Truffle hogs

Germany's weakened economy remains difficult territory for financial sponsors to negotiate. Incumbents dig deep to come up with the goods. Is the hard work paying off, asks Philip Borel

At this point in the cycle, private equity providers active in Germany may spend much of their time in capital deployment mode, but in recent weeks, exits are very much the fashion.

In mid-May, the country's IPO market, having shut in November 2002, finally reopened, and although no one is willing to predict how long this will last, a number of private equity houses are determined not to miss the opportunity that it affords.