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EMEA Private Equity Market Snapshot: Issue 5

Welcome to the fifth issue of S&P Capital IQ’s EMEA Private Equity Market Snapshot, a quarterly publication focusing on the private equity (PE) market in Europe, the Middle East, and Africa (EMEA).

In each and every edition we welcome reader feedback, and naturally, the themes discussed often align to the financial headlines and in particular the effect these have on the PE market. As such, in addition to an overview of the general trends in EMEA PE activity where we note that it appears 2015 is off

to a good start, in this issue we look at three prevalent topics. With the UK General Election fast approaching, there has been much discussion around the generation of economic growth across the country, and it would be remiss not to touch on this topic in the context of the PE market. In this edition, we look at where UK-located PE investment has been deployed on a regional basis over the current parliament and consider whether the industry demonstrates a regional bias towards London, the private equity hub of the UK.

Considering the wider global political discourse, we also examine tax haven utilization in the PE Industry. Specifically, we take a detailed look at the total investment from global PE firms into EMEA-headquartered target companies versus tax haven headquartered firms, noting that most of the tax haven originated private equity activity over the past 10 years flows into Northern and Western Europe.

Finally, despite the overall good start to EMEA PE activity in 2015, one sector aflush with prizes and pitfalls is Oil & Gas. We ask whether fiscal incentives are enough to kick start investment in the North Sea and, using S&P Capital data, we review recent investment activity and consider the potential pipeline and potential areas of interest for PE in Oil & Gas.

Highlights include:

  • UK North-South Divide: Who Is Benefiting From UK Private Equity Investments
  • Fall of Oil & Gas Prices: Potential PE Dealmaking Territory?
  • Private Equity: What’s The Deal With Tax Havens?

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EMEA Private Equity Market Snapshot April 2015 Issue 5

As always, in the appendix of this issue is a data pack which provides a topdown view of the market compared to its position at the same point in time last year. Included in the data pack are charts showing transaction numbers and values among EMEA-based PE and venture capital (VC) targets, transaction values and deal counts undertaken by EMEA-based PE firms and VCs, and sector-level multiples for private equity and the region’s broader merger and acquisition market. At the heart of our analysis is the S&P Capital IQ platform which incorporates a database capturing more than 3.1mn historical transactions, including deal values and transaction multiples, target company fundamental data, sector level financials, and comprehensive private equity manager and fund information.