Private Equity Trend Report 2008

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Germany — still the golden opportunity for international investors?

The second half of 2007 and the start of 2008 have seen challenging times for international private equity funds. As a consequence of the credit crunch, global deal activity has slowed down, and many big-ticket deals have had to be withdrawn or postponed. Despite the problems in the financing market, private equity activity in the lower to middle market in Germany managed to maintain its momentum in the second half of 2007, and after a slow start to 2008 we expect this trend to continue during the rest of the year. The key driver continues to be the volume of deals in the sub-€250 million segment, representing mainly buy-outs of owner-managed businesses or exits by existing investors.

In the light of a changing market environment and increasing competition from other investors, PricewaterhouseCoopers (PwC) has conducted a trend survey among 127 top management representatives of international private equity funds with a view to identifying: trends in relation to Germany as a business and investment location, international investment trends and flows of capital, and strategies to create value and achieve high returns.