Private Equity And Management Buy Outs
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Private Equity And Management Buy Outs
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Author : Mike Wright
language : en
Publisher: Edward Elgar Pub
Release Date : 2008
Private Equity And Management Buy Outs written by Mike Wright and has been published by Edward Elgar Pub this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
Private Equity and Management Buy-outs provides a balanced view of the often polarized private equity debate. This careful and objective analysis of the presence of private equity in buy-out firms reviews the effects of this ownership transfer in terms of firm performance and survival, thus placing private equity in a broader context of implications for value creation.The analysis provides an overview of international trends in private equity and develops a conceptual framework for understanding the heterogeneity of private equity deals. Systematic evidence from large-scale studies of private equity and buy-outs are used to shed light on short- and longer-term economic and social effects. For the first time the broader scope of the key issues now facing private equity and buy-outs are brought together in the contributions herein. The book includes highlights such as:* empirical evidence on a special organizational form of private equity;* examination of backed buy-outs (perspectives from strategy, finance, HRM and management accounting);* discussion on the level of PE involvement;* challenging further debate on economic and social key issues regarding policy implications and a future research agenda.Academics and researchers - postgraduate and above - in business schools and schools of economics will find this book enlightening. It will also hold great interest for practitioners in the fields of mergers and acquisitions, general, strategic and financial management, and corporate entrepreneurship and corporate governance.
The Future Of Private Equity
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Author : Mark Bishop
language : en
Publisher: Springer
Release Date : 2015-12-11
The Future Of Private Equity written by Mark Bishop and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-11 with Business & Economics categories.
The easy money that flowed through the banking system prior to 2008 fueled a boom in buy-outs. Now it is gone, how will the private equity industry reinvent itself? A series of interviews with some of the most respected and innovative firms, give rare insights to the strategies that will drive this secretive sector over the next economic cycle.
The Routledge Companion To Management Buyouts
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Author : Mike Wright
language : en
Publisher: Routledge
Release Date : 2018-09-03
The Routledge Companion To Management Buyouts written by Mike Wright and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-03 with Business & Economics categories.
Management Buyouts (MBOs) first came to prominence in the US during the early 1980s, and have subsequently become a global phenomenon and a highly significant transaction within the corporate restructuring landscape Although much recent attention has focused on private equity (PE) backed buyouts, these are only a subset of the total MBO market. The Routledge Companion to Management Buyouts takes a much broader definition, reviewing the current state of research and theory and where further developments are likely to occur and incorporating PE and non-PE backed buyouts, as well as variations such as management buy-ins and management-employee buyouts. It goes beyond the purely financial perspective, exploring the many different aspects of management buyouts and incorporating related disciplines including strategy, organizational change, and HRM providing the first truly comprehensive authoritative resource on the topic. Expertly edited, and drawing on international scholarship, this unique volume will be an invaluable sourcebook on MBOs for researchers and advanced students as well as those interested in the broader areas of corporate restructuring and ownership change.
Buy And Build Strategies In Management Buyouts
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Author : Moritz Breuninger
language : en
Publisher: GRIN Verlag
Release Date : 2013-11-29
Buy And Build Strategies In Management Buyouts written by Moritz Breuninger and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-29 with Business & Economics categories.
Master's Thesis from the year 2013 in the subject Business economics - Business Management, Corporate Governance, grade: 7,5, Erasmus University Rotterdam (Strategic Management), language: English, abstract: Recent changes in the market for private equity have led investors to shift their attention away from market beta and towards generating alpha through the exploration of growth opportunities. PE firms increasingly use active ownership to implement these new growth plans. Buy and build strategies have emerged as a feasible and lucrative strategy of active ownership. The add-on acquisitions required when pursuing this strategy and the need to create value through synergistic effects necessitate post-acquisition integration efforts. Despite its relevance, researchers in the field of strategic management and finance have paid little attention to buy and build strategies. Moreover, they have yet to bridge the findings by scholars and practitioners on post-acquisition integration and active ownership. This paper seeks to fill this gap by answering the research question of how PE firms contribute to the integration process and how they handle task and affective conflicts and exercise management control with regard to the cooperation between the PE firm and the management of the portfolio company. Previous work has linked active ownership to capabilities and found that prior business experience is a strong predictor of active ownership, meaning a high level of contribution by the investment firm. This paper complements this work by analyzing active ownership of private equity firms in the context of post-acquisition integration in buy and build strategies and finds a direct link between capabilities and active ownership through four explanatory theory-building case studies. Birkinshaw et al. (2000)’s study on post-acquisition integration is used as a guiding concept in this paper. They distinguish between task integration, which is defined as the identification and realization of operational synergies, and human integration, which is defined as the creation of positive attitudes towards the integration and shared identity among employees. This paper creates a practical Framework for Integration Management on this notion and extends it by additional academic literature and relevant studies of consulting firms. A number of working propositions are derived from the literature and linked to the framework. Each proposition is then tested through within-case analysis and across-case comparison. Based on the evidence, three propositions are revised or extended whereas six propositions are supported. [...]
Mastering Private Equity
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Author : Claudia Zeisberger
language : en
Publisher: John Wiley & Sons
Release Date : 2017-08-07
Mastering Private Equity written by Claudia Zeisberger and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-07 with Business & Economics categories.
The definitive guide to private equity for investors and finance professionals Mastering Private Equity was written with a professional audience in mind and provides a valuable and unique reference for investors, finance professionals, students and business owners looking to engage with private equity firms or invest in private equity funds. From deal sourcing to exit, LBOs to responsible investing, operational value creation to risk management, the book systematically distils the essence of private equity into core concepts and explains in detail the dynamics of venture capital, growth equity and buyout transactions. With a foreword by Henry Kravis, Co-Chairman and Co-CEO of KKR, and special guest comments by senior PE professionals. This book combines insights from leading academics and practitioners and was carefully structured to offer: A clear and concise reference for the industry expert A step-by-step guide for students and casual observers of the industry A theoretical companion to the INSEAD case book Private Equity in Action: Case Studies from Developed and Emerging Markets Features guest comments by senior PE professionals from the firms listed below: Abraaj • Adams Street Partners • Apax Partners • Baring PE Asia • Bridgepoint • The Carlyle Group • Coller Capital • Debevoise & Plimpton LLP • FMO • Foundry Group • Freshfields Bruckhaus Deringer • General Atlantic • ILPA • Intermediate Capital Group • KKR Capstone • LPEQ • Maxeda • Navis Capital • Northleaf Capital • Oaktree Capital • Partners Group • Permira • Terra Firma
Private Equity Exits
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Author : Stefan Povaly
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-03-21
Private Equity Exits written by Stefan Povaly and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-03-21 with Business & Economics categories.
This book offers a comprehensive analysis of private equity divestment processes--so-called exits--for European buyouts. Examining the efficiency of exits, it offers recommendations and guidelines for an integrated and exit-oriented private equity portfolio management. In addition, the book provides a detailed assessment of exit decision drivers. Its findings will contribute to a clearer understanding and better predictability of exit behavior.
Leveraged Buyouts Website
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Author : Paul Pignataro
language : en
Publisher: John Wiley & Sons
Release Date : 2013-12-23
Leveraged Buyouts Website written by Paul Pignataro and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-23 with Business & Economics categories.
A comprehensive look at the world of leveraged buyouts The private equity industry has grown dramatically over the past twenty years. Such investing requires a strong technical know-how in order to turn private investments into successful enterprises. That is why Paul Pignataro has created Leveraged Buyouts + Website: A Practical Guide to Investment Banking and Private Equity. Engaging and informative, this book skillfully shows how to identify a private company, takes you through the analysis behind bringing such an investment to profitability—and further create high returns for the private equity funds. It includes an informative leveraged buyout overview, touching on everything from LBO modeling, accounting, and value creation theory to leveraged buyout concepts and mechanics. Provides an in-depth analysis of how to identify a private company, bring such an investment to profitability, and create high returns for the private equity funds Includes an informative LBO model and case study as well as private company valuation Written by Paul Pignataro, founder and CEO of the New York School of Finance If you're looking for the best way to hone your skills in this field, look no further than this book.
The Oxford Handbook Of Private Equity
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Author : Douglas Cumming
language : en
Publisher: Oxford University Press
Release Date : 2012-03-22
The Oxford Handbook Of Private Equity written by Douglas Cumming and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-22 with Business & Economics categories.
The term private equity typically includes investments in venture capital or growth investment, as well as late stage, mezzanine, turnaround (distressed), and buyout investments. It typically refers to the asset class of equity securities in companies that are not publicly traded on a stock exchange. However, private equity funds do in fact make investments in publicly held companies, and some private equity funds are even publicly listed. Chapters in this book cover both private and public company investments, as well as private and publicly listed private equity funds. This Handbook provides a comprehensive picture of the issues surrounding the structure, governance, and performance of private equity. It comprises contributions from 41 authors based in 14 different countries. The book is organized into seven parts, the first of which covers the topics pertaining to the structure of private equity funds. Part II deals with the performance and governance of leveraged buyouts. Part III analyzes club deals in private equity, otherwise referred to as syndicated investments with multiple investors per investees. Part IV provides analyses of the real effects of private equity. Part V considers the financial effects of private equity. Part VI provides analyzes of listed private equity. Finally, Part VII provides international perspectives on private equity.
Value Creation In Leveraged Buyouts
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Author : Nicolaus Loos
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-11-05
Value Creation In Leveraged Buyouts written by Nicolaus Loos and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-05 with Business & Economics categories.
Based on a dataset of over 3,000 leveraged buyout transactions, including performance data, Nicolaus Loos analyses how financial investors create economic value through their investments. He shows that various exogenous factors with respect to timing, industry, public market as well as deal specific factors can statistically be related to a buyout deal's performance. He also provides evidence of a "GP effect" in leveraged buyouts, i.e. that certain characteristics of a Private Equity firm and its investment professionals as well as a firm's buyout strategy approach and certain buyout target characteristics are important success factors.
Family Firms And Private Equity
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Author : Oliver Ahlers
language : en
Publisher: Springer
Release Date : 2014-07-25
Family Firms And Private Equity written by Oliver Ahlers and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-25 with Business & Economics categories.
Family firms are of particular importance for many economies. We know little about family firm buyouts and how they are different from non-family firm buyouts. Oliver Ahlers investigates this under-researched topic. After a comprehensive literature review on family firm buyouts, the focus of his book is on the key steps of the investment process such as family firm valuation and negotiations between PE investors and family sellers. Additionally, it is investigated how “soft factors” such as trust, reputation or commitment could play an important role when PE and family firms interact. Throughout the book, differences between family and non-family firm buyouts are highlighted.
