Mezzanine finance – new opportunities? May 5, 2009
Posted by nicolatillin in Buyouts, Southern Europe.Tags: Buyouts, mezzanine finance, southern europe unquote"
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Limited availability of debt finance remains the most popular reason for inactivity in the European buyout markets, with banks remaining unable, or unwilling, to finance deals. However, does this just create opportunities for mezz players who saw themselves during the not so long ago ‘good’ times pushed into second place by the banks who were keen to get in on the act?
However, mezz players are facing the same issues as the rest of the private equity players – difficults calls to make on investments made before the current problems reared their ugly heads. Not just difficult calls, but time-consuming ones to boot.
Also there is a lot of talk about situations where the mezz is being completely stripped out of any restructure, but for every rumour you hear like this you’ll hear someone else saying this problem is not representative for the ‘true mezz’ player.
There is an excellent article in the May 2009 issue of Southern Europe unquote” going into more detail about the challenges and opportunities facing the mezz houses – if you would like to read this article in full, let me know and I’ll get you a complimentary copy of the newsletter.
Southern Europe – still bucking the buyout trend? March 31, 2009
Posted by nicolatillin in Buyouts, Private Equity Research & Statistics.Tags: Buyouts, Italy, Private Equity Insight, Southern Europe, statistics, unquote"
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Figures from leading journal unquote” show the 2008 buyout market for Southern Europe, and Italy in particular, was a different story to the rest of the wider European region.
Figures from the unquote” database – Private Equity Insight - showed that deal activity and value increased in 2008.
However, year to date stats for 2009 so far shows that the region is experiencing the same slowdown as affected the rest of Europe in the last half of 08.
Interviewed in the April issue of unquote”, Eugenio Morpurgo, CEO of Italian corporate finance advisory firm Fineurop Soditic said “Activity will be scarce: 2009 looks like a year for re-capitalisations and rescue finance”.
Sample copies of unquote” are easily available – simply fill in a request form.
