Figures recently released by Initiative Europe showed that the aggregate value of European private equity deals in 2002 was e62.9bn ($63bn), representing sustained activity in the sector through difficult economic conditions. Against this backdrop, individual country data show that Italy contributed less than 3% by volume and more than 6% by value to the European private equity market in 2002.
The value figure is respectable (thanks mainly to BC Partners’ e1bn ($1bn) acquisition of Galbani and Apax Partners’ e418.5m ($418m) acquisition of the Azimut fund management business), but the volume figure is surprisingly low for a market made up of so many small and medium-sized enterprises still in private hands.
