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Fierce Competition in the French Buyout Market
Speaking at a seminar hosted by SJ Berwin in London, M. Peninon argued that "while prices in the mid-market are more realistic, there is a danger that the increased number of private equity buyers at the top end of the market - fuelled by interest from new French spin-offs and foreign entrants - is pushing prices to optimistic levels.
However, this is being counter-balanced by the number of larger corporate sellers who are under increasing pressure from their own banks to improve their balance sheets."
The seminar for venture capitalists was held in London on Tuesday, and M. Peninon was speaking alongside George Pinkham, head of SJ Berwin's Paris office and Jonathan Blake, the European law firm's head of private equity.
Mr Blake said that the number of people attending the seminar - which was focussed on the private equity market in France - demonstrated the high levels of interest from outside France in the rapidly maturing market.
M. Peninon of Access, which advises funds totalling Euro 500 million from international institutional investors, was optimistic about the prospects for buy out funds in France, pointing out that a number of structural factors should give them in an increased role in French re-structuring. The lack of an IPO market and a reduction in the number of trade buyers were adding to deal flow, he said.
Notes:
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Tuesday 26th November 2002
Competition for large buyouts among an increasing number of players is pushing prices higher in the French private equity market according to Dominique Peninon, Managing Partner of Access Capital Partners, the European fund of funds manager based in Paris.Speaking at a seminar hosted by SJ Berwin in London, M. Peninon argued that "while prices in the mid-market are more realistic, there is a danger that the increased number of private equity buyers at the top end of the market - fuelled by interest from new French spin-offs and foreign entrants - is pushing prices to optimistic levels.
However, this is being counter-balanced by the number of larger corporate sellers who are under increasing pressure from their own banks to improve their balance sheets."
The seminar for venture capitalists was held in London on Tuesday, and M. Peninon was speaking alongside George Pinkham, head of SJ Berwin's Paris office and Jonathan Blake, the European law firm's head of private equity.
Mr Blake said that the number of people attending the seminar - which was focussed on the private equity market in France - demonstrated the high levels of interest from outside France in the rapidly maturing market.
M. Peninon of Access, which advises funds totalling Euro 500 million from international institutional investors, was optimistic about the prospects for buy out funds in France, pointing out that a number of structural factors should give them in an increased role in French re-structuring. The lack of an IPO market and a reduction in the number of trade buyers were adding to deal flow, he said.
Notes:
- SJ Berwin is a full-service international legal practice with more than 470 lawyers across its offices in London, Brussels, Frankfurt, Berlin, Munich, Madrid and Paris.
- With a dedicated European private equity team comprising over 150 full-time corporate private equity lawyers together with support from its other departments, SJ Berwin advises clients on the full-range of private equity business, both in connection with the establishment of private equity funds and their associated incentive schemes, and on MBOs, MBIs, public-to-privates and venture capital investments.
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