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Northeast buy-out values slide
The value of the management buy-out market in the northeast is heading for its lowest year this century if first half figures do not improve.
Data complied by the Centre for Management Buyout Research, which analyses the private equity industry, makes depressing reading for the region’s deal-makers. In the first six months of 2008, £27.5 million was spent on 14 management buy-outs and buy-ins.
This is down on the £206 million recorded on 22 buy-outs and buy-ins during the whole of 2007 and is a massive fall on the £500 million peak in 2005.
“The latest figures show that the private equity market is now feeling the credit crunch much more comprehensively,” said Paul Kaiser, Deloitte head of corporate in Newcastle.
Kaiser adds that he doesn’t believe the slowdown will end this year. “The changes in capital gains tax added impetus to the northeast market in the first quarter, and I believe we may now have had a significant proportion of deal activity for 2008.”
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