While Q3 of 2010 saw a surge in activity and a glut of very large deals, activity was more subdued as the winter and festive season set in. Larger buyouts saw a fall in volume and value, with just three deals valued at over €150m in the UK during the final three months of the year. Overall, 2010 saw a considerable upturn in activity in this segment compared with a dire 2009, but still remains well below the heights seen in the middle years of the decade.

A similar picture emerged at the lower end of the market, with just 12 deals valued at less than €150m, totalling €340m. This was well below the other quarters in 2010, when smaller investments made a significant recovery.

However, despite the dip in activity in the final three months of the year, the picture is broadly positive, with a significant improvement across 2010 as a whole, and industry optimism for the year ahead.