Value Creation in Leveraged Buyouts PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Value Creation in Leveraged Buyouts PDF full book. Access full book title Value Creation in Leveraged Buyouts by Nicolaus Loos. Download full books in PDF and EPUB format.
Author: Nicolaus Loos
Publisher: Springer Science & Business Media
ISBN: 3835093290
Category : Business & Economics
Languages : en
Pages : 490
Get Book Here
Book Description
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.
Author: Nicolaus Loos
Publisher: Springer Science & Business Media
ISBN: 3835093290
Category : Business & Economics
Languages : en
Pages : 490
Get Book Here
Book Description
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.
Author: Yakov Amihud
Publisher: Beard Books
ISBN: 9781587981388
Category : Business & Economics
Languages : en
Pages : 292
Get Book Here
Book Description
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
Author: Paul Pignataro
Publisher: John Wiley & Sons
ISBN: 1118674545
Category : Business & Economics
Languages : en
Pages : 453
Get Book Here
Book Description
A comprehensive look at the world of leveraged buyouts The private equity industry has grown dramatically over the past twenty years. Such investing requires a strong technical know-how in order to turn private investments into successful enterprises. That is why Paul Pignataro has created Leveraged Buyouts + Website: A Practical Guide to Investment Banking and Private Equity. Engaging and informative, this book skillfully shows how to identify a private company, takes you through the analysis behind bringing such an investment to profitability—and further create high returns for the private equity funds. It includes an informative leveraged buyout overview, touching on everything from LBO modeling, accounting, and value creation theory to leveraged buyout concepts and mechanics. Provides an in-depth analysis of how to identify a private company, bring such an investment to profitability, and create high returns for the private equity funds Includes an informative LBO model and case study as well as private company valuation Written by Paul Pignataro, founder and CEO of the New York School of Finance If you're looking for the best way to hone your skills in this field, look no further than this book.
Author: Allen Michel
Publisher: McGraw-Hill Professional Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 392
Get Book Here
Book Description
Author: Senith Mathews
Publisher:
ISBN: 9781677129959
Category :
Languages : en
Pages : 50
Get Book Here
Book Description
Modeling Leveraged Buyouts - Simplified is for MBA, CFA or undergraduate finance students interested in understanding and modeling leveraged buyouts ('LBO'). This book is also helpful for financial executives and others interested in understanding and modeling LBOs. It is a wonderful resource for students or professionals interviewing for jobs in the private equity, investment banking or hedge fund industry because it will teach you how to build a basic LBO model in 1-2 hours.This book assumes that the reader is familiar with basic finance and accounting concepts. For example, the reader is expected to know the structure of an income statement, the meaning of the term working capital, internal rate of return (IRR) and multiples. The reader is NOT expected to be an expert in Microsoft Excel but has to be reasonably familiar with Microsoft Excel. No two LBO transactions are exactly alike. Each LBO transaction will have unique features, characteristics and structure. This book will teach you how to build a simple LBO model. Once you can confidently build a simple LBO model, you can add many bells and whistles to reflect the numerous specifics of the LBO transaction you are considering or modeling.Modeling Leveraged Buyouts - Simplified is based on Senith Mathews' experience tutoring students and executives in financial modeling over 10 years and building models as a management consultant with Arthur Andersen and Mercer Management Consulting (now Oliver Wyman). Modeling Leveraged Buyouts - Simplified narrowly focusses on modeling leveraged buy outs given the surge in interest in LBOs. The first part of Modeling Leveraged Buyouts - Simplified (chapters 1-5) walks you through building and analyzing an LBO model step by step. The first chapter of the book lays the foundations of the LBO model outlining the basic principles, components and structure of an LBO model. The second chapter lists and describes the ingredients of an LBO model. This chapter covers the background and assumptions required to build an LBO model. The third chapter of the book shows you how to build the heart of an LBO model: the cash flow projections. It is the cash flow projections that drive investment returns and performance. The fourth chapter of the book teaches you how to develop the output of an LBO model. Here we look at how to compute the key metrics in an LBO transaction. You will see how a project's returns differs from the private equity investor's returns and how a project may give poor returns but the private equity investor generates huge returns from the same LBO transaction. The fifth chapter of this book teaches you how to analyze the LBO model you have just built. We show you why and how sensitivity analysis is done. We also study how an LBO will create value and teach you how to quantify the value generated by the different drivers of value creation in chapter 5.
Author: John A. Lanier
Publisher: CRC Press
ISBN: 1317002733
Category : Business & Economics
Languages : en
Pages : 270
Get Book Here
Book Description
Value-creation in Middle Market Private Equity by John A. Lanier holistically examines the ecosystem relationships between middle market private equity firms and their portfolio companies. Small business is the job creating engine in the US economy, and consequently is a prime target market for private equity investment. Indeed, private equity backs over six of each 100 private sector jobs. Both the small businesses in which private equity firms invest, and the private equity firms making the investments, face inter- and intra-company fiduciary leadership challenges while implementing formulated strategy. The architecture of each private equity firm-portfolio company relationship must be uniquely crafted to capitalize on the projected return on investment that is memorialized in the investment thesis. Given the leveraged capital structure of portfolio companies, the cost of a misstep is problematic. Individual private equity professionals are typically members of multiple investment teams for the firm. Not only may each investment team have its own unique leadership style, but its diverse members have to assimilate styles for each team in which they participate relative to a specific portfolio company. Acquisitions and their subsequent integrations add exponential complexity for both private equity investment and portfolio company leadership teams; indeed, cultural integration ranks among the most chronic acquisition obstacles. Accordingly, the stakeholders of private equity transactions do well to embrace leadership best practices in applying value-creation toolbox best practices. The perspectives of both the private equity investment team and the portfolio company leadership team are within the scope of these chapters.
Author: Claudia Zeisberger
Publisher: John Wiley & Sons
ISBN: 1119327970
Category : Business & Economics
Languages : en
Pages : 368
Get Book Here
Book Description
The definitive guide to private equity for investors and finance professionals Mastering Private Equity was written with a professional audience in mind and provides a valuable and unique reference for investors, finance professionals, students and business owners looking to engage with private equity firms or invest in private equity funds. From deal sourcing to exit, LBOs to responsible investing, operational value creation to risk management, the book systematically distils the essence of private equity into core concepts and explains in detail the dynamics of venture capital, growth equity and buyout transactions. With a foreword by Henry Kravis, Co-Chairman and Co-CEO of KKR, and special guest comments by senior PE professionals. This book combines insights from leading academics and practitioners and was carefully structured to offer: A clear and concise reference for the industry expert A step-by-step guide for students and casual observers of the industry A theoretical companion to the INSEAD case book Private Equity in Action: Case Studies from Developed and Emerging Markets Features guest comments by senior PE professionals from the firms listed below: Abraaj • Adams Street Partners • Apax Partners • Baring PE Asia • Bridgepoint • The Carlyle Group • Coller Capital • Debevoise & Plimpton LLP • FMO • Foundry Group • Freshfields Bruckhaus Deringer • General Atlantic • ILPA • Intermediate Capital Group • KKR Capstone • LPEQ • Maxeda • Navis Capital • Northleaf Capital • Oaktree Capital • Partners Group • Permira • Terra Firma
Author: Bjørn Espen Eckbo
Publisher: Now Pub
ISBN: 9781601986900
Category : Business & Economics
Languages : en
Pages : 144
Get Book Here
Book Description
We survey the empirical literature on corporate financial restructuring, including breakup transactions (divestitures, spinoffs, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). For each transaction type, we survey techniques, deal financing, transaction volume, valuation effects and potential sources of restructuring gains. Many breakup transactions appear to be a response to excessive conglomeration and attempt to reverse a potentially costly diversification discount. The empirical evidence shows that the typical restructuring creates substantial value for shareholders. The value-drivers include elimination of costly cross-subsidizations characterizing internal capital markets, reduction in financing costs for subsidiaries through asset securitization and increased divisional transparency, improved (and more focused) investment programs, reduction in agency costs of free cash flow, implementation of executive compensation schemes with greater pay-performance sensitivity, and increased monitoring by lenders and LBO sponsors. Buyouts after the 1990s on average create value similar to LBOs of the 1980s. Recent developments include consortiums of private equity funds (club deals), exits through secondary buyouts (sale to another LBO fund), and evidence of persistence in fund returns. LBO deal financing has evolved toward lower leverage ratios. In Europe, recent deals are financed with less leveraged loans and mezzanine debt and more high-yield debt than before. Future research challenges include integrating analyses across transaction types and financing mixes, and producing unbiased estimates of the expected return from buyout investments in the presence of limited data on portfolio companies that do not return to public status.
Author: Daniel Pindur
Publisher: Springer Science & Business Media
ISBN: 3835054309
Category : Business & Economics
Languages : en
Pages : 339
Get Book Here
Book Description
Daniel Pindur analyzes value creation in successful LBOs on investment level conceptually and empirically from an LBO equity investor perspective. Based on the LBO transaction model, the author decomposes total proceeds to LBO equity investors and derives a two-tier framework of an internal and an external perspective, thereby structuring the conceptual discussion of various determinants affecting these components.
Author: Achim Berg
Publisher:
ISBN:
Category :
Languages : en
Pages : 47
Get Book Here
Book Description
