The volume of deals in the Benelux region – Belgium, the Netherlands and Luxembourg – fell to a seven-year low in the second quarter, and while a turning point may be at hand, some executives doubt any surge will be sustained.

Private equity firms agreed 15 deals worth $45m in the second quarter, the lowest total since the third quarter of 2002, according to data provider Dealogic. The value of deals slumped 90% from the first quarter, when firms agreed nine deals worth $439m. Buyouts accounted for just 1% of all mergers and acquisitions, compared with 4% in the first quarter.