Germany: KPMG Leveraged Finance Study 2004

Investment activity has risen over the last year consistently and Private Equity transactions now account for nearly 20 per cent of all M&A transactions in Germany, with buyouts being the strongest segment.

In line with an increasing liquidity in the private equity marketplace, four major trends can be seen in the German PE landscape: (1) increasing number of secondary buyouts, (2) record levels of recapitalisations, (3) focus on value creation and performance management as well as (4) rising debt levels, which are a major driver for buyout valuations.

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