The European “buy and build” sector is widely cited as one of the best ways to achieve growth during a downturn – yet specialists in this type of private equity investment have seen opportunities fall markedly in recent months.

The total value of European buy and build deals - also known as bolt-ons - fell by 82% in the past year, according to data provider Dealogic. The combined value of the deals fell from $3.3bn in the first quarter of last year to just $593m in the first quarter of this year.