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2007 H1 Irish Private Equity Market Statistics

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Statistics from The Centre for Management Buy-out Research (CMBOR), the pre-eminent provider of analysis on the UK & Irish markets founded by Barclays Private Equity and Deloitte reveal the following highlights for the first half of 2007.

2007 Half Year Highlights

  • 8 buyouts were concluded in the first half of 2007, with an aggregate value of €277 million. This compares with 15 buyouts in the whole of 2006. With eight transactions completed in the first half of 2007, activity levels in the market should be maintained, however to date there have been no transactions completed above the €250m mark compared with a record 4 similar transactions in the previous twelve months.
  • Only two buyouts in excess of €25m were concluded in the first half of 2007, the €175m buyout of Mater Private Healthcare, and the divestment of A-Wear from the Brown Thomas stable for €70m. 2006 saw a total of 6 Buy-out/Buy-in transactions in excess of €25m, the most notable being the buyouts of J&E Davy from Bank of Ireland (€317m),  TV3 from Can West for €265m, and the buyout of BWG for €390m.  
  • The Mater Private Healthcare deal continues a trend in secondary buyouts in recent years, following the earlier secondary buyouts of BWG, Adare Group and Clondalkin.  
  • Four of the transactions in the first half of 2007 were divestments by Irish owned groups (3 in FY2006), with one disposal by a foreign parent (5 in FY06).
  • The Retail and Food and Drink sectors each accounted for 2 deals in 2007.  TMT (Technology Media & Telecommunications) has experienced a complete turnaround going from the most active industry sector with 5 transactions in 2006 to a period of complete inactivity for the first 6 months of 2007.

David O'Flanagan, Head of Corporate Finance at Deloitte, said: "While buyout activity levels are consistent with prior years, deal values are lower in the first half of 2007, coming in aggregate to €277m. This compares to almost €1.3bn in the whole of 2006. No public to private transactions arose in 2006 or 2007, a significant source of buyout transactions in the previous 7 years. Secondary buyouts have begun to emerge as a feature of the Irish marketplace, and this trend can be expected to continue as private equity backers seek exits from earlier transactions”

Barclays Private Equity and Deloitte founded the Centre for Management Buy-out Research (CMBOR) at Nottingham University Business School in 1986. CMBOR is world-renowned as the long-standing leader in providing robust independent analysis of the buy-out and private equity market.

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Contacts

Name:
Claire Quinn
Company:
Deloitte
Job Title:
Phone:
+353 87 682 5766
Email
cquinn@deloitte.ie
Name:
John McGuinness
Company:
Murray Consultants
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Phone:
+353 1 498 0361
Email
jmcguinness@murrayconsult.ie