Private equity dealflow in the Benelux region is starting to show some signs of recovery, but the eurozone’s macroeconomic woes are still casting a shadow over a solid comeback.

Although deal volumes in Belgium, the Netherlands and Luxembourg are far from their pre-crisis levels, figures from data provider Dealogic point to the beginning of an upward trend. Disclosed buyout activity reached $8.8bn in the first quarter of 2013 compared with $268m a year earlier and $813m in the last three months of 2012. It was the highest level since the last three months of 2009 and made up 51% of all Benelux M&A activity, the highest percentage since the boom era in late 2006.