Value creation in leveraged buyouts: analysis of factors driving private equity investment performance
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| Format: | Abschlussarbeit Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Wiesbaden
Dt. Univ.-Verl.
2006
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| Ausgabe: | 1. Aufl. |
| Schriftenreihe: | Gabler Edition Wissenschaft
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| Online-Zugang: | BTU01 FHM01 FHR01 UBG01 UBR01 UBT01 UBY01 UEI03 UPA01 Volltext Inhaltsverzeichnis |
| Beschreibung: | 1 Online-Ressource |
| ISBN: | 3835004883 9783835004887 9783835093294 |
| DOI: | 10.1007/978-3-8350-9329-4 |
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| 100 | 1 | |a Loos, Nicolaus |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Value creation in leveraged buyouts |b analysis of factors driving private equity investment performance |c Nicolaus Loos |
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| 264 | 1 | |a Wiesbaden |b Dt. Univ.-Verl. |c 2006 | |
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| 502 | |a Zugl.: Sankt Gallen, Univ., Diss., 2005 | ||
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Datensatz im Suchindex
| _version_ | 1804137302268575744 |
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| adam_text | Brief Contents
1 Introduction 1
2 Literature Review 9
3 Methodology and Research Design 43
4 Empirical Part I Market and Financial Value Drivers 89
5 Empirical Part II The GP Firm and Manager Effect 251
6 Empirical Part III Buyout Strategies 327
7 Summary and Conclusions 391
8 Appendices 421
9 Bibliography 439
Tableof Contents
Foreword I VII
Forewordll XI
Acknowledgement XIII
Brief Contents XV
Table of Contents XVII
ListofFigures XXV
ListofTables XXXIII
Listof Abbreviations XXXVII
Abstract XU
1 Introduction 1
1.1 Background of Research 1
1.2 Problem Statement 2
1.3 NeedforStudy 4
1.4 Purpose of Study 5
1.5 Scope and Limitations 6
1.6 Organization of Research 7
2 Literature Review 9
2.1 Definitions and the Buyout Process 9
2.1.1 The Private Equity Investment Asset Class 9
2.1.1.1 Historyof Private Equity 10
2.1.2 Buyout Classification, Organizational Form
and Corporate Governance 12
2.1.3 The Buyout Process 14
2.2 The Buyout Controversy Alleviating Common Beliefs 17
2.3 Agency Theory of Leveraged Buyouts 19
2.4 Strategie Management View of Leveraged Buyouts 21
2.5 Value Creation in Leveraged Buyouts 23
2.5.1 Direct Drivers of Value Creation 24
2.5.1.1 Achieving Cost Reductions in Buyouts 24
2.5.1.2 Improving Asset Utilization in Buyouts 25
2.5.1.3 Generating Growth in Buyouts 26
2.5.1.4 Financial Engineering in Buyouts 28
2.5.2 Indirect Drivers of Value Creation 29
z.s.Z. l Management and fcmployee Incentivation in
Buyouts 30
2.5.2.2 Change in Corporate Governance in Buyouts 32
2.5.2.3 Leverage as Value Creator in Buyouts 32
2.5.2.4 Buyout Culture and Communication 34
2.5.3 Other Sources of Value Creation in Buyouts 35
2.5.3.1 Information Asymmetries and
Market Inefficiency around Buyouts 35
2.5.3.2 Acquisition and Negotiation Skills in Buyouts 36
2.6 Value Destruction in Acquisitions and Leveraged Buyouts 38
3 Methodology and Research Design 43
3.1 Research Goal of the Study 43
3.2 Research Object of the Study 45
3.2.1 Industry Perspective 45
3.2.1.1 Pressure for Disclosure in the Private Equity
Industry 45
3.2.1.2 Pressure for Performance in the Private Equity
Industry 46
3.2.1.3 Consolidation in the Private Equity Industry 47
3.2.1.4 Benchmarking Returns in the Private Equity
Industry 47
3.2.2 Transaction Perspective 48
3.3 Research Model 51
3.3.1 Development ofthe Research Model 51
3.3.2 The Research Model 52
3.4 General Hypotheses 57
3.5 Performance Evaluation 57
3.5.1 Overview of Performance Evaluation 57
3.5.2 Performance Evaluation in Leveraged Buyouts 58
3.5.3 The Internal Rate of Return Formula 59
3.5.4 Value Attribution in Buyouts Deduction and Extension
ofthe IRR Formula through the Dupont Equation 60
3.5.5 Value Attribution Case Study
The University of St. Gallen Catering Company 65
3.6 Empirical Approach 68
3.6.1 Private Equity Data Collection 68
3.6.2 The Thomson Venture Economics Database 70
3.6.3 The INSEAD LBO Research Database 73
3.6.4 Sample Comparison and Mean Comparison Test 75
3.6.5 Other Data Sources 80
5. i Kesearcn Metnoaoiogy ana Data Anaiysis öj
3.7.1 Research Methodology Discussion 83
3.7.2 Approach to Data Anaiysis 86
4 Empirical Part I Market and Financial Value Drivers 89
4.1 Introduction 89
4.2 Control Population Overview 90
4.2.1 Private Equity, Venture Capital and
Buyout Market Historical Fundraising 90
4.2.1.1 Overview of Historical Private
Equity Fundraising 90
4.2.1.2 A Global View on Private Equity Fundraising 94
4.2.1.3 Private Equity Investment Allocation
by Industries 96
4.2.1.4 Summary of Findings 105
4.2.2 Private Equity, Venture Capital and Buyout
Market Historical Fund Performance 105
4.2.2.1 Overall Private Equity Fund Performance 106
4.2.2.2 Buyout Fund Performance 108
4.2.2.3 Venture Capital Fund Performance 108
4.2.2.4 Weighted and Unweighted IRR 109
4.2.2.5 Private Equity Risk and Return Development 111
4.2.2.6 Performance Trends by Industry Sector 113
4.2.2.7 Private Equity Returns across Countries 120
4.2.2.8 Private Equity Returns by Geography 121
4.2.2.9 Performance by Exit Mode of Private Equity
Investments 123
4.2.2.10 Performance by Investment Stage of
Private Equity Investments 125
4.2.2.11 Summary of Findings 126
4.3 Leveraged Buyout Deal Performance 127
4.3.1 TestSetting 128
4.3.1.1 Tested Variables and Hypotheses 129
4.3.1.2 Methodology and Data 133
4.3.2 Buyout Performance by Year 134
4.3.2.1 Overview of Buyout Performance by Year 134
4.3.2.2 Realized vs. Unrealized Buyout Performance
byYear 135
4.3.2.3 European vs. U.S. Buyout Performance
byYear 136
4.3.2.4 Regression Results 137
4.3.2.5 Summary of Findings 140
4.3.3 Buyout Performance across Countries 141
4.3.3.1 Regression Results 142
4.3.3.2 Summary of Findings 144
4.3.4 Buyout Performance by Industry Sector 144
4.3.4.1 Level 3 Industry Classification 144
4.3.4.2 Level 4 Industry Classification 147
4.3.4.3 Regression Results 150
4.3.4.4 Summary of Findings 154
4.3.5 Ownership and Buyout Performance 154
4.3.5.1 Regression Model 158
4.3.5.2 Summary of Findings 158
4.3.6 Deal Size and Buyout Performance 159
4.3.6.1 Regression Results 160
4.3.6.2 Summary of Findings 163
4.3.7 Investment Holding Time and Buyout Performance 163
4.3.7.1 Regression Results 164
4.3.7.2 Summary of Findings 166
4.3.8 Leveraged Buyout Performance according to
Entry and Exit Modes 167
4.3.8.1 Leveraged Buyout Performance according
to Entry Mode 167
4.3.8.2 Leveraged Buyout Performance according
to Exit Mode 172
4.3.8.3 Regression Results 177
4.3.8.4 Summary of Findings 180
4.3.9 Leveraged Buyout Performance according to
Entry and Exit Types 180
4.3.9.1 Leveraged Buyout Performance according
to Entry Type 180
4.3.9.2 Leveraged Buyout Performance according
to Exit Type 186
4.3.9.3 Regression Results 189
4.3.9.4 Summary of Findings 192
4.3.10 Summary Tests 193
4.3.10.1 Test of Combined Entry and Exit Control
Variables 193
4.3.10.2 Test of Buyout Firm Variables 194
4.3.10.3 Test of Combined Entry, Exit and GP Firm
Variables 196
4.3.11 Summary of Test Results 197
4.4 Leveraged Buyout Deal vs. Public Market Industry Financial
Performance 199
4.4.1 TestSetting 199
4.4.1.1 Variables and Hypotheses 200
4.4.1.2 Methodology and Data 202
4.4.2 LBO Value Creation by Industry Sector 203
4.4.2.1 LBO Value Creation by Industry Sector
and Region 205
4.4.2.2 LBO vs. Equity Market Performance
(by Industry) 206
4.4.3 A Buyout Performance Index over Time 208
4.4.3.1 The Buyout Performance Entry Date Index 208
4.4.3.2 The Buyout Performance Exit Date Index 211
4.4.4 LBO Value Creation, Equity Market Return
and Correlation 215
4.4.4.1 Regression Analysis 216
4.4.4.2 Additional Descriptive Findings 217
4.4.5 Statistical Tests 218
4.4.5.1 Financial Industry Conditions at Deal Entry 218
4.4.5.2 Financial Industry Conditions at Deal Exit 222
4.4.5.3 Modeling Buyout Performance vs. Benchmark
Industry and Equity Market Performance 227
4.4.6 Summary of Test Results 233
4.5 Leveraged Buyout Value Attribution Analysis 235
4.5.1 TestSetting 235
4.5.1.1 Tested Variables and Hypotheses 235
4.5.1.2 Methodology and Data 237
4.5.2 Test Results 238
4.5.2.1 Descriptive Results 238
4.5.2.2 Regression Test 244
4.5.2.3 Summary of Test Results 245
4.6 Conclusions 245
5 Empirical Part II The GP Firm and Manager Effect 251
5.1 Introduction 251
5.2 Investment Manager and General Partner Firm Characteristics 252
5.2.1 TestSetting 252
5.2.1.1 Tested Variables and Hypotheses 252
5.2.1.2 Methodology and Data 257
5.2.2 Investment Manager Characteristics 260
5.2.2.1 Age, Tenure with the Firm and Private Equity
Experience 260
5.2.2.2 Education of Buyout Fund Investment
Professionals 262
5.2.2.3 Professional Experience and Network
of Buyout Investment Managers 271
5.2.3 General Partner Firm Characteristics 275
5.2.3.1 Average Buyout Firm Team Size and Hierarchy..275
5.2.4 Performance of Buyout Firms 279
5.2.4.1 Buyout Firm Returns 279
5.2.4.2 Realized vs. Unrealized Buyout Fund Returns 281
5.2.4.3 General Partner Team Size and Performance 283
5.2.5 Performance of Investment Managers 285
5.2.5.1 Buyout Performance by Education 286
5.2.5.2 Professional Experience, Network and
Buyout Performance 291
5.2.5.3 Experience and Buyout Performance 292
5.2.6 Modeling the Buyout Firm and Team Manager Effect 298
5.2.6.1 Descriptive Statistics 298
5.2.6.2 Coefficient Statistics Analysis 305
5.2.6.3 Linear Regression Models Analysis 308
5.2.7 Summary of Findings 310
5.3 Modeling the Buyout Firm Experience Effect 313
5.3.1 TestSetting 313
5.3.1.1 Tested Variables and Hypotheses 314
5.3.1.2 Methodology and Data 316
5.3.2 TestResults 318
5.3.2.1 Descriptive Statistics 318
5.3.2.2 Coefficient Statistics 319
5.3.2.3 Linear Regression Models Analysis 322
5.3.3 Summary of Findings 323
5.4 Conclusions 324
Empirical Part III Buyout Strategies 327
6.1 Introduction 327
6.1.1 TestSetting 328
6.1.1.1 Tested Variables and Hypotheses 328
6.1.1.2 Methodology and Data 343
6.2 Target Company Characteristics 344
6.2.1 Testresults 344
6.2.1.1 Geographie Scope and Buyouts Performance 344
6.2.1.2 Type of Goods and Buyouts Performance 345
6.2.1.3 Industry Cyclicality and Buyouts Performance ....346
6.2.1.4 Market Share and Buyouts Performance 347
6.2.1.5 Generic Business Strategy and Buyouts
Performance 348
6.2.1.6 Market Structure and Buyouts Performance 350
6.2.1.7 Product Diversification and Buyouts
Performance 351
6.2.1.8 Customer Base and Buyout Performance 352
6.2.1.9 Distribution Channels and Buyout Performance ..353
6.2.1.10 Prior Organizational Structure and Buyout
Performance 354
6.2.1.11 Prior Corporate Governance Structure and
Buyout Performance 355
6.2.1.12 Prior Ownership Structure and Buyout
Performance 356
6.3 Deal Decisions and Characteristics 357
6.3.1 Testresults 357
6.3.1.1 Management Incentives through Equity
Participation and Buyout Performance 358
6.3.1.2 MBO vs. MBI and Buyout Performance 360
6.3.1.3 Deal Source and Buyout Performance 362
6.3.1.4 Seiler Type and Buyout Performance 363
6.3.1.5 Co Investors and Buyout Performance 364
6.3.1.6 Further Involvement of Previous Owner
and Buyout Performance 366
6.3.1.7 Seller s Motivation and Buyout Performance 367
6.3.1.8 Buyer s Motivation and Buyout Performance 369
6.4 Acquisition Process and Strategie Events 371
6.4.1 Testresults 371
6.4.1.1 Key Strategie Reorientation/Organizational
Events and Buyout Performance 371
6.4.1.2 New Sub Strategy Implementation Events 372
6.4.1.3 Capacity, Resource Planning and (Dis)Investment
Activities 374
6.5 Modelling Buyout Characteristics, Decisions and Strategie Events ..380
6.5.1 Testresults 380
6.5.1.1 Descriptive Statistics 380
6.5.1.2 Coefficient Statistics 383
6.5.1.3 Linear Regression Models Analysis 385
6.5.2 Summary of Findings 386
6.6 Conclusions 388
7 Summary and Conclusions 391
7.1 Summary of Study s Key Findings 391
7.1.1 Summary Findings on Market Financial Related
Value Creation Drivers 391
7.1.2 Summary Findings on Buyout Firm and Investment
Manager Related Value Creation Drivers 399
7.1.3 Summary Findings on Buyout Strategy Related Value
Creation Drivers 404
7.1.4 Interpretation of Results with Research Hypotheses 411
7.2 Contributions to Research and Applications to Practice 412
7.2.1 Contributions to Agency Theoretical and Finance
Research 412
7.2.2 Contributions to Strategie Management Research 415
7.2.3 Applications of Findings to Private Equity Practitioners 416
7.3 Limitations of Study and Areas of Future Research 418
8 Appendices 421
9 Bibliography 439
List of Figures
Figure 1: Purpose of Study Suggested Approach to Reading
according to Audience 6
Figure 2: Areas of Private Equity Investment 9
Figure 3: Overview of the Buyout Process 16
Figure 4: Key Areas and Criteria for LBO Fund Due Diligence 46
Figure 5: General Acquisition Process 52
Figure 6: Acquisition Process adapted to Leveraged Buyouts 53
Figure 7: LBO Value Creation Model 53
Figure 8: Research Model 55
Figure 9: Summary of Value Attribution in Buyout of the
St. Gallen University Catering Company, Ine 68
Figure 10: Flow of Private Equity Financial Reporting Information 69
Figure 11: Study s Thomas Venture Economics Sample Overview
(January 1980 June 2003) 72
Figure 12: Conceptual Approach to Data Analysis in the Study 87
Figure 13: Total Global Venture Capital, LBO and
Private Equity Funds Raised (US ) by Year 91
Figure 14: Total Global Venture Capital, LBO and
Private Equity Funds Raised (No. of Funds) by Year 92
Figure 15: Average Fund Size of Total Global Venture Capital, LBO
and all Private Equity Funds Raised (US ) by Year 93
Figure 16: Total Global Venture Capital, LBO and all
Private Equity Funds Raised (US ) by Country 94
Figure 17: Total Global Venture Capital, LBO and all
Private Equity Funds Raised (No. of Funds Raised) by Country 95
Figure 18: Total Amount of Deal Investments (1980 2002)
by Industry Sector (Level 3) 97
Figure 19: Total Number of Deals (1980 2002) by
Industry Sector (Level 3) 98
Figure 20: Average Deal Size (1980 2002) by Industry Sector (Level 3) 99
Figure 21: Average Private Equity Deal Sizes (1980 2002) by Year 100
Figure 22: Total Amount of Deal Investments (1980 2002) by
Industry Sector (Level 4) 101
Figure 23: Total Number of Deals (1980 2002) by
Industry Sector (Level 4) 103
Figure 24: Average Deal Size (1980 2002) by Industry Sector (Level 4) 104
Figure 25: Non weighted Average Net Fund Returns by Year and
by Fund Type (1983 2002) 106
Figure 26: Weighted Average Net Fund Returns by Year and by
Fund Type (1980 2003) 107
Figure 27: Weighted and Unweighted Net Venture Capital Fund
Returns by Year (1980 2003) 109
Figure 28: Weighted and Unweighted Net Buyout Fund Returns
by Year (1980 2003) 110
Figure 29: Weighted Net Buyout Fund Returns and Volatility
by Year (1980 2003) 111
Figure 30: Weighted Net Venture Capital Fund Returns and Volatility
by Year (1980 2003) 112
Figure 31: Average Net Fund Return of Investments made (1983 2003)
by Level 3 Industry Sector (Proxy Trend) 114
Figure 32: Average Net Buyout Fund Return oflnvestments made
(1983 2003) by Industry Sector (Proxy Trend) vs.
Total Amount of Deal Investments (1980 2002)
by Industry Sector (Level 3) 115
Figure 33: Average Net Venture Capital Fund Return oflnvestments
made (1983 2003) by Industry Sector (Proxy Trend) vs.
Total Amount of Deal Investments (1980 2002) by
Industry Sector (Level 3) 116
Figure 34: Average Net Fund Return oflnvestments made (1983 2003)
by Level 4 Industry Sector (Proxy Trend) 117
Figure 35: Average Net Buyout Fund Return oflnvestments made
(1983 2003) by Industry Sector (Proxy Trend) vs.
Total Amount of Deal Investments (1980 2002) by
Industry Sector (Level 4) 118
Figure 36: Average Net Venture Capital Fund Return oflnvestments
made (1983 2002) by Industry Sector (Proxy Trend) vs.
Total Amount of Deal Investments (1980 2002) by
Industry Sector (Level 4) 119
Figure 37: Average Net Fund Returns (1983 2002) by Country 120
Figure 38: Average Net Private Equity Fund Returns (1980 2002) of
Investments made by Year and by Region (Fund s jurisdiction)...121
Figure 39: Average Net Venture Capital Fund Returns (1980 2002) of
Investments made by Year and by Region (Fund s jurisdiction)... 122
Figure 40: Average Net Buyout Fund Returns (1980 2002) oflnvestments
made by Year and by Region (Fund s jurisdiction) 123
Figure 41: Weighted Average Net Fund Returns of Funds based
on Investment Status 124
Figure 42: Weighted Average Net Fund Returns of Funds based
on Investment Stage 126
Figure 43: Average Gross Returns of Buyout Deals by
Investment Status and by Year (1981 2002) 134
Lfiat vji 1 iguica
Figure 44: Average Gross Returns of Realized Buyout Deals
by Region and by Year (1981 2002) 137
Figure 45: Average Gross Returns of Realized Buyout Deals by Country 141
Figure 46: Average Gross Returns of Buyout Deals by Industry Sector
and Investment Status (1980 2002) 145
Figure 47: Average Gross Returns of Buyout Deals by Industry Sector
and by Region (1980 2002) 146
Figure 48: Average Gross Returns of Buyout Deals by Industry Sector
(Level 4) and Investment Status (1980 2002) 148
Figure 49: Average Gross Returns of Buyout Deals by Industry Sector
(Level 4) and Region (1980 2002) 149
Figure 50: Average Gross Returns of Realized Buyout Deals by
Ownership Percentage Quartile 155
Figure 51: Average Gross Returns of Realized U.S. Buyout Deals
by Ownership Percentage Quartile 157
Figure 52: Weighted Average Gross Returns of Realized European
Buyout Deals by Ownership Percentage Quartile 158
Figure 53: Weighted Average Gross Returns of Realized Buyout Deals
by Average Investment Size Categories 159
Figure 54: Average Gross Returns of Realized Buyout Deals
by Holding Period 164
Figure 55: Weighted Average Gross Returns of Buyout Deals by Entry
Mode, Average Invested Capital and Investment Status 168
Figure 56: Weighted Average Gross Returns of Buyout Deals by Entry
Mode, Holding Period and Region 170
Figure 57: Weighted Average Gross Returns of Buyout Deals by Entry
Mode, Holding Period and Investment Status 171
Figure 58: Weighted Average Gross Returns of Buyout Deals by Entry
Mode, Average Invested Capital and Region 172
Figure 59: Weighted Average Gross Returns of Buyout Deals by Exit
Mode and Invested Capital 173
Figure 60: Weighted Average Gross Returns of Buyout Deals by Exit
Mode, Holding Period and Region 175
Figure 61: Weighted Average Gross Returns of Buyout Deals by Exit
Mode and Holding Period 176
Figure 62: Weighted Average Gross Returns of Buyout Deals by Exit
Mode, Holding Period and Region 177
Figure 63: Weighted Average Gross Returns of Buyout Deals by
Entry Type, Holding Period and Investment Status 182
Figure 64: Weighted Average Gross Returns of Buyout Deals by
Entry Type, Average Invested Capital and Investment Status 183
Figure 65: Weighted Average Gross Returns of Buyout Deals by
Entry Type, Holding Period and Region 184
. ... i iai ui i tguics
Figure 66: Weighted Average Gross Returns of Buyout Deals by
Entry Type, Average Invested Capital and Region 185
Figure 67: Development of Weighted Average Gross Returns, Average
Invested Capital and Average Holding Period of Buyout Deals
acquired via Auction 186
Figure 68: Weighted Average Gross Returns of Buyout Deals by Exit
Type, Average Invested Capital and Average Holding Period 187
Figure 69: Weighted Average Gross Returns of Buyout Deals by Exit Type,
Average Invested Capital, Average Holding Period and Region... 188
Figure 70: Realized LBO Deals Value Creation vs.
Industry Indices (Level 3) 204
Figure 71: Realized LBO Deals Value Creation vs.
Industry Indices (Level 4) 205
Figure 72: Realized LBO Deals Value Creation vs.
Industry Indices (Level 3) for selected Industries by Region 206
Figure 73: Realized LBO Deals Value Creation Index vs.
Equity Market Performance (S P 500, MSCI Europe/World)
grouped by Deal s Industry Classification 207
Figure 74: Realized LBO Deals Value Creation Index vs. Industry
Indices Performance (Level 6) by Buyout Acquisition Year 209
Figure 75: Realized LBO Deals Value Creation Index vs. Average
Holding Period of Deals by Buyout Acquisition Year 210
Figure 76: Realized LBO Deals Value Creation Index vs. Average
Industry Performance Driver CAGRs by Acquisition Year 211
Figure 77: Realized LBO Deals Value Creation Index vs. Industry
Indices Performance (Level 6) by Buyout Exit Year 212
Figure 78: Realized LBO Deals Value Creation Index vs. Average
Industry Performance Driver CAGRs by Buyout Exit Year 213
Figure 79: Realized LBO Deals Value Creation Index vs.
Average Holding Period of Deals by Buyout Exit Year 214
Figure 80: Realized LBO Deals Value Creation Index vs.
Average Industry Indices Performance (Level 6) and
S P 500 Composite Price Index by Buyout Acquisition Year 217
Figure 81: Revenue, Cash Flow and Profitability Development for
Buyout Deals vs. Industry Comparables 239
Figure 82: Entry and Exit Conditions for Buyout Deals vs. Industry
Comparables 239
Figure 83: Value Attribution of All Buyout Deals vs.
Industry Comparables 242
Figure 84: Value Attribution of Buyout Deals vs.
Industry Comparables Consumer Goods Sector 242
Figure 85: Value Attribution of Buyout Deals vs. Industry
Comparables Basic Industries and General Industriais 243
Figure 86: Value Attribution of Buyout Deals vs.
Industry Comparables Information Technology Sector 244
Figure 87: Investment Manager and General Partner Firm
Drivers of Value Creation 253
Figure 88: Distribution of Age of Buyout Fund Investment Professionals 260
Figure 89: Distribution of Tenure of Buyout Fund Investment
Professionals 261
Figure 90: Distribution of Private Equity Experience of Buyout
Fund Investment Professionals 262
Figure 91: Distribution of all Degrees Earned by Buyout Fund
Investment Professionals 263
Figure 92: Distribution of First Degree Eamed by Buyout Fund
Investment Professionals 264
Figure 93: Distribution of Second Degree Earned by Buyout Fund
Investment Professionals 264
Figure 94: Distribution of Third Degree Earned by Buyout Fund
Investment Professionals 265
Figure 95: Additional Professional Qualifications Earned by
Buyout Fund Investment Professionals 265
Figure 96: Field of all Degrees Earned by Buyout Fund
Investment Professionals 266
Figure 97: Field of first Degree Earned by Buyout Fund
Investment Professionals 266
Figure 98: Field of second Degree Earned by Buyout Fund
Investment Professionals 267
Figure 99: Field of third Degree Earned by Buyout Fund
Investment Professionals 267
Figure 100: Top 31 Universities All Degrees Earned by
Buyout Fund Investment Professionals 268
Figure 101: Top 12 Universities MBA Degrees Earned by
Buyout Fund Investment Professionals 270
Figure 102: Network, Professional Experience and Current Positions
of Buyout Fund Investment Professionals by Sector 271
Figure 103: Typical Buyout Fund Hierarchy and Functions with
Average Number of Investment Professionals per Level 276
Figure 104: Average GP Team Size and Size Category Frequency vs.
Average Deal Size of Buyout Funds 278
Figure 105: Weighted Average Gross IRR based on all underlying
Transactions by General Partner 280
Figure 106: Realized vs. Unrealized deal based Weighted Average
Gross IRR by General Partner 282
Figure 107: Weighted Average Gross IRR on Realized Deals by
Buyout Firm Team Size 283
Figure 108: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by Degree Level 287
Figure 109: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by Degree Type 288
Figure 110: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by attended University 289
Figure 111: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by attended Business School ....290
Figure 112: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by Position 292
Figure 113: Weighted Average Gross IRR on Deals by Individual Buyout
Investment Professionals by Years of Private Equity Experience .293
Figure 114: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by Years of Tenure 295
Figure 115: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by Hierarchy 296
Figure 116: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by Age 297
Figure 117: Strategie Drivers of Value Creation 329
Figure 118: Buyout Deal Performance by Level of Geographie
Scope of Operations 345
Figure 119: Buyout Deal Performance by Type of Goods 346
Figure 120: Buyout Deal Performance by Cyclicality of Industry 347
Figure 121: Buyout Deal Performance by Market Share Position 348
Figure 122: Buyout Deal Performance by Generic Business Strategy 349
Figure 123: Buyout Deal Performance by Market Structure Position 350
Figure 124: Buyout Deal Performance by Product Diversification of
Buyout Target 351
Figure 125: Buyout Deal Performance by Size of Customer Base of
Buyout Target 352
Figure 126: Buyout Deal Performance by Distribution Channel of
Buyout Target 353
Figure 127: Buyout Deal Performance by Organizational Structure of
Buyout Target 354
Figure 128: Buyout Deal Performance by Corporate Governance
Structure of Buyout Target 355
Figure 129: Buyout Deal Performance by Corporate Governance
Structure of Buyout Target 357
Figure 130: Buyout Deal Performance by GP s Management
Incentive Strategy of Buyout Target 358
Figure 131: Buyout Deal Performance by Percentage of
Target Management Equity Participation 360
Figure 132: Buyout Deal Performance by Role of Management
in Deal Origination 361
Figure 133: Buyout Deal Performance by Deal Source 362
Figure 134: Buyout Deal Performance by Seiler Type 364
Figure 135: Buyout Deal Performance by Type of Co Investor 365
Figure 136: Buyout Deal Performance by Number of Co Investors 366
Figure 137: Buyout Deal Performance by Involvement of Previous Owner 367
Figure 138: Buyout Deal Performance by Seiler Motivation 368
Figure 139: Buyout Deal Performance by Buyer Motivation 369
Figure 140: Buyout Deal Performance by Key Strategie
Reorientation/Organizational Event 372
Figure 141: Buyout Deal Performance by
New Sub Strategy Implementation Events 373
Figure 142: Buyout Deal Performance by Capacity,
Resource Planning and (Dis)Investment Activities 375
Figure 143: Buyout Deal Performance by Acquisition
and Divestiture Activity 376
Figure 144: Buyout Deal Performance by Type of Add on Acquisition 378
Figure 145: Buyout Deal Performance by Number of Add on Acquisitions ....379
ListofTables
Table 1: Characteristics of the Ideal LBO Candidate 13
Table 2: Types of Corporate Restructuring 49
Table 3: Forms of Leveraged Buyout Transactions Classification 50
Table 4: Private Equity Funds and Buyout Funds
Total Population Overview 71
Table 5: Buyout Funds underlying Deals Total Population Overview 72
Table 6: Limited Partners Primary Dataset Overview 76
Table 7: Mean Comparison Test Group Statistics Summary 79
Table 8: Mean Comparison Test Independent Samples Test Results 80
Table 9: Datastream Industry Classifications (Level 3, Level 4) 81
Table 10: Datastream Industry Classifications (Level 6) 82
Table 11: Descriptive and Correlation Statistics on Entry and Exit Years 138
Table 12: Coefficients and Collinearity Statistics on Entry and Exit Years 139
Table 13: Linear Regression Model on Entry and
Exit Year Dummy Variables 140
Table 14: Descriptive and Correlation Statistics on Country Variables 143
Table 15: Coefficients and Collinearity Statistics on Country Variables 143
Table 16: Linear Regression Model on Country Variables Model 1 144
Table 17: Descriptive and Correlation Statistics on (significant) Industries 151
Table 18: Coefficients and Collinearity Statistics on Combined Entry
and Exit Dummy Variables Model 1 152
Table 19: Linear Regression Model on Industries Level 3,4 and 6 153
Table 20: Descriptive and Correlation Statistics on Deal Size Variables 161
Table 21: Coefficients and Collinearity Statistics on Deal Size Variables
Modell 162
Table 22: Linear Regression Model on Deal Size Variables Model 1 162
Table 23: Descriptive and Correlation Statistics on
Holding Period Variables 165
Table 24: Coefficients and Collinearity Statistics on
Holding Period Variables Model 1 166
Table 25: Linear Regression Model on Holding Period Variables
Model 1 166
Table 26: Descriptive and Correlation Statistics on Entry and Exit Modes 178
Table 27: Coefficients and Collinearity Statistics on Entry and Exit Modes.... 179
Table 28: Linear Regression Model on Entry and
Exit Mode Dummy Variables 180
Table 29: Descriptive and Correlation Statistics on Entry and Exit Types 190
Table 30: Coefficients and Collinearity Statistics on Entry and Exit Modes.... 191
Table 31: Linear Regression Model on Entry and
Exit Type Dummy Variables 192
Table 32: Linear Regression Model on all combined Entry and
Exit Dummy Variables Model 1 193
Table 33: Descriptive and Correlation Statistics on General Partners 194
Table 34: Coefficients and Collinearity Statistics on General Partners
Model 1 195
Table 35: Linear Regression Model on General Partners Model 1 196
Table 36: Linear Regression Model on Deal Size Variables 197
Table 37: Overview of Correlation Tests between Private Equity
and Market Returns 215
Table 38: Correlation Table on Buyout Correlation with
Industry Performance 216
Table 39: Linear Regression Model on Buyout Correlation with
Industry Performance Model 1 217
Table 40: Descriptive Statistics on Industry Financial Entry Conditions 220
Table 41: Coefficients and Collinearity Statistics on
Entry Condition Variables 221
Table 42: Linear Regression Model on Entry Condition Variables 222
Table 43: Descriptive Statistics on Industry Financial Exit Conditions 224
Table 44: Coefficients and Collinearity Statistics on
Exit Condition Variables 225
Table 45: Linear Regression Model on Exit Condition Variables 226
Table 46: Nested Linear Regression Models on
Industry Financial Performance Drivers (Level 3/4/6) 230
Table 47: Operationalization of Buyout Team Characteristics
Explanatory Variables 259
Table 48: Examples of Positions and Institutions of
Buyout Fund Investment Managers by Profession 272
Table 49: Examples of Positions and Institutions of
Buyout Fund Investment Managers by Profession or Affiliation 274
Table 50: Descnptive and Correlation Statistics on
Buyout Firm Deal Experience Variables 301
Table 51: Descriptive and Correlation Statistics on
Buyout Firm Deal Experience Variables (Unis) 304
Table 52: Coefficients and Collinearity Statistics on
Buyout Firm Team Experience Variables Model 7 307
Table 53: Linear Regression Model on
Buyout Firm Deal Experience Variables 309
Table 54: Operationalization of Explanatory Variables 317
Table 55: Descriptive and Correlation Statistics on
Buyout Firm Deal Experience Variables 318
Table 56: Coefficients and Collinearity Statistics on
Buyout Firm Deal Experience Variables 320
Table 57: Linear Regression Model on
Buyout Firm Deal Experience Variables 323
Table 58: Descriptive and Correlation Statistics on
Buyout Firm Strategy Variables 382
Table 59: Coefficients and Collinearity Statistics on
Buyout Strategy Variables Model 4 384
Table 60: Linear Regression Model on Buyout Firm Strategy Variables 386
Table 61: Summary Findings Buyout Deal Performance and
Entry and Exit (Control) Variables 392
Table 62: Summary Findings Buyout Performance vs.
Industry Performance and Financials 396
Table 63: Summary Findings Buyout vs. Industry Financial Performance ...398
Table 64: Summary Findings Investment Manager and
GP Firm Characteristics 400
Table 65: Summary Findings GP Firm Buyout Experience Profile 404
Table 66: Summary Findings Buyout Target Strategie Characteristics 406
Table 67: Summary Findings Buyout Strategie Deal Decisions
and Characteristics 408
Table 68: Summary Findings Buyout Acquisition Process and
Strategie Events 410
Table 69: Coefficients and Collinearity Statistics on Combined Entry
and Exit Dummy Variables 422
Table 70: Descriptive and Correlation Statistics on
Industry Financial Performance Driver (Level 3/4/6) 424
Table 71: Coefficients and Collinearity Statistics on
Industry Financial Performance Driver (Level 3) 426
Table 72: Coefficients and Collinearity Statistics on
Industry Financial Performance Driver (Level 4) 427
Table 73: Coefficients and Collinearity Statistics on
Industry Financial Performance Driver (Level 6) 429
Table 74: Correlation Statistics on Deal Entry Condition Variables 430
Table 75: Correlation Statistics on Deal Exit Condition Variables 431
|
| adam_txt |
Brief Contents
1 Introduction 1
2 Literature Review 9
3 Methodology and Research Design 43
4 Empirical Part I Market and Financial Value Drivers 89
5 Empirical Part II The GP Firm and Manager Effect 251
6 Empirical Part III Buyout Strategies 327
7 Summary and Conclusions 391
8 Appendices 421
9 Bibliography 439
Tableof Contents
Foreword I VII
Forewordll XI
Acknowledgement XIII
Brief Contents XV
Table of Contents XVII
ListofFigures XXV
ListofTables XXXIII
Listof Abbreviations XXXVII
Abstract XU
1 Introduction 1
1.1 Background of Research 1
1.2 Problem Statement 2
1.3 NeedforStudy 4
1.4 Purpose of Study 5
1.5 Scope and Limitations 6
1.6 Organization of Research 7
2 Literature Review 9
2.1 Definitions and the Buyout Process 9
2.1.1 The Private Equity Investment Asset Class 9
2.1.1.1 Historyof Private Equity 10
2.1.2 Buyout Classification, Organizational Form
and Corporate Governance 12
2.1.3 The Buyout Process 14
2.2 The Buyout Controversy Alleviating Common Beliefs 17
2.3 Agency Theory of Leveraged Buyouts 19
2.4 Strategie Management View of Leveraged Buyouts 21
2.5 Value Creation in Leveraged Buyouts 23
2.5.1 Direct Drivers of Value Creation 24
2.5.1.1 Achieving Cost Reductions in Buyouts 24
2.5.1.2 Improving Asset Utilization in Buyouts 25
2.5.1.3 Generating Growth in Buyouts 26
2.5.1.4 Financial Engineering in Buyouts 28
2.5.2 Indirect Drivers of Value Creation 29
z.s.Z. l Management and fcmployee Incentivation in
Buyouts 30
2.5.2.2 Change in Corporate Governance in Buyouts 32
2.5.2.3 Leverage as Value Creator in Buyouts 32
2.5.2.4 Buyout Culture and Communication 34
2.5.3 Other Sources of Value Creation in Buyouts 35
2.5.3.1 Information Asymmetries and
Market Inefficiency around Buyouts 35
2.5.3.2 Acquisition and Negotiation Skills in Buyouts 36
2.6 Value Destruction in Acquisitions and Leveraged Buyouts 38
3 Methodology and Research Design 43
3.1 Research Goal of the Study 43
3.2 Research Object of the Study 45
3.2.1 Industry Perspective 45
3.2.1.1 Pressure for Disclosure in the Private Equity
Industry 45
3.2.1.2 Pressure for Performance in the Private Equity
Industry 46
3.2.1.3 Consolidation in the Private Equity Industry 47
3.2.1.4 Benchmarking Returns in the Private Equity
Industry 47
3.2.2 Transaction Perspective 48
3.3 Research Model 51
3.3.1 Development ofthe Research Model 51
3.3.2 The Research Model 52
3.4 General Hypotheses 57
3.5 Performance Evaluation 57
3.5.1 Overview of Performance Evaluation 57
3.5.2 Performance Evaluation in Leveraged Buyouts 58
3.5.3 The Internal Rate of Return Formula 59
3.5.4 Value Attribution in Buyouts Deduction and Extension
ofthe IRR Formula through the Dupont Equation 60
3.5.5 Value Attribution Case Study
The University of St. Gallen Catering Company 65
3.6 Empirical Approach 68
3.6.1 Private Equity Data Collection 68
3.6.2 The Thomson Venture Economics Database 70
3.6.3 The INSEAD LBO Research Database 73
3.6.4 Sample Comparison and Mean Comparison Test 75
3.6.5 Other Data Sources 80
5. i Kesearcn Metnoaoiogy ana Data Anaiysis öj
3.7.1 Research Methodology Discussion 83
3.7.2 Approach to Data Anaiysis 86
4 Empirical Part I Market and Financial Value Drivers 89
4.1 Introduction 89
4.2 Control Population Overview 90
4.2.1 Private Equity, Venture Capital and
Buyout Market Historical Fundraising 90
4.2.1.1 Overview of Historical Private
Equity Fundraising 90
4.2.1.2 A Global View on Private Equity Fundraising 94
4.2.1.3 Private Equity Investment Allocation
by Industries 96
4.2.1.4 Summary of Findings 105
4.2.2 Private Equity, Venture Capital and Buyout
Market Historical Fund Performance 105
4.2.2.1 Overall Private Equity Fund Performance 106
4.2.2.2 Buyout Fund Performance 108
4.2.2.3 Venture Capital Fund Performance 108
4.2.2.4 Weighted and Unweighted IRR 109
4.2.2.5 Private Equity Risk and Return Development 111
4.2.2.6 Performance Trends by Industry Sector 113
4.2.2.7 Private Equity Returns across Countries 120
4.2.2.8 Private Equity Returns by Geography 121
4.2.2.9 Performance by Exit Mode of Private Equity
Investments 123
4.2.2.10 Performance by Investment Stage of
Private Equity Investments 125
4.2.2.11 Summary of Findings 126
4.3 Leveraged Buyout Deal Performance 127
4.3.1 TestSetting 128
4.3.1.1 Tested Variables and Hypotheses 129
4.3.1.2 Methodology and Data 133
4.3.2 Buyout Performance by Year 134
4.3.2.1 Overview of Buyout Performance by Year 134
4.3.2.2 Realized vs. Unrealized Buyout Performance
byYear 135
4.3.2.3 European vs. U.S. Buyout Performance
byYear 136
4.3.2.4 Regression Results 137
4.3.2.5 Summary of Findings 140
4.3.3 Buyout Performance across Countries 141
4.3.3.1 Regression Results 142
4.3.3.2 Summary of Findings 144
4.3.4 Buyout Performance by Industry Sector 144
4.3.4.1 Level 3 Industry Classification 144
4.3.4.2 Level 4 Industry Classification 147
4.3.4.3 Regression Results 150
4.3.4.4 Summary of Findings 154
4.3.5 Ownership and Buyout Performance 154
4.3.5.1 Regression Model 158
4.3.5.2 Summary of Findings 158
4.3.6 Deal Size and Buyout Performance 159
4.3.6.1 Regression Results 160
4.3.6.2 Summary of Findings 163
4.3.7 Investment Holding Time and Buyout Performance 163
4.3.7.1 Regression Results 164
4.3.7.2 Summary of Findings 166
4.3.8 Leveraged Buyout Performance according to
Entry and Exit Modes 167
4.3.8.1 Leveraged Buyout Performance according
to Entry Mode 167
4.3.8.2 Leveraged Buyout Performance according
to Exit Mode 172
4.3.8.3 Regression Results 177
4.3.8.4 Summary of Findings 180
4.3.9 Leveraged Buyout Performance according to
Entry and Exit Types 180
4.3.9.1 Leveraged Buyout Performance according
to Entry Type 180
4.3.9.2 Leveraged Buyout Performance according
to Exit Type 186
4.3.9.3 Regression Results 189
4.3.9.4 Summary of Findings 192
4.3.10 Summary Tests 193
4.3.10.1 Test of Combined Entry and Exit Control
Variables 193
4.3.10.2 Test of Buyout Firm Variables 194
4.3.10.3 Test of Combined Entry, Exit and GP Firm
Variables 196
4.3.11 Summary of Test Results 197
4.4 Leveraged Buyout Deal vs. Public Market Industry Financial
Performance 199
4.4.1 TestSetting 199
4.4.1.1 Variables and Hypotheses 200
4.4.1.2 Methodology and Data 202
4.4.2 LBO Value Creation by Industry Sector 203
4.4.2.1 LBO Value Creation by Industry Sector
and Region 205
4.4.2.2 LBO vs. Equity Market Performance
(by Industry) 206
4.4.3 A Buyout Performance Index over Time 208
4.4.3.1 The Buyout Performance Entry Date Index 208
4.4.3.2 The Buyout Performance Exit Date Index 211
4.4.4 LBO Value Creation, Equity Market Return
and Correlation 215
4.4.4.1 Regression Analysis 216
4.4.4.2 Additional Descriptive Findings 217
4.4.5 Statistical Tests 218
4.4.5.1 Financial Industry Conditions at Deal Entry 218
4.4.5.2 Financial Industry Conditions at Deal Exit 222
4.4.5.3 Modeling Buyout Performance vs. Benchmark
Industry and Equity Market Performance 227
4.4.6 Summary of Test Results 233
4.5 Leveraged Buyout Value Attribution Analysis 235
4.5.1 TestSetting 235
4.5.1.1 Tested Variables and Hypotheses 235
4.5.1.2 Methodology and Data 237
4.5.2 Test Results 238
4.5.2.1 Descriptive Results 238
4.5.2.2 Regression Test 244
4.5.2.3 Summary of Test Results 245
4.6 Conclusions 245
5 Empirical Part II The GP Firm and Manager Effect 251
5.1 Introduction 251
5.2 Investment Manager and General Partner Firm Characteristics 252
5.2.1 TestSetting 252
5.2.1.1 Tested Variables and Hypotheses 252
5.2.1.2 Methodology and Data 257
5.2.2 Investment Manager Characteristics 260
5.2.2.1 Age, Tenure with the Firm and Private Equity
Experience 260
5.2.2.2 Education of Buyout Fund Investment
Professionals 262
5.2.2.3 Professional Experience and Network
of Buyout Investment Managers 271
5.2.3 General Partner Firm Characteristics 275
5.2.3.1 Average Buyout Firm Team Size and Hierarchy.275
5.2.4 Performance of Buyout Firms 279
5.2.4.1 Buyout Firm Returns 279
5.2.4.2 Realized vs. Unrealized Buyout Fund Returns 281
5.2.4.3 General Partner Team Size and Performance 283
5.2.5 Performance of Investment Managers 285
5.2.5.1 Buyout Performance by Education 286
5.2.5.2 Professional Experience, Network and
Buyout Performance 291
5.2.5.3 Experience and Buyout Performance 292
5.2.6 Modeling the Buyout Firm and Team Manager Effect 298
5.2.6.1 Descriptive Statistics 298
5.2.6.2 Coefficient Statistics Analysis 305
5.2.6.3 Linear Regression Models Analysis 308
5.2.7 Summary of Findings 310
5.3 Modeling the Buyout Firm Experience Effect 313
5.3.1 TestSetting 313
5.3.1.1 Tested Variables and Hypotheses 314
5.3.1.2 Methodology and Data 316
5.3.2 TestResults 318
5.3.2.1 Descriptive Statistics 318
5.3.2.2 Coefficient Statistics 319
5.3.2.3 Linear Regression Models Analysis 322
5.3.3 Summary of Findings 323
5.4 Conclusions 324
Empirical Part III Buyout Strategies 327
6.1 Introduction 327
6.1.1 TestSetting 328
6.1.1.1 Tested Variables and Hypotheses 328
6.1.1.2 Methodology and Data 343
6.2 Target Company Characteristics 344
6.2.1 Testresults 344
6.2.1.1 Geographie Scope and Buyouts Performance 344
6.2.1.2 Type of Goods and Buyouts Performance 345
6.2.1.3 Industry Cyclicality and Buyouts Performance .346
6.2.1.4 Market Share and Buyouts Performance 347
6.2.1.5 Generic Business Strategy and Buyouts
Performance 348
6.2.1.6 Market Structure and Buyouts Performance 350
6.2.1.7 Product Diversification and Buyouts
Performance 351
6.2.1.8 Customer Base and Buyout Performance 352
6.2.1.9 Distribution Channels and Buyout Performance .353
6.2.1.10 Prior Organizational Structure and Buyout
Performance 354
6.2.1.11 Prior Corporate Governance Structure and
Buyout Performance 355
6.2.1.12 Prior Ownership Structure and Buyout
Performance 356
6.3 Deal Decisions and Characteristics 357
6.3.1 Testresults 357
6.3.1.1 Management Incentives through Equity
Participation and Buyout Performance 358
6.3.1.2 MBO vs. MBI and Buyout Performance 360
6.3.1.3 Deal Source and Buyout Performance 362
6.3.1.4 Seiler Type and Buyout Performance 363
6.3.1.5 Co Investors and Buyout Performance 364
6.3.1.6 Further Involvement of Previous Owner
and Buyout Performance 366
6.3.1.7 Seller's Motivation and Buyout Performance 367
6.3.1.8 Buyer's Motivation and Buyout Performance 369
6.4 Acquisition Process and Strategie Events 371
6.4.1 Testresults 371
6.4.1.1 Key Strategie Reorientation/Organizational
Events and Buyout Performance 371
6.4.1.2 New Sub Strategy Implementation Events 372
6.4.1.3 Capacity, Resource Planning and (Dis)Investment
Activities 374
6.5 Modelling Buyout Characteristics, Decisions and Strategie Events .380
6.5.1 Testresults 380
6.5.1.1 Descriptive Statistics 380
6.5.1.2 Coefficient Statistics 383
6.5.1.3 Linear Regression Models Analysis 385
6.5.2 Summary of Findings 386
6.6 Conclusions 388
7 Summary and Conclusions 391
7.1 Summary of Study's Key Findings 391
7.1.1 Summary Findings on Market Financial Related
Value Creation Drivers 391
7.1.2 Summary Findings on Buyout Firm and Investment
Manager Related Value Creation Drivers 399
7.1.3 Summary Findings on Buyout Strategy Related Value
Creation Drivers 404
7.1.4 Interpretation of Results with Research Hypotheses 411
7.2 Contributions to Research and Applications to Practice 412
7.2.1 Contributions to Agency Theoretical and Finance
Research 412
7.2.2 Contributions to Strategie Management Research 415
7.2.3 Applications of Findings to Private Equity Practitioners 416
7.3 Limitations of Study and Areas of Future Research 418
8 Appendices 421
9 Bibliography 439
List of Figures
Figure 1: Purpose of Study Suggested Approach to Reading
according to Audience 6
Figure 2: Areas of Private Equity Investment 9
Figure 3: Overview of the Buyout Process 16
Figure 4: Key Areas and Criteria for LBO Fund Due Diligence 46
Figure 5: General Acquisition Process 52
Figure 6: Acquisition Process adapted to Leveraged Buyouts 53
Figure 7: LBO Value Creation Model 53
Figure 8: Research Model 55
Figure 9: Summary of Value Attribution in Buyout of the
St. Gallen University Catering Company, Ine 68
Figure 10: Flow of Private Equity Financial Reporting Information 69
Figure 11: Study's Thomas Venture Economics Sample Overview
(January 1980 June 2003) 72
Figure 12: Conceptual Approach to Data Analysis in the Study 87
Figure 13: Total Global Venture Capital, LBO and
Private Equity Funds Raised (US\) by Year 91
Figure 14: Total Global Venture Capital, LBO and
Private Equity Funds Raised (No. of Funds) by Year 92
Figure 15: Average Fund Size of Total Global Venture Capital, LBO
and all Private Equity Funds Raised (US\) by Year 93
Figure 16: Total Global Venture Capital, LBO and all
Private Equity Funds Raised (US\) by Country 94
Figure 17: Total Global Venture Capital, LBO and all
Private Equity Funds Raised (No. of Funds Raised) by Country 95
Figure 18: Total Amount of Deal Investments (1980 2002)
by Industry Sector (Level 3) 97
Figure 19: Total Number of Deals (1980 2002) by
Industry Sector (Level 3) 98
Figure 20: Average Deal Size (1980 2002) by Industry Sector (Level 3) 99
Figure 21: Average Private Equity Deal Sizes (1980 2002) by Year 100
Figure 22: Total Amount of Deal Investments (1980 2002) by
Industry Sector (Level 4) 101
Figure 23: Total Number of Deals (1980 2002) by
Industry Sector (Level 4) 103
Figure 24: Average Deal Size (1980 2002) by Industry Sector (Level 4) 104
Figure 25: Non weighted Average Net Fund Returns by Year and
by Fund Type (1983 2002) 106
Figure 26: Weighted Average Net Fund Returns by Year and by
Fund Type (1980 2003) 107
Figure 27: Weighted and Unweighted Net Venture Capital Fund
Returns by Year (1980 2003) 109
Figure 28: Weighted and Unweighted Net Buyout Fund Returns
by Year (1980 2003) 110
Figure 29: Weighted Net Buyout Fund Returns and Volatility
by Year (1980 2003) 111
Figure 30: Weighted Net Venture Capital Fund Returns and Volatility
by Year (1980 2003) 112
Figure 31: Average Net Fund Return of Investments made (1983 2003)
by Level 3 Industry Sector (Proxy Trend) 114
Figure 32: Average Net Buyout Fund Return oflnvestments made
(1983 2003) by Industry Sector (Proxy Trend) vs.
Total Amount of Deal Investments (1980 2002)
by Industry Sector (Level 3) 115
Figure 33: Average Net Venture Capital Fund Return oflnvestments
made (1983 2003) by Industry Sector (Proxy Trend) vs.
Total Amount of Deal Investments (1980 2002) by
Industry Sector (Level 3) 116
Figure 34: Average Net Fund Return oflnvestments made (1983 2003)
by Level 4 Industry Sector (Proxy Trend) 117
Figure 35: Average Net Buyout Fund Return oflnvestments made
(1983 2003) by Industry Sector (Proxy Trend) vs.
Total Amount of Deal Investments (1980 2002) by
Industry Sector (Level 4) 118
Figure 36: Average Net Venture Capital Fund Return oflnvestments
made (1983 2002) by Industry Sector (Proxy Trend) vs.
Total Amount of Deal Investments (1980 2002) by
Industry Sector (Level 4) 119
Figure 37: Average Net Fund Returns (1983 2002) by Country 120
Figure 38: Average Net Private Equity Fund Returns (1980 2002) of
Investments made by Year and by Region (Fund's jurisdiction).121
Figure 39: Average Net Venture Capital Fund Returns (1980 2002) of
Investments made by Year and by Region (Fund's jurisdiction). 122
Figure 40: Average Net Buyout Fund Returns (1980 2002) oflnvestments
made by Year and by Region (Fund's jurisdiction) 123
Figure 41: Weighted Average Net Fund Returns of Funds based
on Investment Status 124
Figure 42: Weighted Average Net Fund Returns of Funds based
on Investment Stage 126
Figure 43: Average Gross Returns of Buyout Deals by
Investment Status and by Year (1981 2002) 134
Lfiat vji 1 iguica
Figure 44: Average Gross Returns of Realized Buyout Deals
by Region and by Year (1981 2002) 137
Figure 45: Average Gross Returns of Realized Buyout Deals by Country 141
Figure 46: Average Gross Returns of Buyout Deals by Industry Sector
and Investment Status (1980 2002) 145
Figure 47: Average Gross Returns of Buyout Deals by Industry Sector
and by Region (1980 2002) 146
Figure 48: Average Gross Returns of Buyout Deals by Industry Sector
(Level 4) and Investment Status (1980 2002) 148
Figure 49: Average Gross Returns of Buyout Deals by Industry Sector
(Level 4) and Region (1980 2002) 149
Figure 50: Average Gross Returns of Realized Buyout Deals by
Ownership Percentage Quartile 155
Figure 51: Average Gross Returns of Realized U.S. Buyout Deals
by Ownership Percentage Quartile 157
Figure 52: Weighted Average Gross Returns of Realized European
Buyout Deals by Ownership Percentage Quartile 158
Figure 53: Weighted Average Gross Returns of Realized Buyout Deals
by Average Investment Size Categories 159
Figure 54: Average Gross Returns of Realized Buyout Deals
by Holding Period 164
Figure 55: Weighted Average Gross Returns of Buyout Deals by Entry
Mode, Average Invested Capital and Investment Status 168
Figure 56: Weighted Average Gross Returns of Buyout Deals by Entry
Mode, Holding Period and Region 170
Figure 57: Weighted Average Gross Returns of Buyout Deals by Entry
Mode, Holding Period and Investment Status 171
Figure 58: Weighted Average Gross Returns of Buyout Deals by Entry
Mode, Average Invested Capital and Region 172
Figure 59: Weighted Average Gross Returns of Buyout Deals by Exit
Mode and Invested Capital 173
Figure 60: Weighted Average Gross Returns of Buyout Deals by Exit
Mode, Holding Period and Region 175
Figure 61: Weighted Average Gross Returns of Buyout Deals by Exit
Mode and Holding Period 176
Figure 62: Weighted Average Gross Returns of Buyout Deals by Exit
Mode, Holding Period and Region 177
Figure 63: Weighted Average Gross Returns of Buyout Deals by
Entry Type, Holding Period and Investment Status 182
Figure 64: Weighted Average Gross Returns of Buyout Deals by
Entry Type, Average Invested Capital and Investment Status 183
Figure 65: Weighted Average Gross Returns of Buyout Deals by
Entry Type, Holding Period and Region 184
. . i iai ui i tguics
Figure 66: Weighted Average Gross Returns of Buyout Deals by
Entry Type, Average Invested Capital and Region 185
Figure 67: Development of Weighted Average Gross Returns, Average
Invested Capital and Average Holding Period of Buyout Deals
acquired via Auction 186
Figure 68: Weighted Average Gross Returns of Buyout Deals by Exit
Type, Average Invested Capital and Average Holding Period 187
Figure 69: Weighted Average Gross Returns of Buyout Deals by Exit Type,
Average Invested Capital, Average Holding Period and Region. 188
Figure 70: Realized LBO Deals' Value Creation vs.
Industry Indices (Level 3) 204
Figure 71: Realized LBO Deals' Value Creation vs.
Industry Indices (Level 4) 205
Figure 72: Realized LBO Deals' Value Creation vs.
Industry Indices (Level 3) for selected Industries by Region 206
Figure 73: Realized LBO Deals' Value Creation Index vs.
Equity Market Performance (S P 500, MSCI Europe/World)
grouped by Deal's Industry Classification 207
Figure 74: Realized LBO Deals' Value Creation Index vs. Industry
Indices Performance (Level 6) by Buyout Acquisition Year 209
Figure 75: Realized LBO Deals' Value Creation Index vs. Average
Holding Period of Deals by Buyout Acquisition Year 210
Figure 76: Realized LBO Deals' Value Creation Index vs. Average
Industry Performance Driver CAGRs by Acquisition Year 211
Figure 77: Realized LBO Deals' Value Creation Index vs. Industry
Indices Performance (Level 6) by Buyout Exit Year 212
Figure 78: Realized LBO Deals' Value Creation Index vs. Average
Industry Performance Driver CAGRs by Buyout Exit Year 213
Figure 79: Realized LBO Deals' Value Creation Index vs.
Average Holding Period of Deals by Buyout Exit Year 214
Figure 80: Realized LBO Deals' Value Creation Index vs.
Average Industry Indices Performance (Level 6) and
S P 500 Composite Price Index by Buyout Acquisition Year 217
Figure 81: Revenue, Cash Flow and Profitability Development for
Buyout Deals vs. Industry Comparables 239
Figure 82: Entry and Exit Conditions for Buyout Deals vs. Industry
Comparables 239
Figure 83: Value Attribution of All Buyout Deals vs.
Industry Comparables 242
Figure 84: Value Attribution of Buyout Deals vs.
Industry Comparables Consumer Goods Sector 242
Figure 85: Value Attribution of Buyout Deals vs. Industry
Comparables Basic Industries and General Industriais 243
Figure 86: Value Attribution of Buyout Deals vs.
Industry Comparables Information Technology Sector 244
Figure 87: Investment Manager and General Partner Firm
Drivers of Value Creation 253
Figure 88: Distribution of Age of Buyout Fund Investment Professionals 260
Figure 89: Distribution of Tenure of Buyout Fund Investment
Professionals 261
Figure 90: Distribution of Private Equity Experience of Buyout
Fund Investment Professionals 262
Figure 91: Distribution of all Degrees Earned by Buyout Fund
Investment Professionals 263
Figure 92: Distribution of First Degree Eamed by Buyout Fund
Investment Professionals 264
Figure 93: Distribution of Second Degree Earned by Buyout Fund
Investment Professionals 264
Figure 94: Distribution of Third Degree Earned by Buyout Fund
Investment Professionals 265
Figure 95: Additional Professional Qualifications Earned by
Buyout Fund Investment Professionals 265
Figure 96: Field of all Degrees Earned by Buyout Fund
Investment Professionals 266
Figure 97: Field of first Degree Earned by Buyout Fund
Investment Professionals 266
Figure 98: Field of second Degree Earned by Buyout Fund
Investment Professionals 267
Figure 99: Field of third Degree Earned by Buyout Fund
Investment Professionals 267
Figure 100: Top 31 Universities All Degrees Earned by
Buyout Fund Investment Professionals 268
Figure 101: Top 12 Universities MBA Degrees Earned by
Buyout Fund Investment Professionals 270
Figure 102: Network, Professional Experience and Current Positions
of Buyout Fund Investment Professionals by Sector 271
Figure 103: Typical Buyout Fund Hierarchy and Functions with
Average Number of Investment Professionals per Level 276
Figure 104: Average GP Team Size and Size Category Frequency vs.
Average Deal Size of Buyout Funds 278
Figure 105: Weighted Average Gross IRR based on all underlying
Transactions by General Partner 280
Figure 106: Realized vs. Unrealized deal based Weighted Average
Gross IRR by General Partner 282
Figure 107: Weighted Average Gross IRR on Realized Deals by
Buyout Firm Team Size 283
Figure 108: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by Degree Level 287
Figure 109: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by Degree Type 288
Figure 110: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by attended University 289
Figure 111: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by attended Business School .290
Figure 112: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by Position 292
Figure 113: Weighted Average Gross IRR on Deals by Individual Buyout
Investment Professionals by Years of Private Equity Experience .293
Figure 114: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by Years of Tenure 295
Figure 115: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by Hierarchy 296
Figure 116: Weighted Average Gross IRR on Deals by Individual
Buyout Investment Professionals by Age 297
Figure 117: Strategie Drivers of Value Creation 329
Figure 118: Buyout Deal Performance by Level of Geographie
Scope of Operations 345
Figure 119: Buyout Deal Performance by Type of Goods 346
Figure 120: Buyout Deal Performance by Cyclicality of Industry 347
Figure 121: Buyout Deal Performance by Market Share Position 348
Figure 122: Buyout Deal Performance by Generic Business Strategy 349
Figure 123: Buyout Deal Performance by Market Structure Position 350
Figure 124: Buyout Deal Performance by Product Diversification of
Buyout Target 351
Figure 125: Buyout Deal Performance by Size of Customer Base of
Buyout Target 352
Figure 126: Buyout Deal Performance by Distribution Channel of
Buyout Target 353
Figure 127: Buyout Deal Performance by Organizational Structure of
Buyout Target 354
Figure 128: Buyout Deal Performance by Corporate Governance
Structure of Buyout Target 355
Figure 129: Buyout Deal Performance by Corporate Governance
Structure of Buyout Target 357
Figure 130: Buyout Deal Performance by GP's Management
Incentive Strategy of Buyout Target 358
Figure 131: Buyout Deal Performance by Percentage of
Target Management Equity Participation 360
Figure 132: Buyout Deal Performance by Role of Management
in Deal Origination 361
Figure 133: Buyout Deal Performance by Deal Source 362
Figure 134: Buyout Deal Performance by Seiler Type 364
Figure 135: Buyout Deal Performance by Type of Co Investor 365
Figure 136: Buyout Deal Performance by Number of Co Investors 366
Figure 137: Buyout Deal Performance by Involvement of Previous Owner 367
Figure 138: Buyout Deal Performance by Seiler Motivation 368
Figure 139: Buyout Deal Performance by Buyer Motivation 369
Figure 140: Buyout Deal Performance by Key Strategie
Reorientation/Organizational Event 372
Figure 141: Buyout Deal Performance by
New Sub Strategy Implementation Events 373
Figure 142: Buyout Deal Performance by Capacity,
Resource Planning and (Dis)Investment Activities 375
Figure 143: Buyout Deal Performance by Acquisition
and Divestiture Activity 376
Figure 144: Buyout Deal Performance by Type of Add on Acquisition 378
Figure 145: Buyout Deal Performance by Number of Add on Acquisitions .379
ListofTables
Table 1: Characteristics of the Ideal LBO Candidate 13
Table 2: Types of Corporate Restructuring 49
Table 3: Forms of Leveraged Buyout Transactions Classification 50
Table 4: Private Equity Funds and Buyout Funds
Total Population Overview 71
Table 5: Buyout Funds' underlying Deals Total Population Overview 72
Table 6: Limited Partners' Primary Dataset Overview 76
Table 7: Mean Comparison Test Group Statistics Summary 79
Table 8: Mean Comparison Test Independent Samples Test Results 80
Table 9: Datastream Industry Classifications (Level 3, Level 4) 81
Table 10: Datastream Industry Classifications (Level 6) 82
Table 11: Descriptive and Correlation Statistics on Entry and Exit Years 138
Table 12: Coefficients and Collinearity Statistics on Entry and Exit Years 139
Table 13: Linear Regression Model on Entry and
Exit Year Dummy Variables 140
Table 14: Descriptive and Correlation Statistics on Country Variables 143
Table 15: Coefficients and Collinearity Statistics on Country Variables 143
Table 16: Linear Regression Model on Country Variables Model 1 144
Table 17: Descriptive and Correlation Statistics on (significant) Industries 151
Table 18: Coefficients and Collinearity Statistics on Combined Entry
and Exit Dummy Variables Model 1 152
Table 19: Linear Regression Model on Industries Level 3,4 and 6 153
Table 20: Descriptive and Correlation Statistics on Deal Size Variables 161
Table 21: Coefficients and Collinearity Statistics on Deal Size Variables
Modell 162
Table 22: Linear Regression Model on Deal Size Variables Model 1 162
Table 23: Descriptive and Correlation Statistics on
Holding Period Variables 165
Table 24: Coefficients and Collinearity Statistics on
Holding Period Variables Model 1 166
Table 25: Linear Regression Model on Holding Period Variables
Model 1 166
Table 26: Descriptive and Correlation Statistics on Entry and Exit Modes 178
Table 27: Coefficients and Collinearity Statistics on Entry and Exit Modes. 179
Table 28: Linear Regression Model on Entry and
Exit Mode Dummy Variables 180
Table 29: Descriptive and Correlation Statistics on Entry and Exit Types 190
Table 30: Coefficients and Collinearity Statistics on Entry and Exit Modes. 191
Table 31: Linear Regression Model on Entry and
Exit Type Dummy Variables 192
Table 32: Linear Regression Model on all combined Entry and
Exit Dummy Variables Model 1 193
Table 33: Descriptive and Correlation Statistics on General Partners 194
Table 34: Coefficients and Collinearity Statistics on General Partners
Model 1 195
Table 35: Linear Regression Model on General Partners Model 1 196
Table 36: Linear Regression Model on Deal Size Variables 197
Table 37: Overview of Correlation Tests between Private Equity
and Market Returns 215
Table 38: Correlation Table on Buyout Correlation with
Industry Performance 216
Table 39: Linear Regression Model on Buyout Correlation with
Industry Performance Model 1 217
Table 40: Descriptive Statistics on Industry Financial Entry Conditions 220
Table 41: Coefficients and Collinearity Statistics on
Entry Condition Variables 221
Table 42: Linear Regression Model on Entry Condition Variables 222
Table 43: Descriptive Statistics on Industry Financial Exit Conditions 224
Table 44: Coefficients and Collinearity Statistics on
Exit Condition Variables 225
Table 45: Linear Regression Model on Exit Condition Variables 226
Table 46: Nested Linear Regression Models on
Industry Financial Performance Drivers (Level 3/4/6) 230
Table 47: Operationalization of Buyout Team Characteristics
Explanatory Variables 259
Table 48: Examples of Positions and Institutions of
Buyout Fund Investment Managers by Profession 272
Table 49: Examples of Positions and Institutions of
Buyout Fund Investment Managers by Profession or Affiliation 274
Table 50: Descnptive and Correlation Statistics on
Buyout Firm Deal Experience Variables 301
Table 51: Descriptive and Correlation Statistics on
Buyout Firm Deal Experience Variables (Unis) 304
Table 52: Coefficients and Collinearity Statistics on
Buyout Firm Team Experience Variables Model 7 307
Table 53: Linear Regression Model on
Buyout Firm Deal Experience Variables 309
Table 54: Operationalization of Explanatory Variables 317
Table 55: Descriptive and Correlation Statistics on
Buyout Firm Deal Experience Variables 318
Table 56: Coefficients and Collinearity Statistics on
Buyout Firm Deal Experience Variables 320
Table 57: Linear Regression Model on
Buyout Firm Deal Experience Variables 323
Table 58: Descriptive and Correlation Statistics on
Buyout Firm Strategy Variables 382
Table 59: Coefficients and Collinearity Statistics on
Buyout Strategy Variables Model 4 384
Table 60: Linear Regression Model on Buyout Firm Strategy Variables 386
Table 61: Summary Findings Buyout Deal Performance and
Entry and Exit (Control) Variables 392
Table 62: Summary Findings Buyout Performance vs.
Industry Performance and Financials 396
Table 63: Summary Findings Buyout vs. Industry Financial Performance .398
Table 64: Summary Findings Investment Manager and
GP Firm Characteristics 400
Table 65: Summary Findings GP Firm Buyout Experience Profile 404
Table 66: Summary Findings Buyout Target Strategie Characteristics 406
Table 67: Summary Findings Buyout Strategie Deal Decisions
and Characteristics 408
Table 68: Summary Findings Buyout Acquisition Process and
Strategie Events 410
Table 69: Coefficients and Collinearity Statistics on Combined Entry
and Exit Dummy Variables 422
Table 70: Descriptive and Correlation Statistics on
Industry Financial Performance Driver (Level 3/4/6) 424
Table 71: Coefficients and Collinearity Statistics on
Industry Financial Performance Driver (Level 3) 426
Table 72: Coefficients and Collinearity Statistics on
Industry Financial Performance Driver (Level 4) 427
Table 73: Coefficients and Collinearity Statistics on
Industry Financial Performance Driver (Level 6) 429
Table 74: Correlation Statistics on Deal Entry Condition Variables 430
Table 75: Correlation Statistics on Deal Exit Condition Variables 431 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Loos, Nicolaus |
| author_facet | Loos, Nicolaus |
| author_role | aut |
| author_sort | Loos, Nicolaus |
| author_variant | n l nl |
| building | Verbundindex |
| bvnumber | BV023063353 |
| classification_rvk | QP 450 |
| collection | ZDB-2-SBE |
| ctrlnum | (OCoLC)611886409 (DE-599)BVBBV023063353 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| doi_str_mv | 10.1007/978-3-8350-9329-4 |
| edition | 1. Aufl. |
| era | Geschichte 1973-2003 gnd |
| era_facet | Geschichte 1973-2003 |
| format | Thesis Electronic eBook |
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| id | DE-604.BV023063353 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T19:29:42Z |
| indexdate | 2024-07-09T21:10:08Z |
| institution | BVB |
| isbn | 3835004883 9783835004887 9783835093294 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016266575 |
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| publishDate | 2006 |
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| spelling | Loos, Nicolaus Verfasser aut Value creation in leveraged buyouts analysis of factors driving private equity investment performance Nicolaus Loos 1. Aufl. Wiesbaden Dt. Univ.-Verl. 2006 1 Online-Ressource txt rdacontent c rdamedia cr rdacarrier Gabler Edition Wissenschaft Zugl.: Sankt Gallen, Univ., Diss., 2005 Geschichte 1973-2003 gnd rswk-swf Wertschöpfung (DE-588)4065685-8 gnd rswk-swf Leveraged Buyout (DE-588)4252432-5 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf Europa (DE-588)4015701-5 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content USA (DE-588)4078704-7 g Leveraged Buyout (DE-588)4252432-5 s Wertschöpfung (DE-588)4065685-8 s Europa (DE-588)4015701-5 g Geschichte 1973-2003 z b DE-604 https://doi.org/10.1007/978-3-8350-9329-4 Verlag Volltext HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016266575&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Loos, Nicolaus Value creation in leveraged buyouts analysis of factors driving private equity investment performance Wertschöpfung (DE-588)4065685-8 gnd Leveraged Buyout (DE-588)4252432-5 gnd |
| subject_GND | (DE-588)4065685-8 (DE-588)4252432-5 (DE-588)4078704-7 (DE-588)4015701-5 (DE-588)4113937-9 |
| title | Value creation in leveraged buyouts analysis of factors driving private equity investment performance |
| title_auth | Value creation in leveraged buyouts analysis of factors driving private equity investment performance |
| title_exact_search | Value creation in leveraged buyouts analysis of factors driving private equity investment performance |
| title_exact_search_txtP | Value creation in leveraged buyouts analysis of factors driving private equity investment performance |
| title_full | Value creation in leveraged buyouts analysis of factors driving private equity investment performance Nicolaus Loos |
| title_fullStr | Value creation in leveraged buyouts analysis of factors driving private equity investment performance Nicolaus Loos |
| title_full_unstemmed | Value creation in leveraged buyouts analysis of factors driving private equity investment performance Nicolaus Loos |
| title_short | Value creation in leveraged buyouts |
| title_sort | value creation in leveraged buyouts analysis of factors driving private equity investment performance |
| title_sub | analysis of factors driving private equity investment performance |
| topic | Wertschöpfung (DE-588)4065685-8 gnd Leveraged Buyout (DE-588)4252432-5 gnd |
| topic_facet | Wertschöpfung Leveraged Buyout USA Europa Hochschulschrift |
| url | https://doi.org/10.1007/978-3-8350-9329-4 http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016266575&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT loosnicolaus valuecreationinleveragedbuyoutsanalysisoffactorsdrivingprivateequityinvestmentperformance |