Scandinavia was the place to do business for European private equity houses last year. The region's 125 buy-outs were worth more than €31.7bn ($40.5bn) and there were an additional 82 exits worth €16.7bn, according to data provider mergermarket.

The market was more vibrant than those of France and Germany and second only to the UK in terms of private equity investment as a percentage of gross domestic product, according to the European Private Equity and Venture Capital Association.