Carveouts – up but not booming
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One of the earliest predictions back in March was that PE-led carveout activity would go up. PEGs had dry powder to spend and corporate sellers had liquidity concerns—they were also going to need to concentrate on their core businesses, so it made intuitive sense than ancillary businesses could be shopped around. It was especially tempting to see that happening in hard-hit sectors like retail, leisure or hospitality.