Controversial secondary buyouts or "pass-the-parcel" deals, in which private equity companies trade companies with each other, dominated the buyout industry in Europe in the second quarter of 2011, driving buyout values to their highest values in almost four years, according to research from Arle Capital Partners and Unquote.

Buyout deal values doubled in the second quarter to reach €27.3bn, the highest quarterly figure since Q3 2007, according to Arle Capital's private equity barometer, as "available and transparent" secondary buyouts significantly contribute to the resurgence of the private equity sector.