The mid-market, private equity’s most congested area, has shown the industry’s talent for adaptation in the past year. While the top end of the buyout spectrum shut in the wake of the credit crisis, less aggressively geared mid-market firms weathered the storm and prevented dealflow from drying up.

European mid-market buyout firms, which operate in the €100m ($147m) to €1bn bracket, broke the record for total value of deals last year. Firms completed 816 transactions worth €77.5bn, a 3.4% increase on 2006’s €75bn from 837 deals, according to data provider mergermarket.