tables - buyouts 17
Financial adviser activity tables - exits 18
Legal adviser activity tables - buyouts 19
Legal adviser activity tables - exits 20
Appendix 21
Notes and contacts 23
Foreword
mergermarket is pleased to present the full-year 2009 edition of European Private Equity in Review. This report
highlights the latest trends within the private equity industry, covering activity in several of the top dealmaking
sectors and regional markets across Europe.
The full-year 2008 edition of this report recognised that the
near collapse of the banking sector had significantly impaired
the dealmaking ability of financial investors. However, at the
time there were reasons to be cautiously optimistic and it was
suggested that with valuations sliding, the asset class could
take advantage of distressed vendors and acquire fundamentally
sound assets on the cheap.
As it turned out, 2009 was one of the most challenging years
yet faced by private equity with the cost of leverage, availability
of viable targets and price dislocation all emerging as major
obstacles. Even where these challenges were overcome, the
acquisitive aspirations of many funds was curtailed, so pre-
occupied were they with fighting fires at portfolio company
level. Indeed, highly geared deals that were struck during the
buyout boom began to look ill-timed at best and badly judged
at worst. As such, several private equity houses were forced
to reassess their portfolio holdings, selling off some assets
while looking to preserve and create value in other investments
through effective and innovative management.
A ‘back to basics’ approach by the asset class is one of the most
significant by-products of the economic downturn and it is no bad
thing. Going forward, private equity volumes will likely continue to
trend upwards although valuations will stay at depressed levels
as sensible mid-market dealmaking becomes the norm. The
heady days of near free and easy debt are certainly over although
leverage is still obtainable for fundamentally sound investments.
Debt packages are now typically widely syndicated with investors
required to inject a greater equity component into transactions.
Despite this, a number of significant buyouts have been brokered
in recent times, indicating that the larger players are still willing
and able to do deals at the top of the market. KKR’s recent
acquisition of Pets At Home for a consideration of almost €1.1bn
and BC Partners’ move to buy Spotless Group for €600m are just
two very recent examples of the confidence returning to the asset
class and must be treated as signs of continued recovery.
We hope you enjoy this full-year edition of European Private
Equity in Review and, as always, we welcome any comments or
feedback that you may have. If you are interested in sponsorship
of this or any other mergermarket publication, please contact
Simon Elliott.
Tom Coughlan, The Mergermarket Group
European Private Equity in Review 3
Pan-European private equity
Looking back, few in the European private equity industry will remember 2009 with much fondness. It is plainly
clear that last year marked a low-water mark for the industry, so reliant, as it was, on the availability of cheap
leverage that fuelled the buyout boom. And, as debt capital markets imploded after Lehman Brothers’ bankruptcy,
private equity’s fall from the heights of the pre-crisis period was no less spectacular than the very investment
banks that funded the dealmaking frenzy.
Such a fact is baldly affirmed by the dismal deal trend figures
from 2009. In the year, buyout and exit transaction volumes
each shrank by nearly 45% to 613 and 283, respectively. This
was only somewhat better than the 64% and 60% decline in total
disclosed transaction values. In absolute terms, buyouts and
exits stood at €28.9bn and €24bn apiece in the year, down from
€80.8bn and €59.6bn in 2008.
Predictably, therefore, the large-cap segment of the buyout
market for transactions valued at €500m or more in 2009
became far less active than in recent years, comprising just 4%
of total acquisitions by funds in the year, compared to11.3% for
the 2004-2008 period. In the exit market, dealmakers have also
retreated to the lower end of the market, but overall it has fared
relatively well with large-cap transactions comprising 10.9% of
combined valuations, compared to 13% over the wider period.
The global financial crisis has not simply impacted upon the
asset class’ ability to broker transactions at the top end of the
market, however. It has also challenged fundamental aspects
of the industry itself with regards to issues such as fundraising,
investment strategies, portfolio company management and deal
financing structures. No doubt some of these challenges will
prove transitory, as will the responses, although others will be
longer lasting in their effects and magnitude.
In a handful of instances, general partners moved to scale
down and even curtail fundraising as cash-strapped limited
partners remained unwilling to commit their precious capital.
Most prominently, Candover, a one-time giant of private equity
now hobbled by the financial crisis, agreed with investors to
terminate its Candover 2008 Fund after the listed arm of the
buyout house failed to meet its own €1bn commitment to
the €3bn investment pool. Elsewhere, PAI’s general partners
agreed with investors to halve its current PAI Europe V fund from
€5.4bn to €2.7bn. Moreover, the Financial Times reported that
the buyout house also made concessions to limited partners
relating to governance and fee structures, something that would
have been unthinkable in previous years.
4 European Private Equity in Review
These concessions are, of course, symptomatic of a
broader shift in the power balance between fund managers
and investors. Elsewhere, it has also been reported that
endowments from Harvard and Yale universities blocked the
Munich-headquartered Nordwind Capital from investing in
US-based assets in the Pharma, Medical & Biotech space
when the firm went to draw down committed to the fund.
Opposition sprang from the fact that such a play was not in
line with the fund’s initial strategy of investing in turnaround
opportunities in the Germanic region.
But while limited partners are seemingly enjoying some
newfound power, many have been forced to sell off private
equity commitments in secondary markets at steep discounts
in a bid to shore up their own cash position and avoid any
forthcoming capital calls. This has hastened a bustling trade in
secondary markets with some private equity firms raising funds
and deploying capital specifically to this end. More generally,
investors have been hit hard by the worsening sale environment
and the concomitant fall in exit activity which has adversely
impacted upon capital redistributions to limited partners.
It is not surprising, however, that financial sponsors would
alter investment strategies, holding off exits to focus instead on
operational efficiency and value preservation in existing portfolio
companies. Rather intuitively, the sale price of an enterprise
determines the high exit multiples for which the asset class
is so famed and also the carried interest paid out to general
partners. Understandably, private equity groups were generally
loathe to bring assets to market, particularly in those sectors
more sensitive to the downturn, that would only fetch depressed
prices from opportunistic acquirers. Nevertheless, a number of
hard hit funds faced no choice with the likes of 3i and Candover
moving to dispose of several assets over the course of 2009.
Despite the rally in global equity markets over the second half
of the year and widespread optimism from buyout houses,
there was a dearth of public listings of portfolio firms in Europe
last year. In this respect, 2010 has already seen a number
Pan-European private equity
of aborted floatations of large private equity-backed firms,
suggesting that while the IPO market may recover, it will not
be the quick route to exit that had been previously mooted by
private equity practitioners.
Nonetheless, competition is beginning to firm within the deal
market itself, particularly among private equity bidders, with a
number of auctions being fiercely contested in the first quarter
of 2010. Stiffer competition has helped to drive up valuations
and ease the level of price dislocation that had existed between
buy- and sell-side parties, signalling private equity’s growing
appetite to broker new deals. Indeed, buyout activity had also
been curbed by widespread market uncertainty, a testing
financing environment and a general lack of suitable targets.
Where the big buyouts came to market in 2009, it was generally
for defensive assets in more resilient investment niches. In
addition, firms also found fertile ground for distressed and
opportunistic investments in the ashes left (or created) by the
financial crisis.
Overall, private equity has had to go ‘back to basics’ by creating
value through managerial expertise and operational efficiency
improvements. Firms that relied too much on financial wizardry
during the boom have clearly struggled without the magic
stardust of debt during the bust. While there have been positive
signs of credit market easing, financial investors have also had
to employ increasingly creative deal structures in order to bridge
the liquidity gap and get deals over the finish line. This includes,
for example, club deals, the use of deferred earnouts and hybrid
securities. On the creditor side, lenders have teamed up to
finance deals and spread risk through syndicated loans. In the
latest such example, a consortium of banks, including Nomura,
Calyon, KKR Capital Markets and Commerzbank agreed to
provide a £455m (€695m) debt package for the €1.10bn buyout
of the British pet retailer Pets at Home, a transaction discussed
in further detail in the Consumer section below.
Given the challenges that private equity continues to face, it
is undeniable that the asset class has a significant role to play
in the economic recovery, primarily by helping to enhance the
efficiency and productivity of portfolio firms. Nevertheless, amid
this backdrop, the spectre of regulatory reforms emanating
from Brussels has loomed large in the form of the Alternative
Investment Fund Managers Directive (AIFM), legislation which
aims to tighten the regulation of the private equity and hedge
fund industries. Lobbyists from country and region-wide trade
bodies, including the British Venture Capitalist Association
(BVCA) and the European Venture Capitalist Association (EVCA),
shot back with measured but firm criticism of the proposals.
Conversely, the two bodies have also tried to ward off any harsh
criticism of regulators from private equity industry figures
themselves, which could work against a better outcome on
the proposals.
There is arguably little doubt that these pending regulatory
changes are a backlash against the perceived avarice and
recklessness of the Financial Services sector in Europe and
the US. Likewise, there is little doubt that foisting a strict
regulatory burden on private equity will be detrimental to the
industry and its ability to help revitalise economic activity.
Specifically, the draft AIFM proposals set out greater
disclosure from firms, independent valuations of investments
and minimum capital requirements. At a time when margin
pressures are already heightened for many firms, any reforms
that will add increased oversight costs are most unwelcome.
Meanwhile, the proposed regulatory changes in the US are
also relevant for the European deal market in an era when
international investment is an everyday occurrence. The Volcker
Rule, as it has come to be known, sets out proposed changes
designed to prevent the problems with institutions that are “too
big to fail.” If adopted, the Volcker Rule could see investment
banks offload hedge fund and private equity divisions, focusing
instead on traditional investment banking activities. At the same
time, other prospective reforms could see private equity firms
based in the US face further regulatory scrutiny in the form of
tighter capital and disclosure requirements.
It is unclear what the final form of the regulatory changes
will be and how severely they will affect the nascent recovery
underway in private equity dealmaking. The major economies
of Europe are just beginning to emerge from recession and at
very low rates of economic growth. As such, the underpinnings
for a more robust uptick in transaction activity remain fragile.
Private equity deal trends are showing signs of recovery relative
to year-earlier levels, albeit from a low base of comparison. In
the final quarter of 2009, for instance, buyout and exit valuations
rose robustly, doubling in the first instance and nearly trebling in
the second, to €13.59bn and €14.68bn, respectively. Transaction
volumes have not, however, bounced back with the same vigour.
While exits rose by 8.1% year on year in Q4, buyouts were down
by over 10.0% on Q4 2008 levels. Clearly, lingering challenges
persist, but the vantage from today is far better than it was a
year or even six months ago.
European Private Equity in Review 5
 Trend graphs

Buyout and exit trends by volume

400
400 Buyouts Volume of deals
Exits Volume of deals
350
350
2 per. Mov. Avg. (Buyouts Volume of deals)
300
300 2 per. Mov. Avg. (Exits Volume of deals)
Volume of deals

250 250

200 200

150 150

100 100

50
50

0
0

Q1
Q1
2005 Q2
Q2
2005 Q3
Q3
2005
Q4
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2005 Q1
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2006 Q2
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2006 Q3
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2006 Q4
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2007 Q2
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2007 Q3
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2007 Q4
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2007 Q1
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2008 Q1
Q1
2009 Q2
Q2
2009 Q3
Q3
2009 Q4
Q4
2009
2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009

Buyout and exit trends by value

100,000 100,000
Buyouts Value of deals (€m)
90,000 90,000 Exits Value of deals (€m)
80,000 80,000 2 per. Mov. Avg. (Buyouts Value of deals (€m))
2 per. Mov. Avg. (Exits Value of deals (€m))
Value of deals (€m)

70,000 70,000
60,000 60,000
50,000 50,000
40,000 40,000
30,000 30,000
20,000 20,000
10,000 10,000
0
0

Q1
Q1
2005
Q2
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2005
Q3
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2005
Q4
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2005
Q1
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2006
Q2
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2006
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2006
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2007
Q3 Q4
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2007
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2008
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2008
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2008
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2009
Q2
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2009
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2009
Q4
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2009
2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009

Secondary buyout trends by volume and value

90
90 Volume 30,000
30,000

Value
80
80

25,000
25,000

70
70
Value of deals (€m)

60
60 20,000
20,000
Volume of deals

50
50

15,000
15,000

40
40

30
30 10,000
10,000

20
20
5,000
5,000

10
10

0
0 00
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2005 Q1 Q2
2005 Q3
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2005 Q1
2006 Q2
2006 Q3
2006 Q4
2006 Q1
2007 Q2
2007 Q3
2007 Q4
2007 Q1
2008 Q2
2008 Q3
2008 Q4
2008 Q1
2009 Q2
2009 Q3
2009 Q4
2009
2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009

6 European Private Equity in Review

Sectors
Technology, Media & Telecommunications (TMT)
The European TMT space is replete with a range of diverse,
niche businesses and an array of investment opportunities,
ranging from the provision of venture and growth capital in
start-up and small-cap companies to mature large-cap assets.
Accordingly, the TMT sector has been a mainstay investment
area for private equity in Europe for many years, and last year
was no different.
Indeed, private equity players brokered 76 buyouts in the sector
worth a combined €6.60bn in 2009, making it the fourth most
active buyout market in Europe in terms of deal volume and
the top ranked by value. Likewise, with 57 exits worth €7.53bn
TMT also ranked as the highest value sector for private equity
divestments and the second most active exit market after the
Industrials & Chemicals space.
While the overall volume and value of TMT buyouts and exits
undertaken by the asset class in Europe fell by nearly a third
against 2008 figures, the sector increased its share of total
private equity transactions to its highest proportion in recent
years. Measuring the volume and value of TMT transactions
to overall private equity deals, the proportion rose appreciably
last year to 15.1% and 20.0%, respectively, up by 1.9 and 3.2
percentage points compared to the aggregated average for the
2004-2008 period.
Tellingly, the sector hosted several of the asset class’ largest
deals in the year, including the top ranked transaction. In
this deal, BC Partners and Apollo Management divested
respective stakes of 35.3% and 29.1% in Unitymedia GmbH,
the international cable group based in Germany. US-based
trade buyer Liberty Global was involved on the buy-side of
the transaction which was valued at a total consideration of
€3.50bn, consisting of €2.00bn in cash and the assumption of
€1.50bn in Unitymedia’s debts. This represents an attractive
return for BC Partners and Apollo who had previously acquired
Unitymedia for €1.50bn in 2003.
The largest private equity buyout of the year also came
to market in the TMT space. The transaction saw EQT
Partners team up with GIC Special Investments, the private
equity investment arm of the Singaporean state, to broker
the €2.24bn secondary buyout of Springer Science and
Business Media, the German-based academic publisher in
December. EQT and GIC respectively acquired 82% and 18%
of the company which, at the time of sale, carried net debt
of approximately €2.20bn. On the sell-side, Candover, the
embattled buyout house struggling to manage its own debts,
and co-investor Cinven were able to exit Springer ahead of loan
refinancings that were due to begin maturing in early 2010.
While the Springer Science transaction was an SBO, it proved
to be something of an anomaly as the SBO market actually
shrank in the year to just over 10% of total activity, down
from an average of 16% for the 2004-2008 period as a whole.
Moreover, in this particular deal, the vendors sold from a
position of distress, with the transaction only made possible by
EQT and GIC managing to inject new equity into the business
and refinance its debts, greatly improving Springer’s capital
structure and future prospects. Nonetheless, as one of
the biggest LBOs to come to market in Europe in 2009, the
transaction offers hopeful signs for 2010.
Another significant deal saw Silver Lake Partners lead an
investor consortium which acquired a 65% stake in Skype
Technologies, the Luxembourg-headquartered global Internet
communications company, for €1.42bn from eBay Inc. Post-
deal, eBay will retain a 35% stake in the company with the
technology-focused consortium of investors bringing a wealth
of technological and management expertise to help grow the
business going forward in the fast expanding social media and
technology niche.
As the leading technology private equity house in Silicon Valley,
Silver Lake is the most prominent among the investor consor-
tium, but other partners included institutional investor, Canada
Pension Plan Investment Board, and two venture capital
firms, US-based Andreessen Horowitz and Switzerland’s Index
Ventures – notably, the latter provided backing for Skype in the
days before it was acquired by eBay.
Consumer
Private equity investment in Consumer businesses abated at
a fairly steep pace in 2009, marking the second successive
year of retrenchment in buyout and exit activity in the sector.
Such a trend is of course of little surprise given the sensitivity
many Consumer companies face to cut backs in discretionary
household expenditure in uncertain economic times.
This is particularly apparent when looking at the raw
numbers. In the year, the asset class brokered just 106
European Private Equity in Review 7
 Sectors

Sector split of buyouts by volume Sector split of buyouts by value

1.2% 0.2% 0.1%
1.0% 0.2%
2.9% 0.2% 3.3% 0.1%
5.1% 6.9%
Industrials & Chemicals TMT
5.2% 21.7% 22.8%
Consumer Energy, Mining & Utilities
Business Services 7.5% Transportation
5.4% TMT Consumer
Pharma, Medical & Biotech Industrials & Chemicals
Energy, Mining & Utilities Financial Services
5.7%
Financial Services 9.3% Pharma, Medical & Biotech
Construction Business Services
Leisure Construction
8.3% Transportation 13.2% Leisure
17.3%
Real Estate Agriculture
Defence 11.2% Real Estate
Agriculture Defence
12.6%
12.9%
14.5% 11.5%

Sector split of exits by volume Sector split of exits by value

0.7% 0.4%
1.8% 0.4% 1.4%
2.8% 0.9%
3.3% 0.1%
2.8%
4.5% TMT
3.2% Industrials & Chemicals
5.2% Consumer
27.2% TMT
5.3% 31.3% Industrials & Chemicals
Consumer
Pharma, Medical & Biotech
Business Services 5.4%
Business Services
Pharma, Medical & Biotech
8.1% Real Estate
Leisure
6.7% Financial Services
Financial Services
Transportation
Energy, Mining & Utilities
Construction
Construction
Leisure
Transportation
12.7% 10.2% Energy, Mining & Utilities
Real Estate
Defence
Defence
20.1% Agriculture
17.9%
13.1%
14.5%

buyouts worth €3.33bn, representing year-on-year declines of
48% and 75% in volume and value terms. Obstacles in the exit
market also saw divestments ebb to just 41 transactions
collectively valued at €4.30bn, down 52% and 60% respectively
compared to the same time period 12 months earlier.
Looking at the Consumer subsectors, buyout and exit activity
was uniformly depressed with little variation between the
Retail, Foods and the broader Other sector, including the
tobacco and beverages, household and personal care items
and luxury goods businesses. That said, this latter segment
saw a noteworthy 8.8% increase in aggregate valuations
over last year on the back of two of the asset class’ biggest
transactions. Notably, both deals came to market in the
beverages niche, a comparatively defensive investment space
given the resilience these companies often have to down
business cycles.
In the largest such transaction, Blackstone Group Holdings
and Lion Capital exited Orangina Schweppes Group, the French
soft drink maker and distributor, to Japanese strategic investor
Suntory Holdings for a consideration of €2.25bn. Blackstone
and Lion Capital initially acquired Orangina Schweppes in early
2005 for €1.85bn and grew the business through inorganic
growth and expansion into new markets.
Financial investors were also involved on the buy-side in the
beverages subsector. The top deal was announced in the
third quarter of the year and witnessed CVC Capital Partners
acquire the Central & Eastern European assets of AB InBev,
the world’s largest brewing company, for US$2.23bn (€1.49bn)
with a possible earnout payment of US$800m dependent upon
CVC’s return on initial investment. The deal also saw CVC
acquire brewing operations in nine countries and a number
of brands, including the Czech label Staropramen. Notably, a

8 European Private Equity in Review

 Sectors

Buyout deal size by volume Buyout deal size by value

1,600
1,600 300,000
Not disclosed 300,000 €15m
< €15m €15m - €100m
1,400
1,400
€15m - €100m €101m - €250m
250,000
250,000
€101m - €250m €251m - €500m
1,200
1,200
€251m - €500m > €500m

Value of deals (€m)

> €500m 200,000
200,000
Volume of deals

1,000
1,000

800
800 150,000
150,000

600
600
100,000
100,000

400
400

50,000
50,000
200
200

00 00
2005
2005 2006
2006 2007
2007 2008
2008 2009
2009 20052005 2006
2006 2007
2007 2008
2008 2009
2009

Exit deal size by volume Exit deal size by value

140,000
800
800
Not disclosed 140,000 €15m
< €15m €15m - €100m
700
700
€15m - €100m 120,000
120,000 €101m - €250m
€101m - €250m €251m - €500m
600
600
€251m - €500m 100,000
100,000 > €500m
Value of deals (€m)

> €500m
Volume of deals

500
500
80,000
80,000
400
400

60,000
60,000

300
300

40,000
40,000
200
200

100
100
20,000
20,000

00 00
2005
2005 2006
2006 2007
2007 2008
2008 2009
2009 2005
2005 2006
2006 2007
2007 2008
2008 2009
2009

syndicate of lenders provided US$1bn in senior debt to finance
the transaction, one of the largest debt packages seen in the
European buyout space last year.
The beverages niche may have been the top spot for large-cap
deals last year, but in the early days of 2010 it appears that
private equity-backed M&A in the Retail niche may be en route
to a strong revival. The €1.10bn management buyout of Pets at
Home, the UK-based retailer of pet products and accessories,
by Kohlberg Kravis Roberts & Co from Bridgepoint Capital
ranks as the largest global private equity-related deal at the
time of publication.
Moreover, there was strong competition for the asset at
auction from a host of private equity heavyweight bidders
including Apax Partners, Bain Capital and TPG. On the sell-
side, Bridgepoint realised an exit multiple of 15.7x EDITDA, an
impressive return in any economic climate, more so when it is
noted that the median exit multiple for private equity-related
deals in 2009 stood at 8x EBITDA.
While private equity investment in the Consumer sector
may recover only gradually in the face of lingering post-crisis
challenges this year, it is certainly encouraging that 2010 has
got off to a good start for a deal market that has languished in
decline for the past two years.
Financial Services
With the Financial Services industry at the epicentre of the
global economic crisis, it is not surprising that the sector
witnessed a sharp contraction in the volume and value of
private equity-brokered transactions in Europe in 2009.
In the year, the number of buyouts totalled 33 transactions
collectively valued at €2.68bn over last year, down from 60

European Private Equity in Review 9

Sectors
deals worth €9.28bn in 2008. Exit activity was also fairly sub-
dued with just nine transactions valued at €1.26bn in 2009,
down by 50.0% and 40.5% in year-on-year terms.
The largest deal transacted by the asset class in the year
saw a consortium of investors including Stone Point Capital,
Hellman & Friedman, Vestar Capital Partners, Crestview
Partners, New Mountain and Caisse de Depot et Placement
du Quebec sell a 57% stake in Paris Re Holdings, the French-
listed, Swiss-based reinsurance solutions provider. The
transaction saw Bermuda-based re-insurance provider
PartnerRe acquire the stake in a block purchasing scheme
for a consideration of €1.19bn. PartnerRe already owned
a 7% stake in the company and paid the Swiss company’s
shareholders a premium of 12.75% over the traded share
price one day prior to the offer announcement.
Looking ahead, it is possible that a number of drivers may
bolster private equity investment in the sector. Although
Financial Services is a comparatively small deal market for
the asset class in Europe, representing approximately 5% and
10% of total European buyout and exit activity in 2009, activity
may be set to increase in the year ahead with buyout houses
eagerly eyeing a number of prospective targets in a sector
that is arguably ripe for consolidation.
In this respect, the UK looks set to be the hotbed of activity
with private equity players gearing up to pounce on assets in
the Financial Services sector. In early 2010, it was announced
that Blackstone will team up with fund manager Cambridge
Place to invest in a proposed new retail bank, the Home and
Savings Bank. Cambridge Place is also reportedly in talks
with further prospective investors including other buyout
firms as well as strategic players.
10 European Private Equity in Review
Elsewhere, Northern Rock, which is set to be split into a ‘good’
and ‘bad’ bank by the UK government, has also reportedly
attracted the attention of private equity houses. The Wall
Street Journal reported that the National Bank of Australia
had received approaches from the asset class regarding
teaming up for a joint bid for the ‘good’ bank. In addition to
Northern Rock, buyout houses may be eyeing parts of RBS
and Lloyds Banking Group after both banks were ordered
to dispose of assets by the EU after having received bailout
funds from the UK government.
Lastly, private equity firms themselves may see industry con-
solidation as stronger players take over their weaker rivals.
Candover, struggling under a heavy debt load, is the most
prominent example, having becoming a takeover target itself.
Elsewhere, Natixis, the investment banking arm of BPCE,
recently announced that it has received a conditional offer
from AXA Private Equity to acquire parts of its private equity
division. The proposed offer would see AXA acquire iXEN
Partners, NI Partners and Initiative & Finance. Consolidation
may also be driven by regulatory changes as smaller players
merge to share the costs of compliance to new disclosure
requirements in both the US and Europe.
 Geography
Geographic split of buyouts by volume Geographic split of buyouts by value
1.5%
1.8% 5.5%
5.9%
UK & Ireland UK & Ireland
22.1% 6.5%
6.9% Germanic 24.1% Germanic
France CEE
Benelux Italy
8.5% 9.3%
Nordic Benelux
Iberia Iberia
Italy France
CEE Nordic
SEE 9.5% SEE
11.9%
17.1%

20.8%

11.2%
12.1%
13.7%
11.7%

Geographic split of exits by volume Geographic split of exits by value

2.5%
4.6% 2.6% 0.3%
5.7% 4.7% Germanic
UK & Ireland
23.7% Germanic France
5.7% 5.7%
France UK & Ireland
Nordic Benelux
6.7% Benelux Nordic
42.5%
Iberia Italy
Italy CEE
17.9%
CEE Iberia

13.4%

21.2%

23.8%
19.1%

The UK & Ireland maintained its position as the main hub of deal
activity in 2009 with the largest share of buyouts and exits of any
regional market in Europe. The region witnessed 135 buyouts,
comprising 22.0% of overall acquisitions undertaken by financial
sponsors in Europe. On the sell-side of the asset class, a total
of 67 exits were announced in the UK & Ireland, accounting for
23.7% of the overall market in this regard.
In terms of deal value, the UK & Ireland also ranked highest for
buyouts with €6.94bn worth of deals coming to the market, rep-
resenting a 24% share of 2009 valuations. However, UK & Ireland
exit valuations were surpassed by both the Germanic region and
France. With €10.20bn in total exit value, the Germanic region
accounted for 42.5% of the overall total, much further ahead
than France which had exits totalling €5.71bn (23.8% of total exit
value). Notably, activity in these regions was driven by the above-
mentioned Unitymedia and Orangina Schweppes exits.
While this trend obviously reflects the fact that several of the year’s
top private equity transactions were brokered in the Germanic and
French markets, it is noteworthy that these geographies were
also ranked as active for dealmaking, only surpassed by the UK &
Ireland in terms of both buyout and exit volumes.
Elsewhere, the CEE and SEE M&A markets witnessed a relative
dearth of private equity investment activity. Indeed, increasingly
risk-averse western funds generally eschewed bold buyouts in
these regions, preferring to stay closer to home - CVC Capital
Partners’ acquisition of AB InBev’s CEE brewing operations was,
of course, a notable exception.
The figures from last year show that the CEE region witnessed
36 buyouts collectively valued at €3.37bn. However, the SEE
region saw the fewest number of buyouts with only 11 such
transactions carrying an aggregate value of €419m. The largest
such deal was announced in the first quarter of the year with
Greece-based investment holding company, Marfin Investments,
acquiring the flying activities, MRO assets and ground handling
activities of Olympic Airlines for €177m from the Government of
Greece. Somewhat unsurprisingly, there were not any exits in
the SEE region in 2009, while the CEE region saw just 13 worth
a combined €595m.

European Private Equity in Review 11

European private equity deals

Top 20 private equity transactions, 2009

Rank Announced Status Target Target Bidder company Bidder description Seller company Deal Deal
date company sector type value
(€m)

1 Nov-09 C Unitymedia TMT Liberty Global Inc US-based international cable Apollo Management LP; Exit 3,500
GmbH operator BC Partners Ltd

2 Nov-09 C Orangina Consumer Suntory Holdings Ltd Japanese beverage producer and Blackstone Group Holdings Exit 2,245
Schweppes distributor LLC; Lion Capital LLP
Group

3 Dec-09 C Springer TMT EQT Partners AB; GIC Sweden-based private equity Candover Investments plc; SBO 2,240
Science + Special Investments firm; Singapore-based Cinven Ltd
Business Media Pte Ltd soveriegn wealth fund
Deutschland
GmbH

4 May-09 C Enel Rete Gas Energy, AXA Private Equity; France-based private equity Enel Distribuzione SpA IBI 1,716
SpA (80% stake) Mining & F2i SGR SpA firm; Italian closed-end fund
Utilities focused on infrastructure invest-
ments in Italy

5 Oct-09 C Gatwick Airport Transpor- Global Infrastructure US-based private equity firm BAA Ltd IBO 1,609
Ltd tation Partners

6 Oct-09 C Anheuser- Consumer CVC Capital Partners UK-based private equity firm Anheuser-Busch InBev IBO 1,493
Busch InBev Ltd
(Central
European
operations)

7 Sep-09 C Skype TMT Silver Lake Partners; US-based private equity firm; eBay Inc IBI 1,424
Technologies Andreessen Horowitz; US-based venture capital firm;
SA (70% stake) Canada Pension Plan Canada-based investment
Investment Board; management firm; Swiss private
Index Ventures equity firm

8 Dec-09 C Compagnie la Real Estate ICADE French Real Estate investment Morgan Stanley Real Estate Exit 1,299
Lucette SA and development company and Fund V
a unit of the French bank Caisse
des Dépôts et Consignations

9 Jul-09 C Paris Re Financial PartnerRe Ltd International reinsurance group Caisse de Dépôt et Placement Exit 1,187
Holdings Ltd Services du Quebec; Crestview Partners
LP; Hellman & Friedman LLC;
New Mountain Capital LLC; Stone
Point Capital LLC; Vestar Capital
Partners Inc

10 Dec-09 P Marken Ltd Transpor- Apax Partners LLP UK-based private equity firm Intermediate Capital Group SBO 1,080
tation

11 Oct-09 P Constantia Industrials Sulipo Beteiligungs- Austria-based civil-law Constantia Packaging BV IBI 927
Packaging AG & Chemicals verwaltungs GmbH partnership and affiliate
(75% stake) of One Equity Partners LLC

12 European Private Equity in Review

European private equity deals

Top 20 private equity transactions, 2009

Rank Announced Status Target Target Bidder company Bidder description Seller company Deal Deal
date company sector type value
(€m)

12 Dec-09 P Gas Natural Energy, GALP Energia SGPS Portuguese Energy company; Gas Natural SDG SA IBI 800
SDG SA Mining & SA; Morgan Stanley US-based alternative investment
(certain gas Utilities Infrastructure arm of Morgan Stanley
distribution
assets in
Madrid)

13 Sep-09 C Invitel Holdings TMT Mid Europa Partners UK-based private equity firm TDC A/S IBI 737
AS (64.60% LLP
stake)

14 Jun-09 C Wood Macken- Business Charterhouse Capital UK-based private equity firm Candover Partners Ltd SBO 654
zie Ltd Services Partners LLP

15 Oct-09 P GFKL Financial Financial Advent International US-based private equity firm IBI 584
Services AG Services Corporation
(80% stake)

16 Jul-09 C AEG Power Industrials Germany1 Channel Island-based special Ripplewood Holdings LLC Exit 582
Solutions BV & Chemi- Acquisition Ltd purpose acquisition vehicle
cals formed for the acquisition of
operating businesses with
principal operations in Germany,
Austria or Switzerland

17 Apr-09 C Strabag SE (25% Construc- Raiffeisen Holding Austrian Financial Services and Rasperia Trading Ltd Exit 494
stake) tion Niederoesterreich- holding company; Austria-based
Wien; Haselsteiner private investors
family (private
investors)

18 Nov-09 C Gras Savoye & Financial Alcee SAS France-based acquisition vehicle Willis Europe BV MBO 474
Cie SAS Services formed for the acquisition of
Gras Savoye SA

19 Jun-09 C Cintra Construc- Ahorro Corporacion Spanish infrastructure fund Cintra Concesiones de IBI 451
Aparcamientos tion Infraestructuras 2, owned by financial group Infrastructuras de Transporte SA
SA (99.92% SCR, SA; Ahorro Cor- Ahorro Corporation; Spanish
stake) poracion Infraestruc- infrastructure fund owned by
turas FCR; Assip SGPS financial group Ahorro Corpora-
SA; Banco Espirito tion; Portugal-based holding
Santo de Investimento; company owned by construction
ES Concessoes SGPS group A Silva & Silva; Portuguese
S.A; Espirito Santo investment bank; Portuguese
Infrastructure Fund I transportation concession arm
Fundo de Capital de of Banco Espirito Santo; Portu-
Risco; Transport Infra- guese infrastructure fund owned
structure Investment by financial group Espirito Santo;
Company Luxembourg-based investment
company controlled by Portu-
guese toll-road operator Brisa,
Portuguese bank BCP, La Com-
pagnie Benjamin de Rothschild
and its management

20 Dec-09 P British Car Consumer Clayton, Dubilier & US-based private equity firm Montagu Private Equity LLP SBO 426
Auctions Ltd Rice Inc

European Private Equity in Review 13

European secondary buyouts

Top 10 secondary buyouts, 2009

Rank Announced Status Target company Target sector Bidder company Bidder description Seller company Deal value
date (€m)

1 Dec-09 C Springer Science TMT EQT Partners AB; GIC Sweden-based private Candover Investments 2,240
+ Business Media Special Investments equity firm; Singapore- plc; Cinven Ltd
Deutschland Pte Ltd based soveriegn
GmbH wealth fund

2 Dec-09 C Marken Ltd Transportation Apax Partners LLP UK-based private Intermediate Capital 1,080
equity firm Group

3 Jun-09 C Wood Mackenzie Business Charterhouse Capital UK-based private Candover Partners Ltd 654
Ltd Services Partners LLP equity firm

4 Dec-09 P British Car Consumer Clayton, Dubilier US-based private Montagu Private Equity 426
Auctions Ltd & Rice Inc equity firm LLP

5 Nov-09 C Web Reservations TMT Hellman & Friedman US-based private Ray Nolan (private 228
International Ltd LLC equity firm investor); Summit Part-
ners LP; Tom Kennedy
(private investor)

6 Aug-09 C Kalle GmbH Industrials & Silverfleet Capital UK-based private Montagu Private Equity 213
Chemicals Partners LLP equity firm GmbH

7 Jul-09 C Viking Moorings Industrials & HSBC Private Equity UK-based private F&C Private Equity Trust 208
Group Ltd Chemicals (UK) equity firm plc; Inflexion Private
Equity Partners LLP

8 Apr-09 C Bol.Com BV Consumer Flevo Deelnemingen Netherlands-based Holtzbrinck Networks 200

I BV acquistion vehicle GmbH; Verlagsgruppe
formed by Cyrte Weltbild GmbH
Investments

9 Jul-09 C FPEE Industries Construction Barclays Private UK-based private equi- AGF Private Equity; AtriA 150
SA Equity Ltd; Pragma ty firm; France-based Capital Partenaires;
Capital private equity firm Euromezzanine Conseil
SAS; UI Gestion SA

10 Oct-09 C AVG Technologies TMT TA Associates Inc US-based private Benson Oak; Enterprise 137
CZ sro (25% stake) equity firm Investors; Intel Capital

14 European Private Equity in Review

Private equity activity tables - buyouts

Buyouts - Volume
Rank Company name Value (€m) Volume of deals

1 Lloyds TSB Development Capital 447 12

2 AXA Private Equity 2,086 9
3 EQT Partners 2,619 6
4 Gimv 202 6
5 BLUO SICAV SIF 109 5
6 Advent International 708 4
7 Barclays Private Equity 475 4
8 HgCapital 454 4
9 Waterland Private Equity Investments 436 4
10 Altor Equity Partners 322 4

Buyouts - Value
Rank Company name Value (€m) Volume of deals

1 EQT Partners 2,619 6

2 GIC Special Investments 2,240 2
3 AXA Private Equity 2,086 9
4 CVC Capital Partners 1,866 2
5 Global Infrastructure Partners 1,609 1
6 Index Ventures 1,433 2
7= Andreessen Horowitz 1,424 1
7= Silver Lake Partners 1,424 1
9 Apax Partners 1,080 2
10 One Equity Partners 927 1

Note: The tables are based on private equity houses as the bidder on buyouts and buyins announced between 01/01/2009 and 31/12/2009, where the target is European, excluding lapsed
and withdrawn deals.

The Private Equity Activity Tables reflect the activity of buyout firms, venture capitalists, investment firms, financial institutions and all parties whose activities wholly involve, or include
making private equity investments. Please note that the values in the 'Value' column do NOT reflect the equity contribution of the investors but represent the total values of deals they
were involved in.

European Private Equity in Review 15

Private equity activity tables - exits

Exits - Volume
Rank Company name Value (€m) Number of deals

1 3i Group 142 11
2 Arques Industries 134 6
3 Cinven 2,240 4
4 NI Partners 159 4
5 NPM Capital 30 4
6 Candover Investments 2,894 3
7 Sofinnova Partners 688 3
8 Montagu Private Equity 639 3
9 Gimv 576 3
10 Inflexion Private Equity Partners 230 3

Exits - Value
Rank Company name Value (€m) Number of deals

1 BC Partners 3,500 2
2 Apollo Management 3,500 1
3 Candover Investments 2,894 3
4 Lion Capital 2,354 2
5 Blackstone Group 2,245 1
6 Cinven 2,240 4
7= Caisse de Dépôt et Placement du Quebec 1,187 1
7= Crestview Partners 1,187 1
7= Hellman & Friedman 1,187 1
7= New Mountain Capital 1,187 1
7= Stone Point Capital 1,187 1
7= Vestar Capital Partners 1,187 1

Note: The tables are based on private equity houses as the seller on exits announced between 01/01/2009 and 31/12/2009, where the target is European, excluding lapsed and withdrawn deals.

The Private Equity Activity Tables reflect the activity of buyout firms, venture capitalists, investment firms, financial institutions and all parties whose activities wholly involve, or include
making private equity investments. Please note that the values in the ‘Value’ column do NOT reflect the equity contribution of the investors but represent the total values of deals they
were involved in.

16 European Private Equity in Review

Financial adviser activity tables - buyouts

Buyouts - Volume
Rank Company name Value (€m) Number of deals

1 PricewaterhouseCoopers 413 15
2 KPMG 340 10
3 Deloitte 114 10
4 Ernst & Young 1,777 8
5 Lazard 1,706 8
6 Close Brothers Corporate Finance 552 7
7 BDO Corporate Finance 28 7
8 ING 1,626 6
9 JPMorgan 4,316 5
10 UniCredit Group 3,673 5

Buyouts - Value
Rank Company name Value (€m) Number of deals

1 JPMorgan 4,440 7
2 UniCredit Group 3,673 5
3 Ernst & Young 1,777 8
4 Lazard 1,706 8
5 ING 1,626 6
6 Close Brothers Corporate Finance 552 7
7 PricewaterhouseCoopers 413 15
8 KPMG 340 10
9 Deloitte 114 10
10 BDO Corporate Finance 28 7

Note: The tables are based on financial advisers to the bidder on buyouts and buyins announced between 01/01/2009 and 31/12/2009, where the target is European, excluding lapsed and
withdrawn deals.

European Private Equity in Review 17

Financial adviser activity tables - exits

Exits - Volume
Rank Company name Value (€m) Number of deals

1 Rothschild 3,573 11
2 Lazard 1,885 8
3 PricewaterhouseCoopers 131 8
4 Morgan Stanley 5,799 7
5 Goldman Sachs 4,005 7
6 KPMG 271 7
7 UBS Investment Bank 6,977 6
8 Close Brothers Corporate Finance 150 6
9 Lincoln International 8 6
10 Jefferies & Company 482 4

Exits - Value
Rank Company name Value (€m) Number of deals

1 UBS Investment Bank 6,977 6

2 Morgan Stanley 5,799 7
3 Nomura Holdings 5,745 2
4 Credit Suisse 4,688 3
5 Goldman Sachs 4,005 7
6 UniCredit Group 3,687 2
7 Rothschild 3,573 11
8 JPMorgan 2,501 3
9 Citigroup 2,245 2
10 Royal Bank of Scotland Group 2,245 1

Note: The tables are based on financial advisers to the seller/target on exits announced between 01/01/2009 and 31/12/2009, where the target is European, excluding lapsed and withdrawn deals.

18 European Private Equity in Review

Legal adviser activity tables - buyouts

Buyouts - Volume
Rank Company name Value (€m) Number of deals

1 Linklaters 3,800 18
2 Freshfields Bruckhaus Deringer 3,114 14
3 Allen & Overy 2,343 14
4 CMS 749 14
5 SJ Berwin 612 14
6 Ashurst 1,303 11
7 Loyens & Loeff 870 11
8 Clifford Chance 1,060 10
9 PricewaterhouseCoopers 291 9
10 Poellath & Partners 2,173 8

Buyouts - Value
Rank Company name Value (€m) Number of deals

1 Linklaters 3,800 18
2 Freshfields Bruckhaus Deringer 3,114 14
3 Hengeler Mueller 2,476 3
4 Allen & Overy 2,343 14
5 Vinge 2,190 7
6 Poellath & Partners 2,173 8
7 Slaughter and May 1,646 2
8 Sullivan & Cromwell 1,564 3
9 Bojovic Dasic Kojovic 1,493 1
10 Bird & Bird 1,446 2

Note: The tables are based on legal advisers to the seller/target on buyouts announced between 01/01/2009 and 31/12/2009, where the target is European, excluding lapsed and withdrawn deals.

European Private Equity in Review 19

Legal adviser activity tables - exits

Exits - Volume
Rank Company name Value (€m) Number of deals

1 Freshfields Bruckhaus Deringer 2,797 8

2 CMS 1,175 8
3 SJ Berwin 537 8
4 Latham & Watkins 4,154 7
5 Linklaters 870 7
6 Allen & Overy 268 7
7 Weil Gotshal & Manges 2,819 6
8 Lovells 2,313 6
9 Clifford Chance 996 6
10 Baker & McKenzie 318 6

Exits - Value
Rank Company name Value (€m) Number of deals

1 Latham & Watkins 4,154 7

2 Hogan & Hartson 3,500 1
3 Weil Gotshal & Manges 2,819 6
4 Freshfields Bruckhaus Deringer 2,797 8
5 Lovells 2,313 6
6 Homburger 1,618 3
7 Cleary Gottlieb Steen & Hamilton 1,547 5
8 Travers Smith 1,506 3
9 De Pardieu Brocas Maffei 1,343 2
10 Gide Loyrette Nouel 1,299 1

Note: The tables are based on law firms advising the seller/target on exits announced between 01/01/2009 and 31/12/2009, where the target is European, including lapsed and withdrawn deals.

20 European Private Equity in Review

Appendix
Source data
Buyouts and exit trends SBOs
Buyouts Buyouts Exits Exits
Volume of Value of deals Volume of Value of deals Volume of Value of deals
deals (€m) deals (€m) deals (€m)
Q1 2005 252 37,881 121 19,952 Q1 2005 44 7,371
Q2 2005 312 44,601 173 23,343 Q2 2005 77 12,570
Q3 2005 319 39,452 169 29,853 Q3 2005 78 11,334
Q4 2005 275 50,835 162 30,319 Q4 2005 64 17,705
Q1 2006 307 42,777 161 19,221 Q1 2006 71 9,374

Q2 2006 368 70,739 172 21,531 Q2 2006 81 14,820

Q3 2006 333 56,575 159 31,337 Q3 2006 70 19,797

Q4 2006 356 84,358 176 43,501 Q4 2006 67 26,558

Q1 2007 347 42,232 187 41,334 Q1 2007 72 22,214

Q2 2007 379 90,375 230 34,411 Q2 2007 83 21,476

Q3 2007 323 37,890 164 26,443 Q3 2007 65 14,878

Q4 2007 340 47,620 166 22,029 Q4 2007 73 12,666

Q1 2008 299 22,095 130 14,168 Q1 2008 54 4,127

Q2 2008 349 32,694 163 19,166 Q2 2008 72 8,030

Q3 2008 275 19 ,831 122 20,340 Q3 2008 51 7,815

Q4 2008 188 6,157 86 5,889 Q4 2008 26 1,399

Q1 2009 134 3,503 55 1,407 Q1 2009 15 521

Q2 2009 147 5,175 69 3,005 Q2 2009 20 910

Q3 2009 164 6,644 66 4,944 Q3 2009 25 988

Q4 2009 168 13,598 93 14,682 Q4 2009 26 4,318

TOTAL 5,635 755,032 2,824 426,875 TOTAL 1,134 218,871

Deal size split

Buyouts Exits

Volume 2005 2006 2007 2008 2009 Volume 2005 2006 2007 2008 2009
Not disclosed 476 610 640 554 341 Not disclosed 197 232 263 207 142
< €15m 137 134 137 114 89 < €15m 64 49 60 49 37
€15m - €100m 302 330 328 289 126 €15m - €100m 168 182 216 133 60
€101m - €250m 112 128 107 79 36 €101m - €250m 96 96 87 52 24
€251m - €500m 62 66 65 43 10 €251m - €500m 52 50 46 28 12
> €500m 69 96 112 32 11 > €500m 48 59 75 32 8

TOTAL 1,158 1,364 1,389 1,111 613 TOTAL 625 668 747 501 283

Buyouts Exits

Value 2005 2006 2007 2008 2009 Value 2005 2006 2007 2008 2009
< €15m 1,206 1,218 1,264 1,049 816 < €15m 611 474 545 483 362
€15m - €100m 12,601 14,178 14,031 11,884 5,317 €15m - €100m 8,315 8,269 10,066 5,684 2,653
€101m - €250m 18,432 20,717 16,871 12,643 5,869 €101m - €250m 15,310 15,250 13,842 8,135 4,142
€251m - €500m 22,475 24,241 22,720 14,885 3,654 €251m - €500m 18,773 18,584 16,155 9,608 4,094
> €500m 118,055 194,095 163,231 40,316 13,264 > €500m 60,458 73,013 83,609 35,653 12,787
TOTAL 172,769 254,449 218,117 80,777 28,920 TOTAL 103,467 115,590 124,217 59,563 24,038

European Private Equity in Review 21

Appendix: source data

Sector split of buyouts 2009 Sector split of exits 2009

Buyouts Exits
Volume of deals Value of deals (€m) Volume of deals Value of deals (€m)
Industrials & Chemicals 133 3,227 Industrials & Chemicals 77 3,148
Consumer 106 3,334 TMT 57 7,525
Business Services 89 1,986 Consumer 41 4,304
TMT 77 6,606 Business Services 36 1,620
Pharma, Medical & Biotech 51 2,164 Pharma, Medical & Biotech 23 2,452

Energy, Mining & Utilities 35 3,810 Leisure 15 334

Financial Services 33 2,676 Financial Services 9 1,255

Construction 32 952 Energy, Mining & Utilities 8 224

Leisure 31 344 Construction 8 782

Transportation 18 3,723 Transportation 5 1,080

Real Estate 6 35 Real Estate 2 1,299

Defence 1 15 Defence 1 15

Agriculture 1 48 Agriculture 1 -

Geography split of buyouts 2009 Geography split of exits 2009

Buyouts Exits
Volume of deals Value of deals (€m) Volume of deals Value of deals (€m)
UK & Ireland 135 6,941 UK & Ireland 67 4,309
Germanic 105 5,984 Germanic 60 10,208
France 84 1,880 France 54 5,712
Benelux 74 2,734 Nordic 38 1,139
Nordic 73 1,584 Benelux 19 1,379

Iberia 52 2,674 Iberia 16 79

Italy 42 3,220 Italy 16 617

CEE 37 3,366 CEE 13 595

SEE 11 419 SEE 8 782

22 European Private Equity in Review

Notes & contacts

The following notes pertain to data contained in this Remark

publication:
• Deals included are buyouts or exits where the deal value is
greater than or equal to €5m.
• Where no deal value has been disclosed, deals are includ-
edif the turnover of the Target is greater than or equal to
€10m, or if the Target employs more than 100 people.
• Deals are included within the analysis, charts and graphs
for each section if the dominant geography of the Target is
in the country or region specified.
• Please refer to individual notes beneath each Activity Table
for the precise criteria by which each table has been run.
• The Sector Trend analysis is based on deals using the
dominant industry of the target.
Remark, the publishing, market research and events division
of The Mergermarket Group, offers a range of services that
give clients the opportunity to enhance their brand profile,
and to develop new business opportunities within their target
audience. Remark achieves this by leveraging off The Merg-
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the financial services and corporate markets. Remark pub-
lishes over 50 thought leadership reports and holds over 70
events across the globe each year which enable its clients to
demonstrate their expertise and underline their credentials in
a given market, sector or product.
Visit www.mergermarket.com/remark/ or
www.mergermarket.com/events/ to find out more.

mergermarket contacts:
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T: +44 (0)20 7059 6100
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T: +44 (0)20 7059 6100
E: simon.elliott@mergermarket.com

European Private Equity in Review 23

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