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Cover: 9783835006980 | German Buyouts Adopting a Buy and Build Strategy | Nils Hoffmann
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German Buyouts Adopting a Buy and Build Strategy
Key Characteristics, Value Creation and Success Factors
Taschenbuch von Nils Hoffmann
Sprache: Englisch

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Beschreibung
Foreword Problems of buyouts on the one side and M&A on the other side have been often treated by the literature from theoretical and empirical view. But there is comparatively little knowledge concerning a new practice where investors combine buyouts with M&A via a so-called buy-and-build strategy. In Germany such strategies have been pursued from about 1998, since then the growth of private equity has pushed the interest in these strategies. The author¿s professional experience and the access to special data resources have made possible investigating the phenomenon of buy-and-build strategies not only theoretically but also empirically. Until the end of 2003 the author has found 21 cases of buy-and-build strategies with a German platform company. The cases differ with respect to financing and capital structure, type of the buyer, and the buyer¿s motives. Moreover, there are different parties concerned like investors, funds of funds, private equity enterprises, and target companies. Thus, one can imagine the plurality of possible species. The author has combined his expert knowledge with great effort, opening a new and sensible area for research in business administration. By applying case study research, the development of propositions, and the evaluation of a questionnaire the author was able to get interesting empirical results.
Foreword Problems of buyouts on the one side and M&A on the other side have been often treated by the literature from theoretical and empirical view. But there is comparatively little knowledge concerning a new practice where investors combine buyouts with M&A via a so-called buy-and-build strategy. In Germany such strategies have been pursued from about 1998, since then the growth of private equity has pushed the interest in these strategies. The author¿s professional experience and the access to special data resources have made possible investigating the phenomenon of buy-and-build strategies not only theoretically but also empirically. Until the end of 2003 the author has found 21 cases of buy-and-build strategies with a German platform company. The cases differ with respect to financing and capital structure, type of the buyer, and the buyer¿s motives. Moreover, there are different parties concerned like investors, funds of funds, private equity enterprises, and target companies. Thus, one can imagine the plurality of possible species. The author has combined his expert knowledge with great effort, opening a new and sensible area for research in business administration. By applying case study research, the development of propositions, and the evaluation of a questionnaire the author was able to get interesting empirical results.
Über den Autor
Dr. Nils Hoffmann promovierte bei Prof. Dr. Reinhart Schmidt am Lehrstuhl für Finanzwirtschaft und Bankbetriebslehre der Martin-Luther-Universität Halle-Wittenberg. Er ist Associate Principle bei McKinsey & Company, Inc. in Düsseldorf.
Zusammenfassung
The number of follow-on acquisitions after the buyout of a company by a financial sponsor, so-called "buy and build strategies", has been increasing in Germany during the last years. Given that M&A transactions by strategic investors were not successful in at least half of the cases analyzed in former research studies, the question remains if and how financial sponsors manage to yield the ambitious target return of a minimum of 20% p.a. on the capital invested.

Within the frame of a case study and questionnaire-based research, Nils Hoffmann investigates the key characteristics of buy and build strategies affected by private equity investors in Germany between 1998 and 2003. The author analyzes which value drivers and management strategies financial sponsors use to generate the return targeted. Furthermore, the research presented provides evidence concerning key success factors of the most profitable buy and build strategies.
Inhaltsverzeichnis
to buyouts.- Theoretical background for buy-and-build strategies.- Empirical study.- Conclusion and outlook.
Details
Erscheinungsjahr: 2008
Fachbereich: Betriebswirtschaft
Genre: Wirtschaft
Rubrik: Recht & Wirtschaft
Medium: Taschenbuch
Reihe: Hallesche Schriften zur Betriebswirtschaft
ISBN-13: 9783835006980
ISBN-10: 3835006983
Sprache: Englisch
Herstellernummer: 85029777
Ausstattung / Beilage: Paperback
Einband: Kartoniert / Broschiert
Autor: Hoffmann, Nils
Hersteller: Gabler Verlag
Betriebswirtschaftlicher Verlag Dr. Th. Gabler
Hallesche Schriften zur Betriebswirtschaft
Maße: 210 x 148 x 15 mm
Von/Mit: Nils Hoffmann
Erscheinungsdatum: 24.01.2008
Gewicht: 0,356 kg
Artikel-ID: 115043693
Über den Autor
Dr. Nils Hoffmann promovierte bei Prof. Dr. Reinhart Schmidt am Lehrstuhl für Finanzwirtschaft und Bankbetriebslehre der Martin-Luther-Universität Halle-Wittenberg. Er ist Associate Principle bei McKinsey & Company, Inc. in Düsseldorf.
Zusammenfassung
The number of follow-on acquisitions after the buyout of a company by a financial sponsor, so-called "buy and build strategies", has been increasing in Germany during the last years. Given that M&A transactions by strategic investors were not successful in at least half of the cases analyzed in former research studies, the question remains if and how financial sponsors manage to yield the ambitious target return of a minimum of 20% p.a. on the capital invested.

Within the frame of a case study and questionnaire-based research, Nils Hoffmann investigates the key characteristics of buy and build strategies affected by private equity investors in Germany between 1998 and 2003. The author analyzes which value drivers and management strategies financial sponsors use to generate the return targeted. Furthermore, the research presented provides evidence concerning key success factors of the most profitable buy and build strategies.
Inhaltsverzeichnis
to buyouts.- Theoretical background for buy-and-build strategies.- Empirical study.- Conclusion and outlook.
Details
Erscheinungsjahr: 2008
Fachbereich: Betriebswirtschaft
Genre: Wirtschaft
Rubrik: Recht & Wirtschaft
Medium: Taschenbuch
Reihe: Hallesche Schriften zur Betriebswirtschaft
ISBN-13: 9783835006980
ISBN-10: 3835006983
Sprache: Englisch
Herstellernummer: 85029777
Ausstattung / Beilage: Paperback
Einband: Kartoniert / Broschiert
Autor: Hoffmann, Nils
Hersteller: Gabler Verlag
Betriebswirtschaftlicher Verlag Dr. Th. Gabler
Hallesche Schriften zur Betriebswirtschaft
Maße: 210 x 148 x 15 mm
Von/Mit: Nils Hoffmann
Erscheinungsdatum: 24.01.2008
Gewicht: 0,356 kg
Artikel-ID: 115043693
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