Private equity investors have increasingly favored B2B deals in Western Europe over other industries for the past few years. According to the PitchBook Platform, B2B deal activity increased by 65% from 2009 to 2013, outpacing the 40% gain in overall regional deal activity during the timeframe. B2C deal activity, meanwhile, increased only 17% from 2009 to 2013. Furthermore, as a percentage of overall deal activity, B2C investments declined a bit over those years, from 28% in 2009 to 24% in 2013. B2B deals, on the other hand, increased from 34% to 41%.
Investors have also increasingly favored add-on deals in recent years. In fact, add-on deals increased by 22% from 2012 to 2013. Last year saw 177 of them, the most in the timeframe for a single year and more than double the 84 completed in 2009. PE growth deals (minority investments) haven't been as strong as other deal types. 2013's 218 growth deals represented the smallest amount of activity for the deal type since 2009 (187), and the proportion of growth investments versus other deal types shrank noticeably from 2012 (26%) to 2013 (22%).