Private Equity In Germany Evaluation Of The Value Generation Potential For German Mid Cap Companies
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Private Equity In Germany
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Author : Torsten Gröne
language : en
Publisher: Ibidem Press
Release Date : 2005
Private Equity In Germany written by Torsten Gröne and has been published by Ibidem Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Finance categories.
This study evaluates the value generation potential of private equity for German mid-cap companies. A discussion of the private equity industry and the analysis of the value generation levers serve as a basis to further explore private equity value generation in the German market. First, the special features of German mid-cap companies are examined with a special focus on their financing needs. Second, the German private equity market is introduced and its differentiating features are revealed. The comparison of the findings assesses the general suitability of private equity as a financing option for German mid-cap companies and suggests that many mid-cap companies are not (yet) suited for private equity investments. Finally, the applicability of the identified value generation levers on the German mid-cap segment is analyzed with the help of a conceptual framework in order to evaluate the value generation potential. The results show that the traditional value generation levers are applicable but have to be adjusted with respect to national differences. Private equity associations have to specifically address the strong social considerations in the German business culture and the traditional unity of management, ownership, and supervision in the mid-cap segment in order to realize high rates of return. Anecdotal and recent empirical evidence indicates the relevance of many theoretical conclusions.
Private Equity In Germany Evaluation Of The Value Generation Potential For German Mid Cap Companies
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Author : Thorsten Gröne
language : de
Publisher:
Release Date : 2005
Private Equity In Germany Evaluation Of The Value Generation Potential For German Mid Cap Companies written by Thorsten Gröne and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Private Equity In Germany
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Author : Thorsten Gröne
language : en
Publisher:
Release Date : 2012
Private Equity In Germany written by Thorsten Gröne and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
The German Private Equity Market An Analysis Of Its Development
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Author : Ayman A.
language : en
Publisher: GRIN Verlag
Release Date : 2020-02-21
The German Private Equity Market An Analysis Of Its Development written by Ayman A. and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-21 with Business & Economics categories.
Seminar paper from the year 2018 in the subject Business economics - Investment and Finance, grade: 1,3, University of applied sciences, Düsseldorf, language: English, abstract: In this work the development of the young Private Equity market in Germany is analysed in order to form the base of comprehensive understanding of the market today. In the last decades, the private equity (PE) market in Germany has witnessed waves of rise and fall. But it surpassed, by the end of 2017, all the records of German PE history. According to Deutsche Beteiligungs (DBAG), the amount of transactions in the mid-sized businesses in the German market dramatically increased and hit €4.4 billion in 2017 which was the highest during the last 15 years. But in contrast, the competition in the German market has been recently high with a steady number of companies which led to high prices and overvalued companies. PE firms target the mid-sized businesses since they are more likely to accept financial investors than bank loans or credit lines. However, this problem can now be countered with the help of PE in the context of alternative corporate financing. It should be noted that PE business has been a concern of German politics and businesses since the 1960s where the financial system was basically based on banks which is not appropriate for the development of PE industry. The government intervention was the base to build a stronger PE industry away from bank-based financial systems. Recently, the stock market segment was a key driver for the dynamic development of PE market. The price falls and the collapse of the overheated and overvalued companies were also clearly felt in the PE segment and generated a great deal over scepticism on the capital markets.
Private Equity Investment A Theoretical Analysis Of Process Parties And Requirements
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Author : Sean Miller
language : de
Publisher: GRIN Verlag
Release Date : 2011-10-04
Private Equity Investment A Theoretical Analysis Of Process Parties And Requirements written by Sean Miller and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-04 with Business & Economics categories.
Studienarbeit aus dem Jahr 2011 im Fachbereich BWL - Investition und Finanzierung, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule (-), Veranstaltung: Investment & Controlling, Sprache: Deutsch, Abstract: The majority of companies are in need of investment capital to pursue their growth strategies. Also, a large number of companies only display a low equity ratio and as a result possess bad credit worthiness. In this regard, Private Equity represents a good alternative solution providing investment capital. It allows companies to make investments to solidify or improve their position among the competitors on the market. In times where banks and credit institutions exercise restraints, the interest of companies in Private Equity even increases. Nevertheless, particularly in Germany the growing importance of Private Equity is accompanied by great controversy. One group argues that often the Private Equity investors in their function as majority shareholders neglect the sustainable development of their portfolio companies in favor of their temporary value increase. On the other hand numerous studies indicate that companies benefit from Private Equity investments. According to these studies, companies, which have entered cooperation with Private Equity investors, comparatively, display stronger revenue growth and productivity and also generate more jobs.1 In this respect, the quality of the partnership between the portfolio company and the Private Equity investment association is a decisive success factor and must not be underestimated. Private Equity deals only generate win-win-situations if both parties are professionally engaged. Lack of preparation can either lead to a one-sided relationship – leaving one party at a disadvantage –, or even to a bad overall business, in which both sides incur losses. This paper takes the perspective of each party and points out which specific aspects they have to consider in order having good chances of benefiting from a Private Equity deal. This leads to the analysis of several critical stages within the investment process: investment stages in general, transaction process, due diligence, business valuation and exit. Prior the meaning, history and significance of Private Equity are described.
Private Equity In Germany
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Author : Cordelia Friesendorf
language : en
Publisher: Springer Nature
Release Date : 2023-07-04
Private Equity In Germany written by Cordelia Friesendorf and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-04 with Business & Economics categories.
Start-ups are emerging, non-conventional enterprises that enter established markets with radically different products, displace incumbents, create new markets, and promote economic growth through innovation. Start-ups are often faced with many challenges that may threaten their survival, which can often be overcome by securing steady financial support. Start-ups are high-risk enterprises that are unattractive to conventional financiers, but absolutely suited to private equity (PE) and venture capital (VC) investors who seek rewards and are therefore willing to accept risk. The success stories of global digital platform start-ups have attracted PE investors in particular. When investing in a digital platform start-up in Germany, what criteria do PE and VC investors look for? How should entrepreneurs prepare for VC funding? What strategies should they use? The authors examine these questions in this book and provide a comprehensive analysis of the German start-up, digital platform, PE, and VC ecosystems. The book exposes entrepreneurs, investors, mergers and acquisitions experts, regulators and policy-makers to the market's workings and pain points so that they can help create a German start-up ecosystem that is as functional as the other organized industries.
Private Equity Investment A Theoretical Analysis Of Process Parties And Requirements
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Author : Sean Miller
language : de
Publisher: GRIN Verlag
Release Date : 2011
Private Equity Investment A Theoretical Analysis Of Process Parties And Requirements written by Sean Miller and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
Studienarbeit aus dem Jahr 2011 im Fachbereich BWL - Investition und Finanzierung, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule (-), Veranstaltung: Investment & Controlling, Sprache: Deutsch, Abstract: The majority of companies are in need of investment capital to pursue their growth strategies. Also, a large number of companies only display a low equity ratio and as a result possess bad credit worthiness. In this regard, Private Equity represents a good alternative solution providing investment capital. It allows companies to make investments to solidify or improve their position among the competitors on the market. In times where banks and credit institutions exercise restraints, the interest of companies in Private Equity even increases. Nevertheless, particularly in Germany the growing importance of Private Equity is accompanied by great controversy. One group argues that often the Private Equity investors in their function as majority shareholders neglect the sustainable development of their portfolio companies in favor of their temporary value increase. On the other hand numerous studies indicate that companies benefit from Private Equity investments. According to these studies, companies, which have entered cooperation with Private Equity investors, comparatively, display stronger revenue growth and productivity and also generate more jobs.1 In this respect, the quality of the partnership between the portfolio company and the Private Equity investment association is a decisive success factor and must not be underestimated. Private Equity deals only generate win-win-situations if both parties are professionally engaged. Lack of preparation can either lead to a one-sided relationship - leaving one party at a disadvantage -, or even to a bad overall business, in which both sides incur losses. This paper takes the perspective of each party and points out which specific aspects they have to cons
Company Specific Characteristics Of Private Equity Targets A Comparison Between Germany And Great Britain
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Author : Maximilian Michl
language : en
Publisher: GRIN Verlag
Release Date : 2023-12-12
Company Specific Characteristics Of Private Equity Targets A Comparison Between Germany And Great Britain written by Maximilian Michl and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-12-12 with Business & Economics categories.
Master's Thesis from the year 2023 in the subject Business economics - Investment and Finance, Technical University of Munich, language: English, abstract: Managing and developing an investment in PE is quite complex, as there is no other alternative asset class where the performance gap between top- and bottom-quartile PE funds is wider than the PE asset class. In addition to examining the actions undertaken by PE companies during the investment period, the right target has to be selected. To date the academic literature regarding the selection of a promising target company on an empirical basis is scarce. In particular it is not clear how PE companies selection criteria differentiate in a country comparison. The present empirical analysis therefore provides an empirical approach to contribute to the research field of PE target selection with a country comparison by identifying PE target characteristics for Germany and Great Britain.
Privates Beteiligungskapital Im Deutschen Mittelstand
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Author : Philipp Espel
language : de
Publisher: Springer-Verlag
Release Date : 2008-09-29
Privates Beteiligungskapital Im Deutschen Mittelstand written by Philipp Espel and has been published by Springer-Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-09-29 with Business & Economics categories.
Philipp Espel beschäftigt sich mit den spezifischen Eigenschaften mittelständischen Nachfrage¬verhaltens nach Finanzierungsinstrumenten. Er geht sowohl theoretisch als auch empirisch der Kernfrage nach, welche Faktoren mittel¬ständische Unternehmer positiv oder negativ bei einer Entscheidung zur Nutzung von privatem Beteiligungskapital beeinflussen und wie die Praxis darauf reagieren kann.
Tokenization Of Private Equity Funds In Germany Direct And Indirect Participation And Feasibility
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Author : Philipp Rothe
language : en
Publisher: GRIN Verlag
Release Date : 2023-05-24
Tokenization Of Private Equity Funds In Germany Direct And Indirect Participation And Feasibility written by Philipp Rothe and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-24 with Business & Economics categories.
Master's Thesis from the year 2023 in the subject Business economics - Investment and Finance, grade: 1,0, International School Of Management, Campus Frankfurt, language: English, abstract: The aim of the master thesis is to examine whether private equity is suitable for tokenization. After analyzing different characteristics of private equity, such as the illiquidity or mechanisms like capital calls, the master thesis concluded that the asset class is suitable. Private equity shares in the form of security tokens can help to reduce illiquidity and cashflows like the capital calls can be automated by the use of smart contracts. For the tokenization, the master thesis recommends to use existing standards, such as the Ethereum blockchain or the ERC-1400 token. Furthermore, different structures for issuing private equity tokens were elaborated. These include a structure for an indirect participation via a special purpose vehicle which issues tokens and simultaneously invests into a fund, but also a direct participation where the fund itself can issue tokens. During the description of possible structures, all relevant laws were included. These include the German Electronic Securities Act (eWpG), German Banking Act (KWG), Security Prospectus Act (WpPG), Capital Investment Act (VermAnlG), Securities Trading Act (WpHG) and the German Investment Code (KAGB). All structures were evaluated from the perspective of private equity funds, institutional investors, private investors or other relevant intermediaries. Also, benefits and challenges for the different structures and participants were discussed. The benefits include an increase in efficiency of several processes, potential cost savings, the possibility for funds to reach more investors or the possibility for investors to diversify their portfolio more. Still, these benefits could only be made use of, if major challenges are mastered by the market participants. These include an insufficient legal framework, different hurdles when implementing a secondary market, or the problem that theoretical approaches might work differently in reality.
