Private Equity Investments In Family Businesses

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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 In Family Firms

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Author : Louise Scholes
language : en
Publisher:
Release Date : 2015

Private Equity In Family Firms written by Louise Scholes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.

The European private equity market (management buy-outs and buy-ins) has grown in prominence over recent years with CMBOR figures showing the numbers of deals conducted rising from 1212 in 1998 to 1436 by the end of 2007. One of the most important features of this market has been the growth in buy-outs of family/private firms from 451 in 1998 to 559 in the past ten years with the combined value of these deals rising from €11.2 billion to €18.3 billion during the same period. This report aims to provide a detailed insight into the issues surrounding buy-outs of family firms using the unique data from the CMBOR database of over 26,000 European buy-outs in addition to three other detailed studies of the family buy-out market.The first section of this report is based on data from the CMBOR database and gives a detailed breakdown of aggregate market statistics for family buy-out in Europe. This includes data such as the value and volume of buy-outs, employee data, deal pricing and structuring data, industry sector analysis as well as the exiting of family firms.Section 2 looks at the problems faced by family firms when dealing with succession. In this part of the report issues covered include those surrounding the way that information flows between vendor and acquirer impact the transaction process and the level of planning undertaken by family owners with regard to succession.In the third part the emphasis is on strategic issues surrounding family firm buy-outs. We examine whether there are distinct differences in the strategy of family businesses post buy-out and relate these to the ownership and governance of the firm pre buy-out.The final part analyses the changes in managerial style which can occur after a family firm has undergone a buy-out. We examine whether there is a move away from the more family orientated stewardship form of management to an approach characterized by more formal governance with mechanisms of planning and control.

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 Business

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Author : Götz Müller
language : en
Publisher:
Release Date : 2012

Private Equity Investments In Family Business written by Götz Müller 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.

Buy Outs In Family Businesses

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Author : Oliver Klöckner
language : en
Publisher: Springer
Release Date : 2009-08-10

Buy Outs In Family Businesses written by Oliver Klöckner and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08-10 with Business & Economics categories.

Oliver Klöckner investigates the changes resulting from buy-outs in family businesses. He contrasts the characteristics of family businesses with those of non-family businesses after a buy-out. His theoretical discussion is complemented by an in-depth analysis of 17 bought-out family businesses in Germany.

Private Equity Minority Investments

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Author : Judith Verena Söding
language : en
Publisher: Dike Publishers
Release Date : 2012

Private Equity Minority Investments written by Judith Verena Söding and has been published by Dike Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Capital investments categories.

Triggered by the financial crisis starting in 2007, the private equity industry has entered a new investment cycle characterized by more conservative capital structures. As acquisition prices of target companies have remained comparatively high, the equity tickets to acquire control ceteris paribus have increased. In addition, deal flow of high-quality assets has reduced. In search of new investment opportunities, a number of private equity funds have broadened their focus to include minority investments. At the same time, the new market reality has led some owners of family firms to consider partnering with private equity funds to gain access to capital, as well as professional expertise, experience, and business contacts. Despite potential mutual benefits, minority investments carry considerable potential for conflicts between the business partners. In the absence of privately negotiated legal tools, private equity minority investors who invest in closely-held private family-controlled firms risk ending up with an economically significant investment with no de facto voice and control. In case of under-performance, they have hardly any ability to intervene or exit the investment. This study explores the possibilities and limitations of statutory and privately negotiated legal tools and arrangements that minority investors can use to protect their interests, to reduce the probability of opportunistic behavior by controlling shareholders, and to enhance their influence both at the shareholder and the board of directors level. The focus of this legal analysis is on voice and voice-related mechanisms or rights. Voice is gaining importance as private equity investors increasingly focus on strategic and operational value creation in addition to or instead of leverage effects. Voice helps ensure that the value-enhancing strategies devised at the outset of the investment are implemented as planned.

Private Equity And Family Businesses Making The Partnership Work

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Author : Claudia Zeisberger
language : en
Publisher:
Release Date : 2013

Private Equity And Family Businesses Making The Partnership Work written by Claudia Zeisberger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.

Fast growing Family Businesses have many choices when considering the sources of funding to expand their business. The article discusses a systematic approach to exploring a potential partnership between Growth Equity Investors and Family Owned Businesses. It describes under which circumstances Growth Equity can significantly contribute to the development of the family firm and contemplates the main issues to consider before entering into such a long term partnership. As such it acts as a valuable checklist for entrepreneurs and business owners to make better informed decisions when selecting a Growth equity or Private Equity investor to facilitate future growth.

Private Equity Investment In Family Firms

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Author : Alexandra Dawson
language : en
Publisher:
Release Date : 2006

Private Equity Investment In Family Firms written by Alexandra Dawson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

Family Business And Private Equity

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Author : Ann-Kristin Achleitner
language : en
Publisher:
Release Date : 2019

Family Business And Private Equity 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 2019 with categories.

Privately-held family businesses are usually characterized by concentrated ownership and the involvement of the family in the management as well as the control of the company. Theories of family control offer arguments both for governance benefits as well as costs due to the family involvement. It is therefore not yet fully understood whether buyouts of family firms offer the potential for private equity firms to create value through governance engineering. In addition, conflicts may arise in family firm buyouts due to the shorter investment horizon of private equity firms, compared to the family who is interested in keeping long-term control over the company. Our aim is to investigate these research questions based on an in-depth analysis of the buyout of the German industrial gas company Messer Griesheim by Allianz Capital Partners and Goldman Sachs in 2001. Under private equity ownership, the company was restructured at a critical inflection point and governance benefits were alleviated through closer monitoring of the management, valuable external board members and stronger management incentives. The deal navigated the delicate nature of specific aspects of a private equity-backed family firm and finally led to the family regaining control over a portion of its original businesses after the exit of the private equity firms.