Private equity exits: divestment process management for leveraged buyouts
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Berlin [u.a.]
Springer
2007
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis Klappentext |
| Physical Description: | XI, 411 S. graph. Darst. |
| ISBN: | 9783540709534 3540709533 |
Staff View
MARC
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| 100 | 1 | |a Povaly, Stefan |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Private equity exits |b divestment process management for leveraged buyouts |c Stefan Povaly |
| 264 | 1 | |a Berlin [u.a.] |b Springer |c 2007 | |
| 300 | |a XI, 411 S. |b graph. Darst. | ||
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Table
of contents
Introduction
1
1.1
Framework and intent of the work
2
1.2
Research approach
7
1.2.1
Research design framework
7
1.2.2
Research approach and procedure
9
1.3
Structure outline
12
Background
15
2.1
Private Equity
15
2.1.1
Definition
15
2.1.2
Evolution of the private equity market
18
2.1.3
Stages of private equity financing
27
2.1.4
Private equity market structure
30
2.1.5
Market trends
46
2.1.6
Hedge funds and private equity
47
2.1.7
Corporate governance aspects
53
2.1.8
Performance of private equity as an asset class
65
2.2
Leveraged buyouts
82
2.2.1
Definition and reasons
82
2.2.2
The role of the interest rate environment for
leveraged buyouts
84
2.2.3
Leveraged buyout principles and consequences
86
2.2.4
Market overview and history
96
2.2.5
Buyout market trends
108
2.2.6
Performance of the leveraged buyout market
114
2.3
Divestments of portfolio companies
117
2.3.1
Exit phase in the 'Venture Capital Cycle'
117
2.3.2
Potential divestment routes
118
VIII Table of
contents
3
Theoretical foundation and literature review
127
3.1
Agency theory as an overall framework for
private equity exits
128
3.2
Underlying theoretical approaches
-
timing of exits
132
3.2.1
Value-add and monitoring cost concept
132
3.2.2
Asymmetric information and certification
135
3.2.3
Grandstanding
136
3.2.4
Resource dependence
137
3.3
Underlying theoretical approaches
-
choice of exit route
138
3.3.1
Agency theory
138
3.3.2
Asymmetric information
139
3.3.3
Grandstanding
140
3.4
Existing studies on portfolio company exits
141
3.4.1
Framework literature
142
3.4.2
Studies on IPO exits
147
3.4.3
Other forms of exit
151
3.4.4
Exit timing and process
153
3.4.5
Theoretical approaches relevant for exits
160
3.4.6
Other aspects related to private equity research
164
3.5
Tabular summary of existing studies
170
3.5.1
Key studies on the choice of exit routes
170
3.5.2
Key studies on timing of exits
175
3.5.3
Studies on exit process
178
4
The exit process: Reducing exposure
to a portfolio company
181
4.1
Exit process overview
182
4.2
Process initiation and design
186
4.2.1
'Pro-active'portfolio management
187
4.2.2
Process objectives
194
4.2.3
Role of investment banks and advisers
199
4.2.4
Allocation of roles and tasks
-
relationship of parties
involved
206
4.2.5
Single route or 'multi-track' process
208
Table
of
contents
IX
4.3
Comparative
characteristics of exit
options
209
4.3.1
Trade sale and secondary buyout
-
M&A exits
210
4.3.2
Initial Public Offering
-
stock exchange listing
232
4.3.3
Buy-back
255
4.3.4
Recapitalisation
255
4.4
Relative importance of exit options
262
4.4.1
Review of transactions by exit alternative
262
4.4.2
European stock exchange environment for IPOs
264
4.5
Evaluation of exit options
267
4.5.1
A note on valuation methods
268
4.5.2
Type of consideration received
272
4.5.3
Post-closing conditions: Warranties and indemnities
274
4.5.4
Other stakeholders' interests
275
4.6
The importance of executive management in the exit
process
276
Empirical analysis: Exit behaviour and efficiency
279
5.1
Research objectives
279
5.2
Research methods rationale
280
5.3
Data description
283
5.3.1
Survey design and other data sources
283
5.3.2
Target universe
285
5.3.3
Characteristics of participating buyout investors
288
5.3.4
Variables for statistical analysis
291
5.4
Timing of portfolio company exits
295
5.4.1
Tested decision factors
297
5.4.2
Hypotheses
301
5.4.3
Empirical results
302
5.4.4
Summary and discussion
305
5.5
Choice of exit route
306
5.5.1
Tested decision factors
307
5.5.2
Hypotheses
310
5.5.3
Empirical results
312
5.5.4
Summary and discussion
315
X Table of
Contents
5.6
Investor characteristics, exit preferences and process
management styles
318
5.6.1
Exit route preferences
320
5.6.2
Exit process duration
322
5.6.3
Consideration of executives' aspirations
-
the impact of management
324
5.6.4
Relative proportion of exit routes
327
5.6.5
The significance of corporate governance aspects
334
5.6.6
Summary and discussion
337
5.7
'Multi-track'exit processes
338
5.7.1
Assessment of multi-track exit processes
339
5.7.2
Tendency to conduct dual- or multi-track exit
processes
343
5.7.3
Key determinants underlying decisions for multi-
track exits
345
5.7.4
A note on the downsides
-
the risk of discouraging
bidders
348
5.7.5
Summary and discussion
351
5.8
Changes in the private equity environment and exit
behaviour
353
5.8.1
Research rationale and hypotheses
353
5.8.2
Data sources and procedure
354
5.8.3
Data characteristics
355
5.8.4
Analytical assessment
356
5.8.5
Discussion of findings
359
5.8.6
Specific limitations
360
5.9
Exit trends in the context of recent buyout funds
performance
361
5.10
Limitations of analysis
365
5.11
Summary and discussion
366
Table
of
contents
XI
6
Conclusion
371
Appendices
377
List of exhibits
377
List of abbreviations
383
Survey questionnaire
385
List of interview partners
389
List of buyout firms participating in survey
390
Bibliography
391
Abstract
413
Biography
415
Private
Equity Exits provides the first comprehensive analysis of
private equity divestment processes
-
so-called exits'
-
for European
buyouts. The work is designed as a compendium of current scientific
knowledge on portfolio company exits and also provides deeper
insights into various aspects of divestment processes, which is under¬
pinned by own extensive empirical analysis and findings.
Examining the efficiency of exits, this book offers recommendations
and guidelines for an integrated and exit-oriented private equity
portfolio management and provides a detailed assessment of exit
decision drivers. Findings contribute to a clearer understanding and
better predictability of exit behaviour. The work highlights the growing
need for pro-active as well as thoroughly planned divestment strategies,
efficient executions, and the importance and value of paying attention
also to other stakeholders' interests when selling stakes in businesses. |
| adam_txt |
Table
of contents
Introduction
1
1.1
Framework and intent of the work
2
1.2
Research approach
7
1.2.1
Research design framework
7
1.2.2
Research approach and procedure
9
1.3
Structure outline
12
Background
15
2.1
Private Equity
15
2.1.1
Definition
15
2.1.2
Evolution of the private equity market
18
2.1.3
Stages of private equity financing
27
2.1.4
Private equity market structure
30
2.1.5
Market trends
46
2.1.6
Hedge funds and private equity
47
2.1.7
Corporate governance aspects
53
2.1.8
Performance of private equity as an asset class
65
2.2
Leveraged buyouts
82
2.2.1
Definition and reasons
82
2.2.2
The role of the interest rate environment for
leveraged buyouts
84
2.2.3
Leveraged buyout principles and consequences
86
2.2.4
Market overview and history
96
2.2.5
Buyout market trends
108
2.2.6
Performance of the leveraged buyout market
114
2.3
Divestments of portfolio companies
117
2.3.1
Exit phase in the 'Venture Capital Cycle'
117
2.3.2
Potential divestment routes
118
VIII Table of
contents
3
Theoretical foundation and literature review
127
3.1
Agency theory as an overall framework for
private equity exits
128
3.2
Underlying theoretical approaches
-
timing of exits
132
3.2.1
Value-add and monitoring cost concept
132
3.2.2
Asymmetric information and certification
135
3.2.3
Grandstanding
136
3.2.4
Resource dependence
137
3.3
Underlying theoretical approaches
-
choice of exit route
138
3.3.1
Agency theory
138
3.3.2
Asymmetric information
139
3.3.3
Grandstanding
140
3.4
Existing studies on portfolio company exits
141
3.4.1
Framework literature
142
3.4.2
Studies on IPO exits
147
3.4.3
Other forms of exit
151
3.4.4
Exit timing and process
153
3.4.5
Theoretical approaches relevant for exits
160
3.4.6
Other aspects related to private equity research
164
3.5
Tabular summary of existing studies
170
3.5.1
Key studies on the choice of exit routes
170
3.5.2
Key studies on timing of exits
175
3.5.3
Studies on exit process
178
4
The exit process: Reducing exposure
to a portfolio company
181
4.1
Exit process overview
182
4.2
Process initiation and design
186
4.2.1
'Pro-active'portfolio management
187
4.2.2
Process objectives
194
4.2.3
Role of investment banks and advisers
199
4.2.4
Allocation of roles and tasks
-
relationship of parties
involved
206
4.2.5
Single route or 'multi-track' process
208
Table
of
contents
IX
4.3
Comparative
characteristics of exit
options
209
4.3.1
Trade sale and secondary buyout
-
M&A exits
210
4.3.2
Initial Public Offering
-
stock exchange listing
232
4.3.3
Buy-back
255
4.3.4
Recapitalisation
255
4.4
Relative importance of exit options
262
4.4.1
Review of transactions by exit alternative
262
4.4.2
European stock exchange environment for IPOs
264
4.5
Evaluation of exit options
267
4.5.1
A note on valuation methods
268
4.5.2
Type of consideration received
272
4.5.3
Post-closing conditions: Warranties and indemnities
274
4.5.4
Other stakeholders' interests
275
4.6
The importance of executive management in the exit
process
276
Empirical analysis: Exit behaviour and efficiency
279
5.1
Research objectives
279
5.2
Research methods rationale
280
5.3
Data description
283
5.3.1
Survey design and other data sources
283
5.3.2
Target universe
285
5.3.3
Characteristics of participating buyout investors
288
5.3.4
Variables for statistical analysis
291
5.4
Timing of portfolio company exits
295
5.4.1
Tested decision factors
297
5.4.2
Hypotheses
301
5.4.3
Empirical results
302
5.4.4
Summary and discussion
305
5.5
Choice of exit route
306
5.5.1
Tested decision factors
307
5.5.2
Hypotheses
310
5.5.3
Empirical results
312
5.5.4
Summary and discussion
315
X Table of
Contents
5.6
Investor characteristics, exit preferences and process
management styles
318
5.6.1
Exit route preferences
320
5.6.2
Exit process duration
322
5.6.3
Consideration of executives' aspirations
-
the impact of management
324
5.6.4
Relative proportion of exit routes
327
5.6.5
The significance of corporate governance aspects
334
5.6.6
Summary and discussion
337
5.7
'Multi-track'exit processes
338
5.7.1
Assessment of multi-track exit processes
339
5.7.2
Tendency to conduct dual- or multi-track exit
processes
343
5.7.3
Key determinants underlying decisions for multi-
track exits
345
5.7.4
A note on the downsides
-
the risk of discouraging
bidders
348
5.7.5
Summary and discussion
351
5.8
Changes in the private equity environment and exit
behaviour
353
5.8.1
Research rationale and hypotheses
353
5.8.2
Data sources and procedure
354
5.8.3
Data characteristics
355
5.8.4
Analytical assessment
356
5.8.5
Discussion of findings
359
5.8.6
Specific limitations
360
5.9
Exit trends in the context of recent buyout funds
performance
361
5.10
Limitations of analysis
365
5.11
Summary and discussion
366
Table
of
contents
XI
6
Conclusion
371
Appendices
377
List of exhibits
377
List of abbreviations
383
Survey questionnaire
385
List of interview partners
389
List of buyout firms participating in survey
390
Bibliography
391
Abstract
413
Biography
415
Private
Equity Exits provides the first comprehensive analysis of
private equity divestment processes
-
so-called exits'
-
for European
buyouts. The work is designed as a compendium of current scientific
knowledge on portfolio company exits and also provides deeper
insights into various aspects of divestment processes, which is under¬
pinned by own extensive empirical analysis and findings.
Examining the efficiency of exits, this book offers recommendations
and guidelines for an integrated and exit-oriented private equity
portfolio management and provides a detailed assessment of exit
decision drivers. Findings contribute to a clearer understanding and
better predictability of exit behaviour. The work highlights the growing
need for pro-active as well as thoroughly planned divestment strategies,
efficient executions, and the importance and value of paying attention
also to other stakeholders' interests when selling stakes in businesses. |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Povaly, Stefan |
| author_facet | Povaly, Stefan |
| author_role | aut |
| author_sort | Povaly, Stefan |
| author_variant | s p sp |
| building | Verbundindex |
| bvnumber | BV022396567 |
| callnumber-first | H - Social Science |
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| callnumber-search | HG4751 |
| callnumber-sort | HG 44751 |
| callnumber-subject | HG - Finance |
| classification_rvk | QP 450 QP 752 |
| classification_tum | WIR 683f |
| ctrlnum | (OCoLC)123913398 (DE-599)BVBBV022396567 |
| dewey-full | 658.1/62 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.1/62 |
| dewey-search | 658.1/62 |
| dewey-sort | 3658.1 262 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Book |
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| geographic | Europa (DE-588)4015701-5 gnd |
| geographic_facet | Europa |
| id | DE-604.BV022396567 |
| illustrated | Illustrated |
| index_date | 2024-07-02T17:16:44Z |
| indexdate | 2025-03-07T09:01:33Z |
| institution | BVB |
| isbn | 9783540709534 3540709533 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-015605300 |
| oclc_num | 123913398 |
| open_access_boolean | |
| owner | DE-M382 DE-12 DE-N2 DE-703 DE-355 DE-BY-UBR DE-91 DE-BY-TUM |
| owner_facet | DE-M382 DE-12 DE-N2 DE-703 DE-355 DE-BY-UBR DE-91 DE-BY-TUM |
| physical | XI, 411 S. graph. Darst. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | Springer |
| record_format | marc |
| spelling | Povaly, Stefan Verfasser aut Private equity exits divestment process management for leveraged buyouts Stefan Povaly Berlin [u.a.] Springer 2007 XI, 411 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Disinvestment Leveraged buyouts Private equity Desinvestition (DE-588)4011517-3 gnd rswk-swf Risikokapital (DE-588)4124067-4 gnd rswk-swf Portfoliomanagement (DE-588)4115601-8 gnd rswk-swf Leveraged Buyout (DE-588)4252432-5 gnd rswk-swf Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd rswk-swf Europa (DE-588)4015701-5 gnd rswk-swf Europa (DE-588)4015701-5 g Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 s Risikokapital (DE-588)4124067-4 s Desinvestition (DE-588)4011517-3 s Portfoliomanagement (DE-588)4115601-8 s Leveraged Buyout (DE-588)4252432-5 s DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015605300&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015605300&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Povaly, Stefan Private equity exits divestment process management for leveraged buyouts Disinvestment Leveraged buyouts Private equity Desinvestition (DE-588)4011517-3 gnd Risikokapital (DE-588)4124067-4 gnd Portfoliomanagement (DE-588)4115601-8 gnd Leveraged Buyout (DE-588)4252432-5 gnd Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd |
| subject_GND | (DE-588)4011517-3 (DE-588)4124067-4 (DE-588)4115601-8 (DE-588)4252432-5 (DE-588)4192818-0 (DE-588)4015701-5 |
| title | Private equity exits divestment process management for leveraged buyouts |
| title_auth | Private equity exits divestment process management for leveraged buyouts |
| title_exact_search | Private equity exits divestment process management for leveraged buyouts |
| title_exact_search_txtP | Private equity exits divestment process management for leveraged buyouts |
| title_full | Private equity exits divestment process management for leveraged buyouts Stefan Povaly |
| title_fullStr | Private equity exits divestment process management for leveraged buyouts Stefan Povaly |
| title_full_unstemmed | Private equity exits divestment process management for leveraged buyouts Stefan Povaly |
| title_short | Private equity exits |
| title_sort | private equity exits divestment process management for leveraged buyouts |
| title_sub | divestment process management for leveraged buyouts |
| topic | Disinvestment Leveraged buyouts Private equity Desinvestition (DE-588)4011517-3 gnd Risikokapital (DE-588)4124067-4 gnd Portfoliomanagement (DE-588)4115601-8 gnd Leveraged Buyout (DE-588)4252432-5 gnd Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd |
| topic_facet | Disinvestment Leveraged buyouts Private equity Desinvestition Risikokapital Portfoliomanagement Leveraged Buyout Wagnisfinanzierungsgesellschaft Europa |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015605300&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015605300&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT povalystefan privateequityexitsdivestmentprocessmanagementforleveragedbuyouts |