Private Equity (PE) deals accounted for 46 per cent of deals over the quarter, representing a threefold increase in the number of PE deals compared to the first quarter of 2021.
This includes growth capital investments such as Soho Square Capital in Oliver James and Business Growth Fund into Apprentify reflecting the high growth curve currently being experienced across the sector. Not included in the data below, we are also seeing healthy refinancing activity and a lot of lender appetite for the sector. Notwithstanding increased lender scrutiny on ‘sustainable’ earnings, discounting Covid-19 catch up volumes, and understanding the working capital build in businesses that are trading strongly.
We are also seeing strong pipeline activity not only on live deals but also with businesses pro-actively preparing for exit in the next 12 months to take advantage of strong market conditions.