Private Equity F R Familienunternehmen

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Private Equity Minority Investments An Attractive Financing Alternative For Family Firms

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Author : Alexander M. Franke
language : en
Publisher: Diplomica Verlag
Release Date : 2015-08

Private Equity Minority Investments An Attractive Financing Alternative For Family Firms written by Alexander M. Franke and has been published by Diplomica Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08 with Business & Economics categories.

Private equity minority investments have become an increasingly attractive financing alternative for family firms. However, admitting a private equity investor as a minority shareholder seems to contradict with the objective of the owner family to preserve their continuous and unlimited influence on the businesses since they must at least partially cede control over the firm to the private equity investor. Therefore, the purpose of this book is to identify the primary decision drivers for family firm entrepreneurs in seeking private equity financing despite the therein related partial loss of control. By giving special consideration to the potential cooperation mechanisms between the shareholders, this book goes beyond the scope of previous studies. Cooperation is thereby considered as a prerequisite for the success of minority investments because due to its minority position, the private equity investor is not able to implement its value creation strategy against the will of the family firm entrepreneur.

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.

Private Equity Investments In Family Businesses

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Author : Götz Müller
language : en
Publisher: V&R unipress GmbH
Release Date : 2013

Private Equity Investments In Family Businesses written by Götz Müller and has been published by V&R unipress GmbH this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.

English summary: There is only limited academic attention paid to the topic of Private Equity Investments in Family Businesses although the topic is becoming increasingly relevant for both entity types. In order to advance the field, this study focuses on the organizational metamorphosis of Family Businesses as a response to a Private Equity investment. In specific, changes in performance and its potential determinants were researched by means of eight case studies. The results indicate a neutral to beneficial performance development when Private Equity companies acquired a majority stake and a neutral development in case of a minority investment. Analyses further revealed that the positive performance improvement correlated with an organizational context that nurtured higher levels of individual discipline and stretch as well as organizational values that became aligned with market imperatives. German description: Investitionen von Private-Equity-Firmen in Familienunternehmen werden fur beide Parteien zunehmend relevanter. Um diesem Gebiet Rechnung zu tragen, wurde die Veranderung der wirtschaftlichen Leistungsfahigkeit von Familienunternehmen im Zuge einer Private Equity Investition in acht Fallstudien untersucht. Die Resultate zeigen eine neutrale bis positive Veranderung der Leistungsfahigkeit wenn Private-Equity-Hauser eine Mehrheitsbeteiligung in Familienunternehmen erwerben. Bei Minderheitsbeteiligungen konnte keine weitreichende Veranderung festgestellt werden. Weiterhin zeigen die Ergebnisse, dass die untersuchten Mehrheitsbeteiligungen einen Kontext entwickeln, welcher das individuelle Leistungsverhalten des Managements zu einem hoheren Masse fordert. Dies beruht vor allem darauf, dass sich jene Firmen zunehmend Umwelt- und Marktbedingungen offnen und neue Operationsweisen adaptieren.

Private Equity Unchained

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Author : T. Meyer
language : en
Publisher: Springer
Release Date : 2014-09-10

Private Equity Unchained written by T. Meyer and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-10 with Business & Economics categories.

There are significant returns to be made from private equity, infrastructure, real estate and other illiquid investments, but a competitive strategy is essential for investment success and for meeting objectives. This book takes readers through all the considerations of planning and implementing an investment strategy in illiquid investments.

Private Equity In Family Firms

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Author : Ann-Kristin Achleitner
language : en
Publisher:
Release Date : 2008

Private Equity In Family Firms written by Ann-Kristin Achleitner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.

Private equity investments in family firms are so far only barely covered in academic research. In particular, the initiation process leading towards a successful private equity deal has to be better understood. Thereby, not only the formal process steps but also the personal relationships between private equity investors and family firms' owners have to be analyzed. Psychological barriers of family firms towards private equity investors regularly complicate the transaction process and are sometimes even responsible for the failure of negotiations.Therefore, this paper elaborates on psychological barriers that hamper private equity transactions in family firms. The two-staged qualitative study of this paper includes in a first step explorative interviews with experts. Based on these findings, socio-psychological theoretical constructs are identified and refined. In a second step, semi-structured interviews test resulting hypotheses and enhance generated insights. The results show that diverging mentalities, prejudices and selective information gathering by family firms are responsible for the failure of initiated private equity transactions. In addition, findings draw attention to the role of so-called mediaries (e.g. tax advisors or lawyers) who can ease the transaction process. They are familiar with the respective mentalities and doubts. As they are accepted cooperation partners of family firms and private equity investors, they can serve as helpful process catalysts.The document was made available by courtesy of the publisher Fachverlag der Verlagsgruppe Handelsblatt.Note: Downloadable document is in German.

Pipe Investments Of Private Equity Funds The Temptation Of Public Equity Investments To Private Equity Firms

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Author : Bernhard S„rve
language : en
Publisher: Diplomica Verlag
Release Date : 2013

Pipe Investments Of Private Equity Funds The Temptation Of Public Equity Investments To Private Equity Firms written by Bernhard S„rve and has been published by Diplomica Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.

Usually, private equity firms take control of firms which are privately held, and tend to act hidden. But, in recent years, the rising phenomenon of private investments in publicly listed companies, so-called PIPEs, could be observed. At first, this seems to be inconsistent but, it could become a perfect way to generate good returns. This book gives an overview about the PIPE market, and then focuses on the role of private equity funds. How do they invest in publicly listed firms? And what are their motivations? Is the overall performance of PIPE deals superior to those of traditional private deals? PIPE deals have much in common with typical venture capital deals with regard to the young and high-risk nature of target companies, and the minority ownership position. Surprisingly, buyout funds are relatively more engaged in PIPEs than venture funds are. The author analyzes deal sizes, industry sectors, holding periods, IRRs and multiples of public deals, and comparable private deals with a unique data sample on transaction level. Finally, he discusses other possible motives for private equity firms to engage in these deals: improved liquidity, fast process of deal execution, access to certain markets, avoidance of takeover premiums and the thesis of an escape-strategy for surplus investment money.

Private Equity Investments From The Investor S And The Issuing Companies Point Of View

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Author : Anne-Kristin Rademacher
language : en
Publisher: GRIN Verlag
Release Date : 2013-04-29

Private Equity Investments From The Investor S And The Issuing Companies Point Of View written by Anne-Kristin Rademacher and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-29 with Business & Economics categories.

Research Paper (undergraduate) from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,3, University of Applied Sciences Essen, language: English, abstract: The paper on hand aims at analyzing the financial model private equity from participants’ point of view. The introduction has shown the importance for the overall economy. Questions of the paper are: what are the criteria for successful investments for both parties; what are the advantages respectively difficulties from the perspectives of investors and issuers of private equity? In order to systematically approach the questions the author first provides the fundamentals of the concept. In a second step benefits and risks for the participants in private equity investments will be described. A simultaneous assessment of these will result in an overview reflecting potential profits and losses. The analysis focusses on theoretical descriptions; practical applications will not be considered. Information and data gathering is based on secondary literature.

Managing Diversified Portfolios

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Author : Daniel O. Klier
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-05-28

Managing Diversified Portfolios written by Daniel O. Klier 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 2009-05-28 with Business & Economics categories.

There has been a long tradition of research on the relation between diversification and performance of public corporations in the strategy and finance fields. As for private equity portfolios, research on this matter is rather scarce. From a theoretical as well as from a practical perspective, however, it is interesting to know more about the relation between private equity portfolio diversification and performance, how private equity firms manage their portfolios, and what public companies can learn from private equity firms. These are the research questions which are addressed in Daniel Klier’s research. In order to answer these questions, the author uses a two-tier research design. As a first step, he compares the diversification-performance link of public corporations and private equity firms. With respect to the private equity sample and the ope- tionalization of the relevant variables, the study is highly innovative in terms of generating the PE sample from databases like Preqin and Dealogic, constructing a diversification measure from transaction data, and developing comparable perfo- ance measures for private equity firms as well as traditional multi-business firms. As the second step, which is exploratory in nature, the author explores m- agement models of PE firms. The sample of 20 US and Europe-based private equity firms is unique and of high quality, because the author succeeded in getting in-depth interviews with top decision makers of PE firms. The exploratory study extracts three clusters of management models that PE firms are using, and their relation to performance.

Private Equity F R Familienunternehmen

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Author : Nico Reimers
language : de
Publisher: Springer-Verlag
Release Date : 2013-03-08

Private Equity F R Familienunternehmen written by Nico Reimers and has been published by Springer-Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-08 with Business & Economics categories.

Nico Reimers untersucht, welche besonderen, mit Familienunternehmen in Erscheinung tretenden Aspekte Private Equity-Fonds berücksichtigen müssen, um in diesem intransparenten Markt bestehen und erfolgreich Nachfolgelösungen unterstützen sowie Wachstumsfinanzierungen bereitstellen zu können.

Private Equity Exits

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Author : Stefan Povaly
language : en
Publisher: Springer
Release Date : 2010-10-15

Private Equity Exits written by Stefan Povaly and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10-15 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.