The CMBOR is part of the Imperial College Business School, a centre devoted to the study of private equity and buy-outs.

CMBOR is sponsored by Equistone Partners Europe and Investec Specialist Bank.

The research showed that the number of deals in Scotland in 2019 remained at 10, the same as in 2018. That accounted for 10% of UK deals (186), compared with 3% in 2018.

Deals conducted in Scotland included the sale of air and gas handling products provider Howden by Colfax Corporation to KPS Capital Partners for £1.4 billion.

Similarly, Hillhouse Capital Management completed the £400 million acquisition of whisky producer Loch Lomond Group from Exponent Private Equity.

Andi Tomkinson, partner at Equistone Partners Europe, said: “While the overall value of UK transactions fell again in 2019, this is perhaps unsurprising considering the recent unstable economic outlook, and it is encouraging to see the value of Scottish deals climbing. With the general election over, it will be interesting to reflect on how this impacts investment in 2020 – this may lead to a jump in both value and volume of deals in Scotland and the UK as a whole.”