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Springer Gabler - VWL - Wirtschaft, Finanzen, Soziales | German Buyouts Adopting a Buy and Build Strategy - Key Characteristics, Value Creation and Success

German Buyouts Adopting a Buy and Build Strategy

Key Characteristics, Value Creation and Success Factors

Hoffmann, Nils

2007, XVIII, 253 p.

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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.

Content Level » Research

Keywords » Acquisition - Beschaffungsmanagement - Buyout - Buyouts - Private Equity - SCM - merger&acquisitions

Related subjects » Finanzdienstleistungen - Wirtschaft, Finanzen, Soziales

Table of contents 

Introduction to the market for buyouts with focus on market structure and dynamics Outline of key characteristics of buy and build strategies Comparison of buy and build strategies affected by private equity investors vs. merger & acquisitions by strategic investors Analysis of key levers for value creation in buyouts, merger & acquisitions, buy and build strategies Investigation of key success factors in buy and build strategies

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