PE exit value in Germany grew nearly 40% quarter-over-quarter to reach €11 billion (about $12.8 billion), even as IPO activity in the country stalled.
There were 38 PE exits, the combined value of which marked the highest quarter since Q4 2023, according to PitchBook’s Q1 2025 Germany Market Snapshot.
Total exit value as of Q1 is already 42% of 2024’s full-year total.
Deals were almost a half-and-half split between acquisitions and buyouts.
The largest deal was PAI Partners’ €4 billion sale of property management company Apleona to Bain Capital and Mubadala in February.
Cinven also sold insurance provider Viridium Gruppe for €3.8 billion to a consortium comprising Allianz, BlackRock and T&D Holdings.
No company listed in Germany in the first three months of 2025 after a handful postponed their IPO plans.
Bain and Cinven-backed drugmaker Stada Arzneimittel announced in March it would delay its planned IPO until September due to market uncertainties.
However, market sentiment remains positive, especially for the latter half of the year.
Tire manufacturer Continental, military supplier KNDS and prosthetics-maker Ottobock are all considering floats by the end of the year.
Dutch state-owned electric grid operator Tennet has also had initial talks about listing its German unit.
Rising corporate profits, supportive European Central Bank policies and advancements in AI are expected to support a rebound of IPO activities in Germany despite potential risks of political uncertainties and the increased attractiveness of alternative investments, according to a KPMG report.
Featured image of Frankfurt by Allan Baxter/Getty Images
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