European Private Equity Outlook 2011

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Outlook for 2011 positive in a changing environment Executive summary (2/3) > Outlook 2011 – situation will improve with changes regarding type of investors, transactions and pricing – Expected increase in PE relevant M&A activity esp. in the Automotive, Capital goods, Business services and Consumer goods sectors – M&A activity from strategic buyers is likely to increase as the corporate agenda shifts from crisis to growth management. Also, we expect more activity from Asian buyers – Given the improvement in overall market conditions, we expect higher transaction security for sellers – As debt capital markets have yet to recover, large deals are likely to remain seldom – Revival of dual track PE exits, as investors aim to increase transaction security and leverage the window of opportunity in the stock market European Private Equity Outlook 2011_Final_010411.PPTX 4
Challenges for the mid and long term perspective expected Executive summary (3/3) > Medium/long-term perspective – challenges in financing and redesign of business models expected – Refinancings become increasingly complex, driven by the restraint of debt providers – As value creation via pure financial engineering becomes more and more exhausted, we expect to see more business model innovation European Private Equity Outlook 2011_Final_010411.PPTX 5
Page 1 and 2: European Private Equity Outlook 201
Page 3: While PE regains momentum after a d
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 and 26: After almost no activity in 2009, t
Page 27 and 28: D. Outlook for 2011 and beyond Situ
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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