European Private Equity Outlook 2012 (PDF, 1293 ... - Roland Berger
European Private Equity Outlook 2012 (PDF, 1293 ... - Roland Berger
European Private Equity Outlook 2012 (PDF, 1293 ... - Roland Berger
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Source: <strong>Roland</strong> <strong>Berger</strong><br />
<strong>European</strong>_<strong>Private</strong>_<strong>Equity</strong>_<strong>Outlook</strong>_<strong>2012</strong>_final.pptx<br />
19<br />
2 KEY ISSUES FOR PRIVATE EQUITY <strong>2012</strong><br />
Debt financing generally expected to become more difficult in<br />
<strong>2012</strong> – Less difficulties for working capital and CAPEX lines<br />
Availability of external financing in <strong>2012</strong> [%]<br />
"Compared to 2011, what external financing will be more difficult to raise<br />
in <strong>2012</strong>?"<br />
1<br />
2<br />
Recapitalization (i.e. debt substituting<br />
equity, dividend to sponsor)<br />
Leveraged buyouts (i.e. new<br />
transactions)<br />
Easier<br />
to raise<br />
No<br />
change<br />
More difficult<br />
to raise<br />
COMMENTS<br />
> Banks are still reluctant to agree<br />
on recapitalizations and to finance<br />
leveraged buyouts<br />
> Asset-based growth financing<br />
(CAPEX, working capital) is not<br />
seen as much under pressure<br />
3<br />
Refinancing (i.e. improvement of terms)<br />
4<br />
Growth financing (i.e. working capital,<br />
lines for add-on acquisitions or CAPEX)
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