Success Factors Of Private Equity Investments In The Retail Industry
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Success Factors Of Private Equity Investments In The Retail Industry
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Author : Louisa Blum
language : en
Publisher: GRIN Verlag
Release Date : 2022-12-12
Success Factors Of Private Equity Investments In The Retail Industry written by Louisa Blum and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-12 with Business & Economics categories.
Bachelor Thesis from the year 2020 in the subject Economics - Finance, grade: 6.0/6.0, University of St. Gallen, language: English, abstract: This thesis examines the relationship between private equity firm and fund level characteristics and the performance of leveraged buyouts in the retail sector. More specifically, the three dimensions general partner experience, fund size, and the fund’s retail specialization are analyzed. The impact of the three characteristics on the investment performance proxied by money multiples and internal rates of return, as well as by the write-off probability of the buyout, is assessed by analyzing a sample of 10,376 buyouts conducted since 1993, of which 614 deals are transactions in the retail sector. According to Bloomberg News, the year of 2017 was known as the "Retail Apocalypse" with more U.S. retailers filing for bankruptcy than during the year of the financial crisis. By taking a closer look at the reasons for these defaults, one will quickly understand that the culprit might not solely be Amazon Inc. tapping on market share. Before their bankruptcies, numerous retail companies were bought and highly levered by private equity firms who neither were able to implement adequate operational improvements, nor product and sales innovations. The resulting collapses like the one of toy giant Toys"R"Us in September 2017, twelve years after its leveraged buyout by the mega funds of Bain Capital and KKR, lead to numerous store closings and job losses. Hence, there is certainly a need to understand the factors determining the success of private equity investments in the retail industry. This thesis aspires to establish a causal relationship between macroeconomic, firm, and fund level characteristics and buyout performance in the retail sector.
The Critical Success Factors Of Private Equity Firms
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Author : Katharina Fellnhofer
language : en
Publisher: Sudwestdeutscher Verlag Fur Hochschulschriften AG
Release Date : 2010
The Critical Success Factors Of Private Equity Firms written by Katharina Fellnhofer and has been published by Sudwestdeutscher Verlag Fur Hochschulschriften AG this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This book assesses 35 critical country-specific success factors of Private Equity Firms by a regional comparison of the emerging regions of Central and Eastern Europe and the Commonwealth of Independent States. The research tests the assumptions of country-specific success factors in the context of the Private Equity industry in emerging markets based on the different market development, experiences, political and legal environment, different historical and cultural development, different leadership behavior, different entrepreneurial culture and the European Union accession of most of the countries in the Central and Eastern European region. This book documents eight substantial country-specific differences of Private Equity Firms in managing portfolio companies in emerging regions, for instance Private Equity Market's Attractiveness, Portfolio Companies' Cash Flow, Management, Finance Structure, Country Risk, Legal and Political Environment. The conclusion is that the investment region is from the point of view of the market participants of predominantly neglectable importance for the expected Private Equity Firms' success.
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 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 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
Private Equity Investments
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Author : Moufid Maurice Dardas
language : en
Publisher:
Release Date : 2007
Private Equity Investments written by Moufid Maurice Dardas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
The purpose of this project is to provide background information about private e quity investments in addition to addressing the most important issues commonly a ddressed in this topic. The first chapter provides an overall introduction to th e private equity industry as well as discussing the market structure, the benefi ts, and key success factors needed in the investment process. The second chapter tackles the issues with governance. The most important of whi ch is the role of limited partnerships in the private equity market. After descr ibing key highlights of the private equity mechanics, the chapter discusses the relationship between a partnership and its portfolio companies, as well as the r elationship between the limited partners and the general partners. The third chapter introduces a very important concept in the private equity inve stments, which entails the minority, liquidity, and marketability discounts. The chapter sets the factors affecting the magnitude of a given control premium and factors affecting the discount for the lack of marketability. The chapter concl udes by discussing the approaches for valuing minority interests, in addition to the market evidence of discounts. In connection with the previous chapters, the fourth chapter presents the invest ment process applied in a typical private equity investment. Next, different val uation methodologies will be discussed, in addition to the cases where every met hodology is most recommended. The chapter is supported by addressing the future of the private equity investments. The fifth chapter concludes the project.
A Study Of Criteria And Success Factors In The Private Equity And Venture Capital Investment Process And A Comparison To The South African Pe Vc Market
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Author : Lekale Given Maelane
language : en
Publisher:
Release Date : 2010
A Study Of Criteria And Success Factors In The Private Equity And Venture Capital Investment Process And A Comparison To The South African Pe Vc Market written by Lekale Given Maelane and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Private Equity Critical Analysis From The Points Of View Of Investors And Target Companies
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Author : Henning Wenzel
language : en
Publisher: GRIN Verlag
Release Date : 2016-02-19
Private Equity Critical Analysis From The Points Of View Of Investors And Target Companies written by Henning Wenzel and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-19 with Business & Economics categories.
Seminar paper from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,7, University of applied sciences, Cologne, course: International Investment & Controlling, language: English, abstract: Private Equity plays an increasingly important role in the financing of a wide range of businesses. Over the past 20 years, private equity has been on of the fastest growing markets for corporate finance. One of the reasons the private equity industry exist is that, in many cases, companies have needs for capital which, for various reasons, cannot be met from the public markets. Investors that provide capital to private equity funds invest in an asset class that entails relatively high-risk and high illiquidity in what remains a largely unregulated market. Planning how to exit an investment is just as important as preparing to make one because a merger adds value only if synergy, better management, or other changes make the two firms worth more together than apart. The target companies are supported with accountants, lawyers, investment bankers and other specialists. Especially Start-up companies are often characterised by negative cash flows and demand high investments. PE gives the chance to reduce the financial gap between selffinancing and stock exchange listing and can also help to improve the equity ratio. Another advantage of PE for target companies is the increase of equity and an improved balance sheet structure. Regarding to that, the negotiating position is strengthened towards creditors, the credit rating is improved and the financial room for investments increases. The main disadvantage of PE for target companies is the weakened influence of the initial shareholders. Especially different strategically views between those two groups might be difficult to solve. Due to the fact of the high risk, from the investors’ perspective, PE is a very interesting form of investment. Especially under diversification aspects the investment in PE funds make sense, because the investors offer investment opportunities that can not be replicated in the financial market and on top of that have a low correlation with other asset class. The firms standard practice of buying businesses and then, after steering them through a transition of rapid performance improvement and selling them is at the core of private equity’s success.
Success Factors Of Leveraged Buyouts
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Author : Fabian Erny
language : de
Publisher: GRIN Verlag
Release Date : 2012
Success Factors Of Leveraged Buyouts written by Fabian Erny and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
Bachelorarbeit aus dem Jahr 2011 im Fachbereich BWL - Investition und Finanzierung, Note: 2,0, Universität Basel (Wirtschaftswissenschaftliche Fakultät), Veranstaltung: Bachelor Wirtschaftswissenschaften - Finanzmanagement, Sprache: Deutsch, Abstract: Private Equity und Leveraged Buyouts sind der Allgemeinheit wenig bekannt. Wie der Ausdruck "Private" besagt, wird eher im privaten Rahmen gewirtschaftet und vieles bleibt hinter verschlossenen Türen. Trotzdem wird in den Medien über milliardenschwere Geschäfte von Private-Equity- Firmen berichtet. Häufig handelt es sich bei diesen spektakulären Transaktionen um Leveraged Buyouts. Sie legen Wert auf schnell verdientes Geld, Nachhaltigkeit ist hingegen ein Fremdwort. Das sind die Schlagzeilen, mit der die Branche zu kämpfen hat. Steckt jedoch mehr dahinter? In dieser Arbeit wird das Thema "Erfolgsfaktoren in Leveraged Buyouts" analysiert, um darzulegen, welche Elemente für das Gelingen eines LBO grundlegend sind. Das Thema beginnt mit einer Einführung zu Private Equity und LBO. Anschliessend wird diese durch einen Blick auf die aktuelle Situation in der Private-Equity-Branche ergänzt. Darauf folgt die theoretische Analyse der Erfolgsfaktoren, welche unter dem Gesichtspunkt der Phasen in LBO-Transaktionen gegliedert ist. In Gesprächen mit Praxisvertretern werden die theoretisch erarbeiteten Erfolgsfaktoren diskutiert, um abschliessend deren Praxisrelevanz zu überprüfen und diese um neue Erkenntnisse aus den Interviews zu erweitern.
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.
