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Business Performance

The BVCA, in association with EY, publishes an annual report on the performance of portfolio companies, a group of large, private equity owned UK businesses that met defined criteria at the time of acquisition. Its publication is one of the steps adopted by the private equity industry following the publication of guidelines by Sir David Walker in 2008 to improve transparency and disclosure, under the oversight of the Private Equity Reporting Group (“PERG”).

The reports address many questions that various stakeholders may have on the impact of private equity ownership on large UK businesses, by presenting facts and benchmarks to provide answers. Each report is designed to be read stand-alone, summarising the accumulated data over previous years of reporting; it also contains comparisons to earlier year’s results and, for some measures, shows time series trends.

Annual report on the performance of portfolio companies, XIV – December 2021

The 14th Annual Report covers 64 portfolio companies (as defined according to criteria set by the PERG) as at the 2020 financial reporting year (2019: 61), as well as a further 107 portfolio companies that have been owned and exited since 2005. The findings are based on aggregated information provided on the portfolio companies by the private equity firms that own them – covering the entire period of private equity ownership. This year, data was received covering 57 portfolio companies, a compliance rate of 89% (2019: 87%). On many measures of performance, the data on the current portfolio is combined with data from portfolio companies exited in 2020 and earlier, which provides over 100 data points, typically measuring performance over several years and a compliance rate of 93%.

With a large number of portfolio companies, a high rate of compliance, and fourteen years of information, this report provides comprehensive and detailed information on the effect of private equity ownership on many measures of performance of an independently determined group of large UK businesses.

Read the report

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