Povaly Private Equity Exits

Divestment Process Management for Leveraged Buyouts
1. Auflage 2007
ISBN: 978-3-540-70954-1
Verlag: Springer Berlin Heidelberg
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 416 Seiten

This book offers a comprehensive analysis of private equity divestment processes--so-called exits--for European buyouts. Examining the efficiency of exits, it offers recommendations and guidelines for an integrated and exit-oriented private equity portfolio management. In addition, the book provides a detailed assessment of exit decision drivers. Its findings will contribute to a clearer understanding and better predictability of exit behavior.

Autoren/Hrsg.

Povaly, Stefan

Inhaltsverzeichnis

1;Preface;5
2;Table of contents;7
3;1 Introduction;12
3.1;1.1 Framework and intent of the work;13
3.2;1.2 Research approach;18
3.3;1.3 Structure outline;23
4;2 Background;25
4.1;2.1 Private equity;25
4.2;2.2 Leveraged buyouts;92
4.3;2.3 Divestments of portfolio companies;127
5;3 Theoretical foundation and literature review;137
5.1;3.1 Agency theory as an overall framework for private equity exits;138
5.2;3.2 Underlying theoretical approaches – timing of exits;142
5.3;3.3 Underlying theoretical approaches – choice of exit route;148
5.4;3.4 Existing studies on portfolio company exits;151
5.5;3.5 Tabular summary of existing studies;180
6;4 The exit process: Reducing exposure to a portfolio company;191
6.1;4.1 Exit process overview;192
6.2;4.2 Process initiation and design;196
6.3;4.3 Comparative characteristics of exit options;219
6.4;4.4 Relative importance of exit options;272
6.5;4.5 Evaluation of exit options;277
6.6;4.6 The importance of executive management in the exit process;286
7;5 Empirical analysis: Exit behaviour and efficiency;289
7.1;5.1 Research objectives;289
7.2;5.2 Research methods rationale;290
7.3;5.3 Data description;293
7.4;5.4 Timing of portfolio company exits;305
7.5;5.5 Choice of exit route;316
7.6;5.6 Investor characteristics, exit preferences and process management styles;328
7.7;5.7 ‘Multi-track’ exit processes;348
7.8;5.8 Changes in the private equity environment and exit behaviour;363
7.9;5.9 Exit trends in the context of recent buyout funds performance;371
7.10;5.10 Limitations of analysis;375
7.11;5.11 Summary and discussion;376
8;6 Conclusion;380
9;Appendices;386
9.1;List of exhibits;386
9.2;List of abbreviations;392
9.3;Survey questionnaire;394
9.4;List of interview partners;398
9.5;List of buyout firms participating in survey;399
10;Bibliography;400
11;Abstract;421
12;Biography;422