Secondary buyouts (SBOs) of Europe-headquartered companies recorded a seven-year high in 2013. According to the PitchBook Platform, the 200 secondary buyouts completed last year just surpassed the 199 recorded in 2007. In fact, secondary buyout activity bounced back strongly from its 2009 low of 56 deals, increasing 225% to 182 deals in 2011 and almost four-fold to the 200 deals completed last year.
Secondary buyouts of B2C companies were pronounced in 2013, jumping 47% from 2012 levels. Part of that was due to an increase in deal activity in the restaurants, hotels & leisure sector, which recorded over twice as many secondary buyouts in 2013 (11) as in 2012 (5). B2B SBOs have also been on the upswing in recent years, almost doubling from 45 deals in 2010 to 82 deals in 2013. Commercial Services deals in particular were popular last year, recording 39 deals overall, a 44% increase over 2012 levels and a 129% increase over 2010 levels.
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