Newspaper article The Journal (Newcastle, England)

Buyout Values Up in First Quarter

Newspaper article The Journal (Newcastle, England)

Buyout Values Up in First Quarter

Article excerpt

TAKEOVERS such as the pounds 950m swoop for retailer Pets at Home pushed the value of UK private equity buyouts to a two-year high in the first quarter of 2010, new figures show.

The total value of private-equity backed deals reached pounds 5bn in the first quarter, helped by the buyout of the Cheshire-based chain as well as medical courier Marken, said the Centre for Management Buyout Research (CMBOR).

The value of business done in the opening months of 2010 already exceeds the pounds 4.7bn seen for the whole of last year and is at its highest since the first quarter of 2008 before the recession began, CMBOR added. Private equity firms benefited from a glut of cheap debt during the boom years - taking over a raft of household names including the AA and Boots - but the onset of the credit crunch in late 2007 put an end to the buyout boom.

Barclays Private Equity director Christiian Marriott said the upturn signalled a "renewed appetite" among private equity firms to spend, helped by better lending conditions and visibility on earnings. …

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