The European mergers and acquisitions market is teeming with examples of foreign private equity firms looking outside their home markets to snap up assets on the continent. From Chinese private equity firm Hony Capital’s rumoured interest in United Biscuits to speculation over Chicago buyout firm GTCR’s possible acquisition of credit reference agency Callcredit, the market for inbound private equity into Europe has never been more active.

Foreign private equity investment in European businesses soared following the financial crisis and has remained consistently high for the past four years, with US buyouts of European businesses historically accounting for the lion's share of dealflow. Although investments by private equity firms outside Europe fell to 76 deals in 2009 following the financial crisis, that figure nearly doubled to 136 deals in 2010 and has remained consistently high since, reaching a record 169 deals last year, according to data provider Mergermarket.