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Central European Private Equity Confidence Survey

December 2008


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In line with the daily coverage in the financial press confidence of private equity professionals in Central Europe has expectedly plummeted compared to Spring of 2008. The private equity market is adjusting to the global changes and lack of liquidity in the banking market by shifting focus to portfolio management and waiting for the market to become a “buyers playground”.

Despite the overall current lack of optimism and cautiousness, private equity still sees Central Europe as one of the regions which will be less hit by a global economic downturn. Many Private Equity professionals in Central Europe see the current environment as a great opportunity and believe that seeds sown in 2009 may reap great rewards. The corollary of this of course is that seeds sown in 2008 may need constant nourishing in order for them to flourish. This is confirmed by the findings of Deloitte's latest Central European Private Equity Confidence Survey.

Key findings

  • Global financial crisis and economic turmoil has cut the confidence in private equity in half compared to April 2008
  • Debt availability expected to contract further in the short term
  • Clear shift of fund focus from new acquisitions to portfolio management
  • Despite expectations on slowing market activity, funds expect to buy more in the coming periods with key competition for mid-sized targets and market leaders
  • Unanimously, entry multiples are expected to curtail
Major investments in the given period 2008
Company PE House Date Value* Stake
*) In millions of EUR
Okna Rabien Sp Z.o.o. Penta Investments Limited Oct n/a 100%
Kofola-Hoop S.A. Enterprise Investors Sep 146.0 43.01%
Veris Polska sp. z o.o Penta Investments Limited Sep n/a n/a
Tella Capital SIA Argus Capital Partners Aug n/a n/a
Promedis Sp Zoo Mid Europa Partners LLP Aug 11.0 n/a
Wema SA Enterprise Investors Aug 46.0 60%
Broker-Service Sp z o.o Penta Investments Limited Aug 14.0 n/a
Axtone S.A. IK Investment Partners Limited Aug n/a n/a
Papcel a.s. EK Mittelstands-finanzierungs AG Aug n/a 34%

About the survey

 

Deloitte's Central European Private Equity Confidence Survey reflects the expectations of private equity professionals focusing on Central Europe. The survey has been conducted twice a year since March 2003 and the results are based on questionnaires sent to professionals in private equity firms covering the following Central European countries: Estonia, Lithuania, Latvia, Poland, Czech Republic, Slovakia, Hungary, Romania, Moldova, Bulgaria, Macedonia, Slovenia, Croatia, Bosnia & Herzegovina, Serbia, Montenegro, and Albania.

Previous reports

June 2008 | January 2008

Major investments in the given period 2008
Company PE House Date Value* Stake
*) In millions of EUR
Okna Rabien Sp Z.o.o. Penta Investments Limited Oct n/a 100%
Kofola-Hoop S.A. Enterprise Investors Sep 146.0 43.01%
Veris Polska sp. z o.o Penta Investments Limited Sep n/a n/a
Tella Capital SIA Argus Capital Partners Aug n/a n/a
Promedis Sp Zoo Mid Europa Partners LLP Aug 11.0 n/a
Wema SA Enterprise Investors Aug 46.0 60%
Broker-Service Sp z o.o Penta Investments Limited Aug 14.0 n/a
Axtone S.A. IK Investment Partners Limited Aug n/a n/a
Papcel a.s. EK Mittelstands-finanzierungs AG Aug n/a 34%

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