2022 was the second-most active ever for public-to-private deals in Europe, valued at €37.3 billion spread across 31 deals. Bolt-ons represented 67% of all buyouts last year—the highest percentage to date. Despite headwinds from the macro, European PE deal value and deal count increased to record highs in 2022. The year was defined by smaller but more numerous deals, with megadeals (deals over €1B) hitting a nine-year low as LBOs became more expensive and sponsors favoured smaller bolt-on deals instead.

https://www.pymnts.com/news/investment-tracker/2023/take-private-bolt-on-deals-provide-shelter-from-underperforming-european-markets/