26 November 2012

European Buy & Build activity disappointingly weak in Q3 2012

Headline Findings

The volume of Buy & Build activity in Europe in Q3 2012 was slightly below the level seen in H1 2012, with only 50 add-ons completed in the quarter, representing one of the weakest quarters since the nadir in mid-2009. The average disclosed value of add-ons in the quarter was £42 million which was reasonably healthy compared to the H1 2012 average of £23 million but still significantly lower than the average of £70 million seen in Q3 2011.


Commenting on the findings, Neil MacDougall, Managing Partner of Silverfleet Capital said: “Any hopes we had of seeing an improvement in European Buy & Build activity levels in the second half of 2012 have taken a big knock from this data which once again also reflects the weakness of the European buyout market. Even allowing for the fact that the number of add-ons for the most recent quarter is usually revised upwards as more Buy & Build deals subsequently come to light, this looks like it has been a very weak quarter with lower activity levels in most regions of Europe and none in Spain & Portugal.

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