European Private Equity Outlook 2011

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Solid equity stories over pure refinancing – Failed IPOs of Travelport, New Look make dual tracks worth considering Development of equity capital markets – Top PE-backed IPOs in Q1-Q4 2010 TOP 10 PE-backed IPOs 2010 1) Date Okt 5 Company Seller Pandora A/S Axcel 1,336 Jul 9 Vallar N. Rothschild 808 Christian Hansen Holding PAI Partners Kabel Deutschland Holding Providence Equity partners Brenntag AG BC Partners Mail.ru Group Ltd. Elbrus Capitals AZ Electronic Materials SA Carlyle , Vestar Capital Ocado Group J. L. pension fund, others Ströer Out-of-Home Media Cerberus Source: Bloomberg, Roland Berger Volume [EUR m] Apr 18 Amadeus IT Holding BC Partners, Cinven 1,317 Jun 2 Mar 19 Mar 26 Nov 11 Okt 29 Jul 20 Jul 14 674 660 650 648 441 436 358 YTD SHARE PRICE PERFORMANCE 2) [%] Eurostoxx 50 -2.5 1) Excludes IPOs of SPACs and investment vehicles, such as Helikos, Horizon Acquisition Co., or NB Distressed Debt Investment 2) Share price performance since IPO. Eurostoxx 50 performance since January 1, 2010 Pandora 62.5 Amdeus 33.3 Vallar 33.7 Chr. Hansen 32.3 Kabel Deutschland 60.7 Brenntag 39.5 Mail.ru 42.8 AZ Electronic 28.2 Ocado 18.9 Ströer 25.0 European Private Equity Outlook 2011_Final_010411.PPTX 26
D. Outlook for 2011 and beyond Situation improved, but complexities ahead European Private Equity Outlook 2011_Final_010411.PPTX 27
Page 1 and 2: European Private Equity Outlook 201
Page 3 and 4: While PE regains momentum after a d
Page 5 and 6: Challenges for the mid and long ter
Page 7 and 8: PE investments are gaining momentum
Page 9 and 10: M&A volumes remain low, average dea
Page 11 and 12: B. A look at the European real econ
Page 13 and 14: Growth in Europe is sluggish and fa
Page 15 and 16: Public budgets are falling into dis
Page 17 and 18: Uncertainty about how the financial
Page 19 and 20: The capital market environment has
Page 21 and 22: High-yield bond market still no alt
Page 23 and 24: Current leverage levels are around
Page 25: After almost no activity in 2009, t
Page 29 and 30: SHORT-TERM TRENDS 2011 In 2011, we
Page 31 and 32: MEDIUM-TO-LONG-TERM TRENDS 2012+ In
Page 33 and 34: 2 COMEBACK OF STRATEGIC BUYERS Grea
Page 35 and 36: 4 FOCUS ON MID-SIZE DEALS Focus on
Page 37 and 38: 6 MORE DUAL TRACKS As the capital m
Page 39 and 40: 8 INCREASE IN BUSINESS MODEL INNOVA

European Private Equity Outlook 2011

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