Europe ahead of UK says CMBOR

Figures from the Centre for Management Buy-Out Research show that in 2002 and 2003, the first time in a decade, continental European buyouts, by value, are ahead of the UK by some 60%. However, the UK remains ahead of continental Europe combined in terms of the number of deals it generates.

Only The Netherlands, Norway, Spain and Italy, out of the 14 continental European countries included in the survey, saw an increase in their deal volume in 2003, compared to 2002 figures. Italy saw the strongest growth in value growing from €3.5bn in 2002 to €7.8bn in 2003. The reason for this can be largely attributed to the Seat Pagine Gialle buyout from Telecom Italia, the largest continental European buyout ever.

Value of buyouts/buy-ins (€m) 1992 – 2003, Europe and UK
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
Europe
5316.4
5854.9
7690.4
6239.6
10178.8
18939.3
21080.6
32334.4
36110.2
31591.3
43775
38459.5
UK
5299.6
4451.8
6002.1
9009.3
12597.5
17104.1
23265.3
26747.7
38252.8
31246.1
24540.1
23554.6
Source: CMBOR/ Barclays Private Equity/ Deloitte
Number of buyouts/buy-ins 1992 – 2003, Europe and UK
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
Europe
423
459
457
372
427
517
537
504
495
513
539
526
UK
597
491
564
597
644
706
688
652
608
634
620
665
Source: CMBOR/ Barclays Private Equity/ Deloitte
European buyouts/buy-ins by country – no. of deals
Country Name
2001
2002
2003
Austria
7
17
12
Belgium
25
23
14
Denmark
11
18
12
Finland
23
27
27
France
126
122
122
Germany
90
102
100
Ireland
16
19
13
Italy
16
38
42
Netherlands
55
56
68
Norway
9
12
13
Portugal
1
6
5
Spain
37
38
48
Sweden
47
26
21
Switzerland
50
35
29
Source: CMBOR/ Barclays Private Equity/ Deloitte
European buyouts/buy-ins by country – value of deals (€m)
Country Name
2001
2002
2003
Austria
47.3
175
318.5
Belgium
1744
558.1
1190.8
Denmark
497.6
1382.3
652.9
Finland
1047.3
568
1003.9
France
6405.1
16354.3
7970.5
Germany
7430.7
7872.6
10403.8
Ireland
3209.3
4972.2
820.8
Italy
732.1
3543
7766.1
Netherlands
4574
2003.9
4668
Norway
941.1
152.8
48.9
Portugal
1.6
53.9
56.1
Spain
1250.6
2032.5
938.9
Sweden
2995.2
1174.5
1736.3
Switzerland
715.4
2931.9
884
Source: CMBOR/ Barclays Private Equity/ Deloitte
Largest European deals in 2003
Buyout
Country
Value (€m)
Vendor
Spirit Amber/S & N Retail
UK
3665
Scottish & Newcastle plc
Seat Pagine Gialle
Italy
3126
Telecom Italia
Debenhams
UK
2511
Public-Private
Gala Clubs
UK
1810
Secondary Buy-out
Kabel Deutschland
Germany
1743
Deutsche Telekom
FiatAvio
Italy
1523
Fiat
DB Capital (Midocean Partners)
Germany
1486
Deutsche Bank
MTU Aero Engines GmbH
Germany
1483
Daimler Chrysler
Inmarsat
UK
1345
Inmarsat Ventures
Linpac/Picnal
UK
1256
Private/Cornish family
Materis
France
1113
Secondary Buy-out
BertelsmannSpringer Science
Germany
1066
Bertelsmann AG
Travelodge & Little Chef
UK
1040
Compass Group
SigmaKalon
The Netherlands
1007
TotalFinaElf (France)
Ontex
Belgium
999
Private/family
Viterra Energy Services
Germany
936
EON
Waste Recycling Group
UK
775
Public-Private
Fraikin
France
774
Fiat
FL Selenia
Italy
683
Secondary Buy-out
Casema NV
The Netherlands
638
France Telecom
Source: CMBOR/Barclays Private Equity/Deloitte
Value ranges of European MBOs/MBIs – no. of deals
Deal Range
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
€10m – €25m
48
42
43
63
70
78
62
27
37
38
€25m – €50m
28
35
41
44
64
54
40
38
27
27
€50m – €100m
12
19
30
28
40
49
32
25
27
25
€100m – €250m
11
2
15
19
34
46
32
24
38
37
Over €250m
4
4
7
13
15
29
34
26
34
43
Source: CMBOR/Barclays Private Equity/Deloitte