The number of private equity acquisitions of European companies in administration has surged since the beginning of the year, in a sign that the buyout industry is exploiting the economic turmoil to secure bargain deals.

Statistics from data provider Mergermarket show the number European buyouts out of administration has risen to 10 since the beginning of the year despite a dearth of credit available to back leveraged deals. For the same period last year this stood at six, although private equity firms were more able to carry out deals in that period. In the last quarter of 2008 this stood at five.