German Buyouts Adopting a Buy and Build Strategy

Key Characteristics, Value Creation and Success Factors
2007
ISBN: 978-3-8350-0698-0
Verlag: Gabler Verlag

Buch, Englisch, Band 22, 253 Seiten, Paperback, Format (B × H): 148 mm x 210 mm, Gewicht: 356 g

Reihe: Hallesche Schriften zur Betriebswirtschaft

The number of follow-on acquisitions after the buyout of a company by a financial sponsor, so-called "buy and build strategies", has been increasing in Germany during the last years. Given that M&A transactions by strategic investors were not successful in at least half of the cases analyzed in former research studies, the question remains if and how financial sponsors manage to yield the ambitious target return of a minimum of 20% p.a. on the capital invested.

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.

Zielgruppe

Research

Autoren/Hrsg.

Hoffmann, Nils

Weitere Mitwirkende

Schmidt, Prof. Dr. Reinhart

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensorganisation, Corporate Responsibility Mergers & Acquisitions (M&A), Übernahmen & Buy-outs
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen Finanzierung, Investition, Leasing
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Unternehmensfinanzierung

Inhaltsverzeichnis

to buyouts.- Theoretical background for buy-and-build strategies.- Empirical study.- Conclusion and outlook.

Über Autor(innen)

Dr. Nils Hoffmann promovierte bei Prof. Dr. Reinhart Schmidt am Lehrstuhl für Finanzwirtschaft und Bankbetriebslehre der Martin-Luther-Universität Halle-Wittenberg. Er ist Associate Principle bei McKinsey & Company, Inc. in Düsseldorf.