Download or read book Success Factors of Leveraged Buyouts written by Fabian Erny and published by GRIN Verlag. This book was released on 2012 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Value Creation in Leveraged Buyouts written by Nicolaus Loos and published by Deutscher Universitätsverlag. This book was released on 2006-08-25 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Value Creation in Leveraged Buyouts written by Nicolaus Loos and published by Springer Science & Business Media. This book was released on 2007-11-05 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book German Buyouts Adopting a Buy and Build Strategy written by Nils Hoffmann and published by Springer Science & Business Media. This book was released on 2008-02-29 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: Within the frame of a case study and questionnaire-based research, Nils Hoffmann investigates the key characteristics of buy and build strategies affected by private equity investors in Germany between 1998 and 2003. The author analyzes which value drivers and management strategies financial sponsors use to generate the return targeted. Furthermore, the research presented provides evidence concerning key success factors of the most profitable buy and build strategies.
Download or read book The Complete Guide to a Successful Leveraged Buyout written by Allen Michel and published by McGraw-Hill Professional Publishing. This book was released on 1988 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Leveraged Management Buyouts written by Yakov Amihud and published by Beard Books. This book was released on 2002 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Papers presented at a conference held at the Leonard N. Stern School of Business, New York University, on May 20, 1988, and sponsored by the Salomon Brothers Center for the Study of Financial Institutions. The 1989 edition of this proceedings volume was published by Dow-Jones-Irwin. Academics, legis
Download or read book Critical Success Factors for Buy Outs written by Christian Kneer and published by GRIN Verlag. This book was released on 2009-10 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2006 in the subject Business economics - Business Management, Corporate Governance, grade: 1,0, University of Hull, language: English, abstract: It is a desire of many managers to lead a company not on behalf of others, but as an independent manager and owner. A Buy-Out can make this possible. It is usually an exciting, once-in-a-lifetime opportunity for managers to own a significant stake in their business. Thereby they can work as entrepreneurs on own risk and make substantial decisions personally. However it can also be a major distraction, because managers must resolve many important issues regarding the structure of the transaction and the raising of funds, while attending to the normal running of the business. The main objective of this work is to obtain a comprehensive overview of theoretical (literature review) and practical (case study analysis) success factors for Buy-Outs. In the first part different Buy-Out forms are defined and distinguished from each other regarding their special features. Afterwards the recent development of Buy-Out financings in the UK and in Europe is analysed, whereby the main focus is on the German market. The second part is concerned with the structure and substantial elements of a Buy-Out. Here the process and the elements of the financing structure as well as the involved persons and their motives are highlighted. The third and main part summarises the critical success factors for management and financial investor using a "checklist for success". Hereupon the results from the case study analysis of VITALIS Ltd. are presented containing the four key success factors for their Management Buy-Out.
Download or read book Critical Success Factors For Buy Outs written by Christian Kneer and published by GRIN Verlag. This book was released on 2009-08-24 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2006 in the subject Business economics - Business Management, Corporate Governance, grade: 1,0, University of Hull, language: English, abstract: It is a desire of many managers to lead a company not on behalf of others, but as an independent manager and owner. A Buy-Out can make this possible. It is usually an exciting, once-in-a-lifetime opportunity for managers to own a significant stake in their business. Thereby they can work as entrepreneurs on own risk and make substantial decisions personally. However it can also be a major distraction, because managers must resolve many important issues regarding the structure of the transaction and the raising of funds, while attending to the normal running of the business. The main objective of this work is to obtain a comprehensive overview of theoretical (literature review) and practical (case study analysis) success factors for Buy-Outs. In the first part different Buy-Out forms are defined and distinguished from each other regarding their special features. Afterwards the recent development of Buy-Out financings in the UK and in Europe is analysed, whereby the main focus is on the German market. The second part is concerned with the structure and substantial elements of a Buy-Out. Here the process and the elements of the financing structure as well as the involved persons and their motives are highlighted. The third and main part summarises the critical success factors for management and financial investor using a “checklist for success”. Hereupon the results from the case study analysis of VITALIS Ltd. are presented containing the four key success factors for their Management Buy-Out.
Download or read book Predicting Leveraged Buyout Success written by Christian Fleischer and published by GRIN Verlag. This book was released on 2011-09 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2011 in the subject Business economics - Investment and Finance, grade: 1,3, Karlsruhe Institute of Technology (KIT) (FBV), language: English, abstract: Im Rahmen der Arbeit wird die Thematik von Leveraged Buyouts (LBOs) aufgegriffen und untersucht, welche Faktoren Einfluss darauf haben, dass ein LBO erfolgreich durchgeführt wird. Zu Beginn wird eine kurze Einführung in die Thematik der LBOs gegeben bevor bereits existierende Forschungsergebnisse besprochen werden. Daran anschließend wird eine ausführliche empirische Untersuchung durchgeführt (Logit Regression) mit dem Ziel, identifizierte Einflussfaktoren auf die Erfolgswahrscheinlichkeit eines LBO statistisch signifikant nachzuweisen. Dabei werden zu untersuchende Variablen zunächst definiert und Hypothesen logisch hergeleitet, bevor im Anschluss die Ergebnisse der Regressionen präsentiert werden. Abschließend werden die Ergebnisse zusammengefasst und ein Ausblick formuliert.
Download or read book Leveraged Buyouts written by David Pilger and published by . This book was released on 2012 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leveraged buyouts (LBOs) are innovative and sometimes controversial transactions. Loading a target company with the debt used to acquire it requires careful judgement, and getting the balance right between debt-load and future performance can be a demanding challenge. The financial analyst's role therefore sits at the heart of a successful leveraged buyout. It is his or her analysis of a target company and a prospective LBO which lays the foundation for a viable deal - or alerts parties to potential problems. This book assists financial analysts by explaining both the principles involved in leveraged buyouts, as well as detailing the ins and outs of putting together an industry-standard LBO analysis. Written by financial expert David Pilger, in lucid and accessible English it takes readers through: - the purpose, advantages, risks and outcomes of LBOs - the typical players in an LBO deal - step-by-step instructions on building an LBO analysis in Excel: from sources of funds, through income statements, cost structure, interest, EBITDA, cash flow, debt paydown and returns Eminently practical and authoritative, this is an indispensable guide for any finance professional or student looking to master a vital area of modern finance. By understanding the techniques and principles underlying LBO analysis, and by working through the model in this book, readers will acquire a deeper understanding of the LBO investor's perspective - and be able to use these techniques as a practitioner in the financial industry.
Download or read book How to Do a Leveraged Buyout written by J. Terrence Greve and published by . This book was released on 1990 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mergers Acquisitions and Other Restructuring Activities written by Donald M. DePamphilis and published by Academic Press. This book was released on 2003 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work includes updated cases and grounded models which reflect the theoretical underpinnings of the field. Expanded usage of key idea section headings enable the student to understand more easily the key point in each section of each chapter.
Download or read book Success Factors of Private Equity Investments in the Retail Industry written by Louisa Blum and published by GRIN Verlag. This book was released on 2022-12-12 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Post Investment Value Addition to Buyouts written by Degenhard Meier and published by Deutscher Universitätsverlag. This book was released on 2006-02-24 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Degenhard Meier explores the dimensions of post-investment value addition characterizing the interaction between private equity firms and their portfolio companies and derives plausible hypotheses which he tests in an innovative way, i.e. he takes the current discussion on alternative methods to structural equation modeling as a basis and develops this discussion further by shedding light on partial least squares - a variance-based approach to structural equation modeling.
Download or read book Leveraged Buyouts written by Stephen C. Diamond and published by McGraw-Hill Professional Publishing. This book was released on 1985 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Management Guide to Leveraged Buyouts written by Edward K. Crawford and published by . This book was released on 1987-04-23 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: An executive vice president at Wheat, First Securities, author Crawford shows how companies are selling out to management and investors in a transaction financed largely with debt. Here is a brief history and explanation of LBOs, discussing their risks and rewards, and providing the anatomy of a deal for an audience interested in the financial details. Describes and analyzes a number of actual leveraged buyouts.
Download or read book Leveraged Buyouts An Analysis of the Factors Determining Public to Private Transactions with a Focus on Dell written by Lucia Likavcanova and published by . This book was released on 2015 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1980s a new form of a financial transaction, the leveraged buyout (LBO), had emerged and continued to have an increasing trend for a decade. The transaction is funded with higher levels of debt, hence the name leveraged. When LBOs first surfaced, easier access to junk bonds led to an increasing number of companies going private, and resulted in a mega buyout era. Since then LBO transactions experienced another boom period from 2005 until 2008. The global financial crisis, however, negatively affected the private equity market, hence fewer companies engaged in these types of deals. Nevertheless the year 2013 is considered to be another era of buyouts as the market conditions for financing have improved. The aim of this paper is to determine the motives for going private transactions, as public companies are subject to ongoing disclosures, higher costs, etc., thus being private might save the management a lot of time and energy in addition to other advantages. Finally, the thesis will analyze a recent buyout of Dell and the motives behind the deal. *****In the 1980s a new form of a financial transaction, the leveraged buyout (LBO), had emerged and continued to have an increasing trend for a decade. The transaction is funded with higher levels of debt, hence the name leveraged. When LBOs first surfaced, easier access to junk bonds led to an increasing number of companies going private, and resulted in a mega buyout era. Since then LBO transactions experienced another boom period from 2005 until 2008. The global financial crisis, however, negatively affected the private equity market, hence fewer companies engaged in these types of deals. Nevertheless the year 2013 is considered to be another era of buyouts as the market conditions for financing have improved. The aim of this paper is to determine the motives for going private transactions, as public companies are subject to ongoing disclosures, higher costs, etc., thus being private might save the management a lot of time and energy in addition to other advantages. Finally, the thesis will analyze a recent buyout of Dell and the motives behind the deal.
