ress release

14 !ulv 2011
p1/2











Q2 2011 unquote Private Equity Barometer

DLAL VALUL5 5UkGL DkIVLN 8 5LCCNDAk 8UCU15
1ota| dea| va|ue of 27.3bn, back to C3 2007 |eve|s
1bn+ buyouts see four-fo|d |ncrease |n dea| va|ues from C1
!
!"#$%&%'(")*+%,-"#.*"#$#(.#/*01/()*%'*02#*34*4566*-'7-10#8*!"%9(0#*:7-%0)*;("1&#0#"*<=->$%.2#/*>)*-'7-10#8?*
%'*(..1@%(0%1'*A%02*B"$#*C(=%0($*!("0'#".*
*
Cvera|| Luropean pr|vate equ|ty
1oLal deal values more Lhan doubled ln C2, wlLh a hlah number of
secondarv buvouLs pushlna Lhls flaure Lo t27.3bn - Lhe hlahesL LoLal seen
slnce Lhe Lhlrd quarLer of 2007.
Cn a vear-Lo-daLe basls, deal values are up bv 39 on 2010 aL t41.1bn.
AcLlvlLv levels are down 6 from C1, wlLh 233 deals compleLlna compared
Lo 269. ?ear-Lo-daLe acLlvlLv levels are down bv 11.
8uyouts
8uvouLs bv value ln C2 [umped Lo t23.7bn, more Lhan double Lhe flaure
recorded ln C1, drlven prlmarllv bv a comeback aL Lhe laraer end of Lhe
markeL, alLhouah volumes were sLaananL aL 106 LransacLlons.
1he t1bn+ value brackeL saw a four-fold lncrease ln deals from Lwo Lo
elahL, wlLh Lhe t2.4bn acqulslLlon of Swedlsh securlLv soluLlons companv
SecurlLas ulrecL Lhe laraesL of Lhese deals.
1here was a surae ln secondarv buvouLs ln C2, accounLlna for rouahlv half
of all buvouL deals bv volume aL 31 deals and exacLlv half of Lhe elahL
t1bn+ deals. 1he SecurlLas acqulslLlon was also Lhe laraesL secondarv
LransacLlon.
1he mld-markeL caLeaorv, coverlna deals worLh beLween t100m-t1bn, also
wlLnessed sharp lncreases, wlLh volumes rlslna 67 Lo 33 and value
[umplna 38 Lo t11.3bn.
ress release
14 !ulv 2011
p2/2
34*4566*-'7-10#8*!"%9(0#*:7-%0)*;("1&#0#"**@1'0%'-#/*
1he smallesL slze ranae, conLalnlna deals worLh less Lhan t100m, saw deal
numbers drop 21 Lo 63, Lhouah deal value dld lncrease sllahLlv Lo t2.8bn.

CommenLlna on Lhe laLesL flaures, !ohn Arnev, Manaalna arLner of Arle CaplLal
arLners sald:

rlvaLe equlLv plavers are keen Lo spend commlLLed caplLal and are focuslna
sLronalv on quallLv and slze alven Lhe uncerLaln ouLlook around Lhe Luro. 1he
surae ln value aL Lhe Lop and mld end of Lhe buvouL markeL also polnLs Lo a reLurn
of confldence ln Lhe debL markeLs, wlLh some recenL leveraae mulLlples
approachlna 2007 levels.

Secondarles are currenLlv drlvlna Lhe markeL buL we expecL Lo see more prlmarv
acLlvlLv Lowards Lhe back end of Lhe vear and lnLo 2012. A noLable feaLure of Lhe
markeL ls Lhe lncreaslna compeLlLlon faced bv prlvaLe equlLv bldders as corporaLes
wlLh sLrona balance sheeLs and surplus cash seek ouL accreLlve sLraLealc
acqulslLlon LaraeLs.

- ends -


Q2K!:9K3R7K!MA:2KN43M2A!O574G7!C2A34C3S!
&73CR!T4RA7!
Llndsav veLch/ChrlsLlan Mahne: +44 (0) 20 3488 3100 2K arleveLchmahne.com!
!

,237G!32!76M32KG!
$K57!/4OM345!U4K3A7KG!
Arle CaplLal arLners ls a new prlvaLe equlLv parLnershlp formed bv wav of a buvouL of a 30 vear old prlvaLe
equlLv buslness from Candover lnvesLmenLs plc ln Aprll 2011. 1he Arle Leam manaae over t2bn of equlLv
lnvesLed ln 12 buslnesses wlLh a comblned enLerprlse value of over t10bn.
!
9AP9237V!
lor more Lhan Lwo decades, Lhe unquoLe" [ournal has been Lhe besL-esLabllshed prlvaLe equlLv news source ln
boLh Lhe uk and lrlsh markeLs. lL conLlnues Lo dellver ln-depLh coveraae from earlv-sLaae and expanslon deals
Lo buvouLs and porLfollo manaaemenL, breakdowns of fundralslna proarammes, exlLs, 2s, lC's and people
moves, as well as ln-depLh analvsls on kev lndusLrv Loplcs. ln addlLlon Lo Lhe uk, unquoLe" also servlces Lhe
lrench and Cerman markeLs as well as Lhe nordlc, 8enelux and SouLhern Luropean realons. lor more
lnformaLlon see www.unquoLe.com

$)%#!/$U+1$%!U$)1,#)(!%+T+1#"!
12 Charles ll SLreeL
London SW1? 4Cu
www.arle.com
1! +44 (0) 20 7979 0000
Q! +44 (0) 20 7979
#! lnfoarle.com
8ealsLered ln Lnaland no. 1317104 aL Lhe address shown
vA1 no. 108 2447 31
AuLhorlsed and reaulaLed bv Lhe llnanclal
Servlces AuLhorlLv
*




























C2 2011
llaures based on prellmlnarv quarLerlv daLa from
Lurope's speclallsL prlvaLe equlLv lnformaLlon provlder.

C2 2011 rellmlnarv uaLa




1

kev flndlnas

Cvera|| Luropean pr|vate equ|ty
Cverall prlvaLe equlLv deal numbers were down bv 6 ln Lhe Lhree monLhs Lo !une, wlLh 233 LransacLlons compleLed aaalnsL
269 ln C1.
1hls decrease reflecLs an onaolna sLaanaLlon, wlLh Lhe LoLal number of lnvesLmenLs compleLed havlna remalned wlLhln a
ranae of [usL 16 over Lhe pasL flve quarLers.
1oLal deal value more Lhan doubled ln C2, wlLh a hlah number of secondarv buvouLs pushlna Lhls flaure up Lo t27.3bn - Lhe
hlahesL LoLal seen slnce Lhe Lhlrd quarLer of 2007.
Cn a vear-Lo-daLe basls, acLlvlLv levels are down ln 2011 compared Lo 2010 whlle value ls subsLanLlallv up, wlLh Lhe former
down 11 Lo 322 deals and Lhe laLLer up 39 Lo t41.1bn.

8uyouts
uesplLe a sllahL slowdown ln Lhe overall volume level, buvouLs acLuallv rose sllahLlv ln Lhe Lhree monLhs Lo !une, lncreaslna
from 103 compleLlons ln C1 Lo 106.
1he LoLal number of buvouLs compleLed across Lurope has remalned ln Lhe low Lrlple dlalLs, flucLuaLlna wlLhln a ranae of [usL
12 deals slnce C2 2010.
ln conLrasL Lo Lhls, Lhe C2 value LoLal of t23.7bn ls more Lhan double Lhe flaure recorded ln C1 and ls Lhe laraesL quarLerlv
flaure recorded slnce Lhe Lhlrd quarLer of 2007.
1hls was drlven prlmarllv bv a comeback ln Lhe upper echelons of Lhe markeL, wlLh Lhe t1bn+ value brackeL seelna a four-
fold lncrease ln deals from Lwo Lo elahL.
1he laraesL deal ln C2 - Lhe SLk 21bn (t2.4bn) secondarv buvouL of Swedlsh securlLv soluLlons companv SecurlLas ulrecL -
ecllpsed on lLs own Lhe t2.3bn recorded ln Lhls seamenL ln C1.
1he mld-markeL caLeaorv, coverlna deals worLh beLween t100m-1bn, also wlLnessed sharp lncreases, wlLh volume rlslna
67 Lo 33 and value [umplna 38 Lo t11.3bn.
1he smallesL slze ranae, conLalnlna deals worLh less Lhan t100m, saw deal numbers drop 21 Lo 63, Lhouah deal value dld
lncrease sllahLlv Lo t2.8bn.
lrance was Lhe sLronaesL performer ln Lerms of realon, wlLh deal numbers almosL doubllna from 14 Lo 27 and deal value
rlslna bv a sLaaaerlna 306 from t1.3bn Lo a shade over t8bn.
1here was a surae ln secondarv buvouLs ln C2, wlLh Lhls vendor Lvpe accounLlna for rouahlv half of all acqulslLlons wlLh 31
deals and exacLlv half of Lhe elahL t1bn+ deals.




C2 2011 rellmlnarv uaLa




2

Growth cap|ta|
Lxpanslon deal numbers dropped sllahLlv wlLh deal value lncreaslna maralnallv compared Lo C1, whlle boLh flaures remalned
wlLhln a relaLlvelv narrow ranae LhaL has perslsLed for several quarLers.
1here were 101 arowLh caplLal deals compleLed ln C2, down from Lhe 120 wlLnessed ln Lhe flrsL quarLer buL almosL ldenLlcal
Lo Lhe number seen ln Lhe flnal Lhree monLhs of 2010.
1he LoLal value of Lhese deals was approxlmaLelv t1.44bn, up 14 from Lhe t1.26bn recorded ln Lhe prevlous Lhree monLhs
buL, aaaln, verv close Lo Lhe t1.42bn flaure for C4 2010.
1he uk was home Lo Lhe laraesL proporLlon of deals ln C2, wlLh 23 LransacLlons ln LoLal compleLed ln Lhe counLrv, lncludlna
Lwo of Lhe Lop 10.
Spaln was home Lo Lhe quarLer's laraesL deal - Lhe t300m lnvesLmenL lnLo aerospace and defence buslness lnaer - and, wlLh
Lhree LransacLlons, recorded Lhe mosL deals ln Lhe Lop 10.
uesplLe Lhe lncrease, Lhese flaures reflecL an onaolna sLaanaLlon, wlLh Lhe LoLal number of lnvesLmenLs compleLed havlna
remalned wlLhln a ranae of [usL 16 over Lhe pasL flve quarLers.
1oLal deal value more Lhan doubled ln C2, wlLh a hlah number of secondarv buvouLs pushlna Lhls flaure up Lo t27.3bn - Lhe
hlahesL LoLal seen slnce Lhe Lhlrd quarLer of 2007.

Lar|y-stage
ln recenL quarLers Lhe recurrlna Lrend ln Lhe venLure space has been conslsLencv ln deal numbers aL a modesL level coupled
wlLh a rapldlv decllnlna value LoLal.
1hls Lrend conLlnued ln C2, wlLh Lhe volume LoLal of 46 equalllna Lhe flaure seen ln C1 and remalnlna [usL Lwo below and
flve above Lhe numbers recorded ln C3 and C4 2010 respecLlvelv.
ueal value, however, has plummeLed from t238m Lo [usL t181m slnce C1 and ls now 40 lower Lhan Lhe t300m wlLnessed
ln C4 2010.
SwlLzerland was home Lo Lhe laraesL deal ln Lhe second quarLer - Lhe t18.23m lnvesLmenL lnLo novaShunL AC - one of Lwo
Swlss deals LhaL made Lhe Lop 10.
1he wlder Cerman-speaklna realon was bv far Lhe sLronaesL performlna overall, accounLlna for 20 of Lhe 46 deals compleLed
and flve of Lhe Lop 10.

C2 2011 rellmlnarv uaLa




3

Update on C1 2011 f|gures
Io||ow|ng the pub||cat|on of the 8arometer each quarter, both |nformat|on on new dea|s and updates
on ex|st|ng dea|s |nvar|ab|y come to ||ght. 1he fo||ow|ng bu||et po|nts prov|de updated |nformat|on on
C1 2011 dea|s that emerged after the pub||cat|on of the 8arometer |n Apr|| 2011.

1here are now a LoLal of 269 deals recorded for Lhe Lhree monLhs Lo March 2011, 33 more Lhan Lhe 236 LhaL were recorded
aL Lhe Llme of Lhe publlcaLlon of Lhe lasL 8aromeLer ln Aprll.
ln value Lerms Lhe LoLal for Lhe quarLer ls now t13.8bn, t1.6bn more Lhan Lhe t12.2bn flaure publlshed ln Lhe Aprll reporL.
1here are now 103 buvouLs llsLed for C1, 11 more Lhan Lhe flaure publlshed ln Aprll. 1hls ls due Lo 13 new deals comlna Lo
llahL, Lhree belna deleLed and one expanslon deal belna reclasslfled.
1hese chanaes accounLed for Lhe bulk of Lhe value shlfL, wlLh ln parLlcular Lwo upper mld-markeL deals added - Lhe t763m
purchase of hones4u and Lhe t313m buvouL of Caffe nero.
1he expanslon seamenL now llsLs 120 compleLed deals ln C1, 18 more Lhan Lhe Aprll flaure. 1hls ls Lhe resulL of 21 deals
belna added, one belna deleLed and Lwo belna reclasslfled.
1here are now 46 earlv sLaae LransacLlons recorded for C1, four more Lhan prevlouslv LhouahL. 1hls ls Lhe resulL of Lhree
deals belna added and one expanslon deal belna reclasslfled.

C2 2011 rellmlnarv uaLa




4

values cllmb as secondarles make comeback


Cvera|| Luropean pr|vate equ|ty
!"#$%&'()*'!(#$&'"+'(##',$-".&()'
/-01(2&',3$024
!
"!!
#!!
$!!
%!!
&"
#!"!
&#
#!"!
&$
#!"!
&%
#!"!
&"
#!""
&#
#!""
!
"
#
$
%
&
!
"!
#!
$!
%!
'!
(!
!
(
#
$
&
'
5
6
7
)
8
)*+ ,-. )/+ ,.012,3*0456


AaalnsL an economlc backdrop LhaL remalns volaLlle prlvaLe equlLv conLlnues Lo meander ln volume Lerms - deal numbers were
down bv 6 ln Lhe Lhree monLhs Lo !une, wlLh 233 LransacLlons compleLed aaalnsL 269 ln C1. ln LruLh, Lhese flaures reflecL an
onaolna sLaanaLlon, wlLh Lhe LoLal number of lnvesLmenLs compleLed havlna remalned wlLhln a ranae of [usL 16 over Lhe pasL flve
quarLers. A lack of vlable exlLs conLlnues Lo keep mlnds awav from Lhe buslness of puLLlna caplLal Lo work, desplLe Lhe facL LhaL
for manv Lhe clock ls Llcklna on Lhelr lnvesLmenL perlods.

1hls apparenL sLaanaLlon noLwlLhsLandlna, Lhere are slans LhaL buvouL lnvesLors are looklna Lo aeL back Lo Lhe buslness of buvlna.
1oLal deal value more Lhan doubled ln Lhe second quarLer, wlLh a hlah number of secondarv buvouLs pushlna Lhls flaure up Lo
t27.3bn - Lhe hlahesL LoLal seen slnce Lhe Lhlrd quarLer of 2007. WlLh corporaLes remalnlna cauLlous and Lhe publlc markeLs
remalnlna volaLlle, lL seems Lhe prlvaLe equlLv communlLv has Lurned Lo Lhe old hablL of recvcllna Lo provlde much-needed exlLs
and enable cash-rlch buvers Lo aeL deals ouL of Lhe door.

1hls can onlv ever be a Lemporarv Lrend. Whlle Lhe hlah number of secondarles and Lhe relaLlve surae ln deals aL Lhe Lop end of
Lhe value specLrum suaaesLs a reLurn of confldence - and an ablllLv Lo ralse subsLanLlal leveraae - Lhe markeL ls ln dlre need of
new exlL rouLes and of rellable slans of a recoverv ln Lradlna LhaL wlll convlnce small- and medlum-slzed buslness owners Lo
conslder sales. Clearlv Lhe deslre Lo do deals and Lhe Lools Lo LransacL remaln ln place ln Lhe rlahL clrcumsLances, buL lL mav Lake
unLll Lhe end of Lhe vear before Lhls LranslaLes lnLo a Lanalble rlse ln acLlvlLv.

Number

Va|ue
bn
C1 2010 273 11.6
C2 2010 314 14.3
C3 2010 233 24.6
C4 2010 262 23.9
C1 2011 269 13.8
C2 2011 233 27.3

?1u 2010 387 23.8
?1u 2011 322 41.1
5ource: unquoLe"


C2 2011 rellmlnarv uaLa




3

CuarLerlv focus


German buyout market
WlLh Lhe laraesL economv ln Lurope, Lhe envv of Lhe world over Lhe pasL Lwo vears due Lo lLs comparaLlvelv low debL levels and
speedv reLurn Lo arowLh, lL mlahL be expecLed LhaL Cermanv would be leadlna Lhe wav ln lnvesLmenL Lerms ln Lhe currenL
cllmaLe. Powever, ln Lhe same wav Lhe Cerman banklna svsLem was noL as exposed Lo Lhe lssues of securlLlsaLlon, lLs buvouL
markeL has never Laken off Lo Lhe same exLenL as LhaL ln lrance and Lhe uk.

WhaL Cermanv does have, Lhouah, ls a wealLh of sLrona small- and medlum-slzed buslnesses operaLlna wlLhln a sLable economv,
whlch has alven rlse Lo a sLrona domesLlc buvouL markeL focused on Lhe 'MlLLelsLand'. Pere, Lhere are noLlceable slans of a
sLeadv recoverv ln lnvesLmenL Lerms.

1he number of deals ln Lhe wlder Cerman-speaklna realon rose ln Lhe second quarLer from 13 Lo 22, whlle value rose more Lhan
Lhree-fold from a shade over t1bn Lo approxlmaLelv t3.4bn. Cermanv alone accounLed for 20 deals and t3.3bn of Lhese LoLals.
1hls surae ln value occurred desplLe a compleLe absence of anv deals ln Lhe laraesL value seamenL, coverlna deals worLh ln excess
of t1bn. lrance and Lhe nordlc realon saw laraer rlses ln value, buL boLh had Lhelr LoLals boosLed bv Lhe compleLlon of Lwo deals
and Lhree deals respecLlvelv LhaL fell lnLo Lhls brackeL.



!"#$%&'()*'!(#$&'"+',&-%()'.$/"$01'
23455%
!
"
#
$%
$&
'$
%!$!
'%
%!$!
'(
%!$!
'"
%!$!
'$
%!$$
'%
%!$$
!
"
#
$
%
&
!
$!!
%!!
(!!
"!!
)!!
&!!
!
(
#
$
&
'
6
3
.
)
7
*+,-./ 012 +.3453,6





8uvouLs
<t100m
Number Va|ue
(m)
C1 2010 6 243
C2 2010 10 243
C3 2010 6 170
C4 2010 9 290
C1 2011 11 441
C2 2011 13 433
5ource: unquoLe"


C2 2011 rellmlnarv uaLa




6

Cermanv's arowLh was lnsLead drlven bv deals ln Lhe t100m-1bn mld-markeL buvouL ranae, whlch accounLed for seven deals
worLh t2.9bn - some 87 of Lhe LoLal bv value. ln llne wlLh Lhe Lheme ouLllned above ln relaLlon Lo Lhe promlnence of secondarv
buvouLs ln C2, flve of Lhese seven deals lnvolved companles belna acqulred from anoLher lnsLlLuLlonal lnvesLor, lncludlna all of
Lhe Lop four laraesL LransacLlons.


!"#$%&'()*'!(#$&'"+',&-%()'.$/"$01'
2344%536)
!
"
#
$
%
&!
'&
"!&!
'"
"!&!
'(
"!&!
'#
"!&!
'&
"!&&
'"
"!&&
!
"
#
$
%
&
!
)!!
&!!!
&)!!
"!!!
")!!
(!!!
()!!
!
(
#
$
&
'
7
2
6
)
8
*+,-./ 012 +.3453,6




1hese deals were laraelv concenLraLed ln Lhe broader lndusLrlals secLor, wlLh flve of Lhe seven belna companles LhaL are lnvolved
ln Lhe producLlon and manufacLure of aoods and Lhree of Lhese belna core lndusLrlals buslnesses LhaL do noL have a reLall focus.
1hls ls clearlv a sLrona area ln Cermanv, a counLrv wlLh one of Lhe laraesL exporL markeLs ln Lhe world and an envlable repuLaLlon
ln manufacLurlna and producLlon.

uesplLe fears LhaL Lhe markeL would falLer ln 2009/2010 as a resulL of a sLrona Luro and Lherefore comparaLlvelv hlaher prlces,
exporLs have conLlnued Lo be a kev parL of Cermanv's economlc revlval and all evldence seems Lo suaaesL LhaL lLs lndusLrlal and
manufacLurlna secLors are ln rude healLh. 1he value of Lhe Luro has now eased off followlna Lhe drawn ouL dlfflculLles ln Creece
and orLuaal and Lhe Cerman economv as a whole appears Lo be ln flne feLLle, whlch suaaesLs LhaL Lhls secLor wlll conLlnue Lo be
an aLLracLlve hunLlna around for boLh domesLlc and lnLernaLlonal buvouL houses.

ln Lerms of Lhe smaller value deals compleLed ln Lhe second quarLer, lndusLrlals accounLed for a furLher Lhree LransacLlons, whlle
Lhe servlces secLor feaLured sLronalv, accounLlna for four LransacLlons. lour of Lhls remalnlna aroup of 13 deals were buvouLs
sourced from famllv or prlvaLe vendors, maklna a LoLal of flve deals sourced from smaller owner-manaaers. Clven Lhe fall ln Lhls
caLeaorv across Lhe resL of Lurope, Lhls ls perhaps furLher evldence of Lhe comparaLlve sLrenaLh of Cermanv's SML secLor.
8uvouLs
t100-1bn
Number Va|ue
(m)
C1 2010 1 143
C2 2010 3 386.6
C3 2010 3 989.3
C4 2010 7 1321
C1 2011 2 320
C2 2011 7 2866.7
5ource: unquoLe"


C2 2011 rellmlnarv uaLa




7

8uvouLs


!"#$%&'()*'!(#$&'"+',$-".&()'/-01(2&'
,3$024'5(67&*'5$4"$28
!
"!
#!
$%!
$&!
'$
%!$!
'%
%!$!
'(
%!$!
'"
%!$!
'$
%!$$
'%
%!$$
!
"
#
$
%
&
!
)
$!
$)
%!
%)
(!
()
"!
!
(
#
$
&
'
9
:
;
)
<
*+, -./ *0, -/123-4+1567



uesplLe a sllahL slowdown ln Lhe overall volume level, buvouLs acLuallv rose sllahLlv ln Lhe Lhree monLhs Lo !une, lncreaslna from
103 compleLlons ln C1 Lo 106. ln llne wlLh Lhe overall Lrend, however, Lhls represenLs more of a conLlnuaLlon of modesL acLlvlLv
levels raLher Lhan a slanlflcanL movemenL. 1he LoLal number of buvouLs compleLed across Lurope has remalned ln Lhe low Lhree
dlalLs, flucLuaLlna wlLhln a ranae of [usL 12 deals slnce C2 2010.

1he sLorv ln Lerms of value, Lhouah, ls verv dlfferenL. 1he C2 LoLal of t23.7bn ls Lhe laraesL quarLerlv flaure recorded slnce Lhe
Lhlrd quarLer of 2007, when Lhe sub-prlme crlsls was onlv [usL emeralna and lLs evoluLlon lnLo a alobal recesslon was sLlll slx
monLhs hence. 1hls was drlven prlmarllv bv a comeback ln Lhe upper echelons of Lhe markeL, wlLh Lhe laraesL value brackeL,
coverlna deals worLh ln excess of t1bn, seelna a four-fold lncrease ln deals from Lwo Lo elahL.

ln facL, Lhe laraesL deal ln C2 ecllpsed on lLs own Lhe t2.3bn LoLal LhaL was recorded across Lhe Lwo deals ln Lhls seamenL ln Lhe
prevlous quarLer. WorLh SLk 21bn (t2.4bn), Lhls was Lhe acqulslLlon of Swedlsh securlLv soluLlons companv SecurlLas ulrecL bv
8aln CaplLal and Pellman & lrledman. 1he deal was a secondarv buvouL and provlded an exlL for Swedlsh buvouL house LC1
arLners, whlch had acqulred Lhe buslness ln 2007 ln a deal worLh t733m.

1he surae aL Lhe Lop end of Lhe markeL was parL of aeneral shlfL upwards ln Lhe value chaln, wlLh Lhe broadlv deflned mld-markeL
caLeaorv, coverlna deals worLh beLween t100m-1bn, also seelna a sharp lncrease ln boLh volume and value. 1here were a LoLal of
33 deals compleLed ln Lhls seamenL ln Lhe Lhree monLhs Lo !une, 67 more Lhan Lhe LoLal recorded ln C1, whlle value rose bv
38 from t7.2bn Lo t11.3bn. 1he smallesL slze ranae, conLalnlna deals worLh less Lhan t100m, saw a conLrasLlna fall ln
lnvesLmenL acLlvlLv, wlLh deal numbers dropplna 21 Lo 63, Lhouah deal value dld lncrease sllahLlv Lo t2.8bn.



Number Va|ue
(bn)
C1 2010 77 9.6
C2 2010 102 11.7
C3 2010 101 21.9
C4 2010 114 22.2
C1 2011 103 12.2
C2 2011 106 23.7

?1u 2010 179 21.3
?1u 2011 209 37.9
5ource: unquoLe"


C2 2011 rellmlnarv uaLa




8

!"#$%
&'()*+,-%).'"$
/0%10%'"$2
3)4104'*
50)672-%).'"$
864")"9")06'*2
86.$4"0%
!"#$%$&$%'"()*
!"+,#$'-
.'%"/*0-%+($,
1'-2'-($,*
3%#2'#()
4(5%)670-%+($,
8$9,-


ln Lerms of Lhe locaLlon of deals, Lhe uk was knocked from lLs perch ln C2 and was Lhe onlv realon Lo see a fall ln lnvesLmenL
acLlvlLv compared Lo C1, wlLh 20 deals compleLed worLh a llLLle under t4bn, 43 and 14 less Lhan Lhe prevlous quarLer. lrance
was Lhe sLronaesL performer, wlLh deal numbers almosL doubllna from 14 Lo 27 and deal value rlslna bv a sLaaaerlna 306 from
t1.3bn Lo a shade over t8bn. 8oLh Lhe Cerman-speaklna uACP realon and Lhe nordlc realon also saw larae rlses ln value, rlslna bv
236 and 234 respecLlvelv Lo t3.4bn and t3.2bn.

erhaps Lhe real sLorv of Lhe quarLer, however, was Lhe surae ln secondarv buvouLs, whlch accounLed for rouahlv half of all
acqulslLlons wlLh 31 deals and exacLlv half of Lhe elahL t1bn+ deals. Cf perhaps equal surprlse - and ln llne wlLh Lhe aeneral
movemenL up Lhe value chaln over Lhe quarLer - Lhe number of deals comlna from famllv and prlvaLe vendors fell sharplv from
34 deals Lo 36, maklna lL uncommonlv onlv Lhe second laraesL source of deals.

























Vendor 1ype
C1 2011 C2 2011
lamllv/rlvaLe 34 36
Colna rlvaLe 2 3
lnsLlLuLlonal lnvesLor 28 31
CorporaLe ulsposal 16 13
CLher 3 1
Number of Luropean 8uyouts by Vendor 1ype
C1 2011
Number of Luropean 8uyouts by Vendor 1ype
C2 2011
5ource: unquoLe"


C2 2011 rellmlnarv uaLa




9

!"#$%&'()'*"&(+%,-'."/("01'$/'234%'5,-6%
!"
#!"
$!"
%!"
&!"
'!"
(!"
)!"
*!"
+!"
#!!"
,#
$!#!
,$
$!#!
,%
$!#!
,&
$!#!
,#
$!##
,$
$!##
-./#01
-./#!!2341536/#01
6/#!!2
!"#$%&'(&)$*'+%",&-$.'$/0&1.&234%&5",6%
!"
#!"
$!"
%!"
&!"
'!"
(!"
)!"
*!"
+!"
#!!"
,#
$!#!
,$
$!#!
,%
$!#!
,&
$!#!
,#
$!##
,$
$!##
-./#01
-./#!!2341536/#01
6/#!!2


















<100m >=100m and <1bn >=1bn

Number Number Number Cuarter|y 1ota|s
C1 2010 38 73 18 23 1 1 77
C2 2010 68 67 33 32 1 1 102
C3 2010 63 64 30 30 6 6 101
C4 2010 70 61 40 33 4 4 114
C1 2011 80 78 21 20 2 2 103
C2 2011 63 39 33 33 8 8 106



<100m >=100m and <1bn >=1bn

Va|ue (m) Va|ue (m) Va|ue (m)
Cuarter|y 1ota|s Va|ue
(m)
C1 2010 1,702 18 6,833 71 1,070 11 9,604
C2 2010 2,124 18 8,342 73 1,066 9 11,732
C3 2010 2,080 9 7,443 34 12,418 37 21,943
C4 2010 2,343 11 12,747 38 6,866 31 22,137
C1 2011 2,774 23 7,139 38 2,309 19 12,242
C2 2011 2,828 11 11,318 44 11,334 43 23,701



5ource: unquoLe"


C2 2011 rellmlnarv uaLa




10

!"#$%&'()'*"&(+%,-'."/("01'$/'2%34(-
!
"!
#!
$!
%!
&!!
&"!
'&("!&& '"("!&&
5
(
6
"
#
%
)*
+,-.(/0(12345,
64378 9
:3;<9,
=>?@
A,<,B 2C

!"#$%&'(#)*#+',)-(%.#/'0)'12#30#4(56).
!
"!!!
#!!!
$%!!!
$&!!!
%!!!!
%"!!!
%#!!!
'$(%!$$ '%(%!$$
$
%
&
'
(
#
7
!
"
8
)*
+,-.(/0(12345,
64378 9
:3;<9,
=>?@
A,<,B 2C






















Vo|ume Va|ue (m)

C1 2011 C1 2011 C2 2011 C2 2011
8enelux 6 1038.8 4 1270
uACP 13 1002.3 22 3331.3
lrance 14 1328.3 27 8030
nordlc 14 1464 21 3210.4
8esL Cf Lurope 17 2790 12 3831.3
uk 37 4398.6 20 3967.3
1ota|s 103 12242.7 106 25700.5





5ource: unquoLe"


C2 2011 rellmlnarv uaLa




11

1en |argest Luropean pr|vate equ|ty-backed buyouts, C2 2011*

Dea| Name
Va|ue
m
Country Lqu|ty rov|der
SecurlLas ulrecL 2363 Sweden 8aln CaplLal, Pellman & lrledman
SlL 2100 lrance
AxA rlvaLe LqulLv, Calsse de uepoLs du lacemenL de
Cuebec, ClavLon uublller & 8lce
uomeLlc 1343 Sweden LC1 arLners
Cruppo Coln 1300 lLalv 8C arLners
Moncler 1200 lLalv Lurazeo
Croup 8AC 1147
unlLed
klnadom
Carlvle Croup
uelachaux 1080 lrance CvC CaplLal arLners
loncla 1020 lrance 8rldaepolnL CaplLal, Lurazeo
LnvlronmenLal
8esources ManaaemenL
930
unlLed
klnadom
CharLerhouse CaplLal arLners
MeLallum 670 Luxemboura llrsL 8eserve CorporaLlon

* Cnlv lncludes deals wlLh dlsclosed or publlclv esLlmaLed values
5ource: unquoLe"


C2 2011 rellmlnarv uaLa




12

CrowLh caplLal


Volume and Value of European
Growth Capital Investment
!
"!
#!
$%!
$&!
%!!
'$
%!$!
'%
%!$!
'(
%!$!
'"
%!$!
'$
%!$$
'%
%!$$
!
"
#
$
%
&
!
$
%
(
"
)
&
!
'
#
$
&
(
)
*
+
,
-
*+, -./ *0, -/123-4+1567



Lxpanslon deal acLlvlLv ln Lurope ls ofLen seen as a aood aauae of how well Lhe markeL ls dolna underneaLh Lhe headllne deals, lL
ls easv Lo see whv. Cnce aaaln Lhls markeL seamenL recorded Lrends LhaL were broadlv ln llne wlLh Lhe wlder markeL: deal
numbers dropped sllahLlv compared Lo Lhe openlna Lhree monLhs of Lhe vear and deal value lncreaslna sllahLlv, whlle boLh
remalned wlLhln a relaLlvelv narrow ranae LhaL has perslsLed for several quarLers.

1he LoLal number of arowLh caplLal deals compleLed ln Lurope ln C2 was 101, down from Lhe 120 wlLnessed ln Lhe flrsL quarLer
buL almosL ldenLlcal Lo Lhe number seen ln Lhe flnal Lhree monLhs of 2010. 1he LoLal value of Lhese deals was approxlmaLelv
t1.44bn, slanlflcanLlv more Lhan Lhe t1.26bn recorded ln Lhe prevlous perlod buL, aaaln, verv close Lo Lhe t1.42bn flaure for C4
2010. lor Lhe vear Lo daLe Lhe markeL remalns behlnd 2010's earlv pace, wlLh Lhe 221 deals worLh t2.7bn compleLed so far Lhls
vear 23 and 31 less Lhan Lhe flaures aL Lhls sLaae lasL vear.

1he uk was home Lo Lhe laraesL proporLlon of arowLh caplLal deals ln C2, wlLh 23 LransacLlons ln LoLal compleLed ln Lhe counLrv,
lncludlna Lwo of Lhe Lop 10. lrance was almosL as acLlve, represenLlna 22 of Lhe 101 deals and accounLlna for Lwo of Lhe Lop 10.
Spaln was home Lo Lhe laraesL deal - Lhe t300m lnvesLmenL lnLo aerospace and defence buslness lnaer backed bv lnvesLlndusLrlal
and kk8 - and also accounLed for Lhe laraesL number of Lhe Lop 10 LransacLlons wlLh a LoLal of Lhree.


Number Va|ue ( m)
C1 2010 133 1676
C2 2010 160 2266.6
C3 2010 113 2371.3
C4 2010 100 1420.1
C1 2011 120 1264.3
C2 2011 101 1438.3

?1u 2010 293 3942.3
?1u 2011 221 2703
5ource: unquoLe"


C2 2011 rellmlnarv uaLa




13

1en |argest Luropean growth cap|ta| transact|ons, C2 2011*

Dea| Name
Va|ue
m
Country Lqu|ty rov|der
lnaer 300 Spaln lnvesLlndusLrlal, kohlbera kravls 8oberLs
CA88 (ClarlanL AceLvl
8ulldlna 8locks)
140 Cermanv 8rldaepolnL CaplLal
1rlvenLus A8 116 Sweden
Curzon ark CaplLal, Swedlsh lndusLrlal uevelopmenL
lund (lndusLrlfonden)
Mlcroulsh 37 lrance lcos CaplLal
A&8 CarLon 34.1
unlLed
klnadom
AhlsLrm CaplLal
Cpen8ulldlnas 33 lrance 8lue 8un venLures, lndex venLures
evllvo 31.8
unlLed
klnadom
lnvesLcorp
l-1ech A8 30 Spaln ALMl, MlnLaae SclenLlflc
uemmero Croup 21 30 neLherlands ALlLlan CaplLal
Co CuLdoors 29 lrance 3l

* Cnlv lncludes deals wlLh dlsclosed or publlclv esLlmaLed values

5ource: unquoLe"


C2 2011 rellmlnarv uaLa




14

Larlv-sLaae


Volume and Value of European
Early-Stage Investment
!
"!
#!
$!
%!
&!!
'&
"!&!
'"
"!&!
'(
"!&!
'#
"!&!
'&
"!&&
'"
"!&&
!
"
#
$
%
&
!)!
!)&
!)"
!)(
!)#
!)*
!)$
!)+
!
'
#
$
&
(
)
*
+
,
-
,-. /01 ,2. /1345/6-3789



Luropean venLure caplLal has for some Llme now been ln Lhe doldrums, wlLh L lnvesLmenL scarce, exlLs hard Lo come bv
and deal numbers subsequenLlv remalnlna sLubbornlv low. ln recenL quarLers Lhe recurrlna Lrend has been conslsLencv ln
deal numbers aL a modesL level coupled wlLh a rapldlv decllnlna value LoLal, reflecLlna Lhe lack of llquldlLv ln Lhls seamenL
and Lhe dlfflculLv sLarL-up companles are havlna ln aLLracLlna larae svndlcaLe lnvesLmenL.

1he Lhree monLhs Lo !une saw a conLlnuaLlon of Lhls Lrend, wlLh Lhe deal volume LoLal of 46 equalllna Lhe flaure seen ln
Lhe flrsL quarLer of 2011 and remalnlna [usL Lwo below and flve above Lhe numbers recorded ln C3 and C4 2010
respecLlvelv. 1oLal deal value, however, has plummeLed from t238m Lo [usL t181m slnce C1 and ls now 40 lower Lhan
Lhe t300m wlLnessed ln C4 2010. ?ear Lo daLe, Lherefore, Lhe markeL ls some wav off 2010, wlLh Lhe LoLal of 92 deals
worLh t439m 20 and 17 respecLlvelv lower Lhan Lhe alreadv modesL numbers recorded aL Lhls sLaae lasL vear.

PealLhcare and pharmaceuLlcals sLronahold SwlLzerland was home Lo Lhe laraesL deal ln Lhe second quarLer, one of Lwo
Swlss deals LhaL made Lhe Lop 10 - Lhe t18.23m lnvesLmenL lnLo novaShunL AC bv a svndlcaLe comprlslna
8loMedarLners, Caprlcorn venLure arLners, LnLrepreneurs lund ManaaemenL, neomed lnnovaLlons and vl arLners.
1he wlder Cerman-speaklna realon was bv far Lhe sLronaesL performlna overall, accounLlna for 20 of Lhe 46 deals
compleLed and flve of Lhe Lop 10.

Number Va|ue (m)
C1 2010 63 267.7
C2 2010 32 261.9
C3 2010 41 214.3
C4 2010 48 299.6
C1 2011 46 238.2
C2 2011 46 180.8

?1u 2010 113 329.6
?1u 2011 92 439
5ource: unquoLe"


C2 2011 rellmlnarv uaLa




13

1en |argest Luropean ear|y-stage transact|ons, C2 2011*

Dea| Name
Va|ue
m
Country Lqu|ty rov|der
novaShunL AC 18.3 SwlLzerland
8loMedarLners, Caprlcorn venLure arLners,
LnLrepreneurs lund ManaaemenL, neomed lnnovaLlons,
vl arLners
f-sLar CmbP 13 AusLrla
Aescap venLure, ALlas venLure, Merck Serono, M
PealLhcare venLure ManaaemenL, S8 Cne, 1vM CaplLal
AcLlwave A8 13 Sweden SL8 venLure CaplLal
Saplens SLeerlna 8raln
SLlmulaLlon CmbP
13 Cermanv
Ldmond de 8oLhschlld lnvesLmenL arLners, Llfe
Sclences arLners, WelllnaLon arLners
novaLe Medlcal 8.7 lreland
AC1 venLure CaplLal, CredlL Aarlcole rlvaLe LqulLv,
Seroba 8lovenLures, Seroba kernel Llfe Sclences
Shleld 1herapeuLlcs 8.2 SwlLzerland lnvenLaaes venLure CaplLal CmbP
Supercell 8.1 llnland Accel arLners, London venLure arLners
nonWo1ecc 7 Cermanv n8W 8ank, P1Cl, kfW
Servlce2Medla 7 neLherlands rlme 1echnoloav venLures, rlvaLe lus lund
Advlcenne harma 3.1 lrance
CuC LnLreprlses, lxC rlvaLe LqulLv (formerlv lCSC
CesLlon)

* Cnlv lncludes deals wlLh dlsclosed or publlclv esLlmaLed values

5ource: unquoLe"


C2 2011 rellmlnarv uaLa




16

Notes

1. All daLa publlshed ln Lhe unquoLe" rlvaLe LqulLv 8aromeLer (ln assoclaLlon wlLh Arle CaplLal arLners) ls exLracLed from Lhe
unquoLe" daLabase, Lhe proprleLarv daLa svsLem of Lurope's leadlna prlvaLe equlLv lnformaLlon speclallsL (see below for more
lnformaLlon). AlLhouah everv efforL ls made Lo ensure LhaL Lhe sLaLlsLlcs and daLa conLalned wlLhln are as comprehenslve as
posslble, flaures for Lhe laLesL quarLer should be consldered prellmlnarv and are llkelv Lo lncrease as furLher deals come Lo llahL
over Lhe comlna weeks. llaures for hlsLorlcal quarLers are fullv updaLed ln each new edlLlon of Lhe 8aromeLer Lo reflecL Lhe laLesL
lnLelllaence. A summarv of Lhe kev revlslons can be found ln Lhe hlahllahLs secLlon on paae 4.
2. Wherever posslble, daLa has been fullv valldaLed wlLh dlrecL conLacL wlLh Lhe lnvesLmenL professlonals Lhemselves. ueal
value relaLes Lo Lhe LoLal fundlna ralsed Lo compleLe Lhe LransacLlon, lncludlna anv leveraae. ln some cases, deal values and as a
consequence conLaln, where relevanL, boLh debL and mezzanlne.
3. 1he daLa ls pan-Luropean and based on deals backed bv aL leasL one formallsed venLure caplLallsL or mezzanlne provlder.
uebL-onlv LransacLlons are noL lncluded.
4. Where daLa ls analvsed bv aeoaraphv, Lhe followlna slx realons have been used:
a. 8enelux (8elalum, Luxemboura, neLherlands)
b. uACP (AusLrla, Cermanv, SwlLzerland)
c. lrance (lrance)
d. nordlc (uenmark, llnland, norwav, Sweden)
e. uk (unlLed klnadom)
f. 8esL of Lurope (lreland, lLalv, orLuaal, Spaln)
3. lor furLher lnformaLlon on Lhe conLenL of Lhe unquoLe" rlvaLe LqulLv 8aromeLer, please conLacL
Lmanuel LfLlmlu on +44 (0)20 7004 7464.
6. lurLher daLa ls avallable on unquoLe.com and Lhe unquoLe" daLabase
___________________________________________________________________________________________________
1he unquoLe" daLabase ls Lhe mosL comprehenslve markeL analvsls servlce avallable
Lo Lhe prlvaLe equlLv professlonal. lL has been Lhe markeL leader ln prlvaLe equlLv
lnLelllaence for nearlv 20 vears. CllenLs lnclude leadlna prlvaLe equlLv flrms, lnvesLmenL
banks, corporaLe flnanclers, law flrms, placemenL aaenLs and oLher advlsers.
lor more lnformaLlon or Lo applv for a l8LL 18lAL, please conLacL 1om 8llev, Sales Manaaer: 1el:+44 (0)20 7484 9892