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Publications
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- Faculty Publications (560)
- September 2018
- Case
Granite Equity Partners
By: Victoria Ivashina and Jeffrey Boyar
This case follows Rick Bauerly, CEO of Minnesota-based Granite Equity Partners, a private equity firm that specialized in buying out retiring business owners in the Minnesota community. In 2007, Granite Equity was considering an investment in Tyrell Corp. (name... View Details
- September 2018
- Supplement
Advent International: Kroton Investment
By: Victoria Ivashina, Priscilla Zogbi and Ruth Kostas
Keywords: Private Equity; Acquisition; IPO; Valuation; Education; Distance Learning; Turnaround; Growth; Exit; PE; Buyer; Middle-class; Low Income; K-12; Entrepreneur; Family Business; University; College; Consolidation; Fragmentation; Penetration; Value; Shares; Control; Negotiation; Equity; Transaction; Board; Majority; Minority; Post-secondary; Leverage; Campus; Deal; Shareholder; Tag Along
- September 2018 (Revised January 2019)
- Teaching Note
Gemini Investors
By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
Teaching Note for HBS No. 211-066. Gemini Investors was a private equity firm that targeted equity investments of between $4 million to $6 million per firm. In the period from 2000 to 2015, Gemini had successfully deployed four funds, all licensed as Small Business... View Details
- September 2018
- Case
Clayton, Dubilier & Rice at 40
By: Josh Lerner, Abhijit Tagade and Terrence Shu
In 2018, private equity firm Clayton, Dubilier & Rice celebrated its 40th anniversary and its 20th year under the leadership of CEO Don Gogel. In those decades, CD&R showed solid portfolio performance and generated strong returns for its investors - accomplishments... View Details
- September 2018
- Case
Advent International: Kroton Investment
By: Victoria Ivashina, Ruth Kostas and Priscilla Zogbi
Keywords: Private Equity; Acquisition; IPO; Valuation; Education; Distance Learning; Turnaround; Growth; Exit; PE; Buyer; Middle-class; Low Income; K-12; Entrepreneur; Family Business; University; College; Consolidation; Fragmentation; Penetration; Value; Shares; Control; Negotiation; Equity; Transaction; Board; Majority; Minority; Post-secondary; Leverage; Campus; Deal; Shareholder; Tag Along; Brazil; Latin America
- September 2018 (Revised August 2021)
- Teaching Note
Blackstone at Age 30 and Blackstone at 35
By: Josh Lerner
This teaching note is meant to guide in the instruction of HBS No. 316-013 "Blackstone at 30" case. It examines the process of institutionalization and scaling in private equity and alternative investments more generally, looking specifically at how Blackstone's size... View Details
- August 2018
- Case
Tapping Growth at Lord Hobo Brewing Company
By: Ethan Rouen and Susanna Gallani
Lord Hobo Brewing Company accounts for its inventory process as it prepares to create its first set of professional financial statements for investors. View Details
- August 2018
- Case
Enfoca: Private Equity in Peru
By: Victoria Ivashina and Jeffrey Boyar
This case follows Enfoca, Peru’s largest local private equity firm and its portfolio company Maestro, a leading player in Peru’s hardware retail market. Peru’s GDP growth between 2008 and 2014 was the highest of any Latin American country. Growth of the Peruvian middle... View Details
- August 2018
- Supplement
The Tax Man: Taxes in Private Equity Real Estate
By: Nori Gerardo Lietz, Timothy J. Becker, Ricardo Andrade and Sayiddah Fatima McCree
- August 2018
- Supplement
The Tax Man: Taxes in Private Equity Real Estate
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
- July 2018 (Revised November 2018)
- Case
Hidrovias do Brasil: Navigating Unchartered Waters
By: Boris Groysberg and Sarah L. Abbott
Since its founding eight years earlier, Hidrovias do Brasil (“Hidrovias”), an integrated logistics provider serving corporate customers exporting products from South America via the Atlantic Ocean, had grown to 900 employees and $253 million in annual revenues.... View Details
- June 2018
- Case
Burton Sensors, Inc.
By: William E. Fruhan and Wei Wang
Burton Sensors presents a realistic situation where a small, rapidly growing, and profitable temperature sensor original equipment manufacturer (OEM) reaches its debt capacity and seeks equity financing to sustain high growth. The president of the company must decide... View Details
- June 2018
- Background Note
Valuation Techniques in Private Equity: LBO Model
By: Victoria Ivashina, Alexey Tuzikov and Abhijit Tagade
This note introduces an "LBO model," the main performance assessment and valuation technique used in the private equity industry. View Details
- June 2018
- Teaching Note
Berkshire Partners: Party City
By: Victoria Ivashina and Jeffrey Boyar
Teaching Note for HBS No. 218-028. View Details
- May 2018
- Teaching Note
Mubadala and EBX: To X or to X It?
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
On April 3, 2013, Hani Barhoush and Oscar Fahlgren of Mubadala Capital (“Mubadala”) considered how to salvage Mubadala’s $2 billion preferred equity investment of a 5.63% stake in the EBX Group. At the time, EBX was the holding company of a myriad of subsidiaries and... View Details
- March 2018
- Teaching Note
Mavi: Fashioning a Path to Brand Growth
By: Jill Avery and Gamze Yucaoglu
Mavi, a leading Turkish apparel retailer, had sales of $419 million in 2015, up 20%. Growth rates like these were becoming routine at Mavi. But, its path to growth was getting more challenging, and Turkven, Mavi’s private equity partner, was planning its exit options... View Details
- March 2018 (Revised July 2018)
- Case
Cadre
By: Thomas R. Eisenmann, Scott Duke Kominers and David Lane
Late in 2017, CEO Ryan Williams and his team debated whether Cadre should become not only a technology-enabled investment manager, but also an online trading exchange providing high levels of liquidity for investors in commercial real estate (CRE) equity. Cadre was a... View Details
- February 2018 (Revised June 2019)
- Case
Jaguar Capital S.A.S., Take the Money and Run?
By: Nori Gerardo Lietz and Sayiddah Fatima McCree
In January 2014, Tomas Uribe and Rodrigo Sanchez-Rios of Jaguar Capital S.A.S. (Jaguar or Jaguar Capital), were considering an offer from White Stone, the world’s largest private equity real estate investor. Jaguar Capital needed capital to fund its investment thesis,... View Details
Keywords: Real Estate; Investing; Private Equity Financing; Deal Structuring; Emerging Market; Emerging Economies; Emerging Market Finance; International Entrepreneurship; Finance; Entrepreneurship; Agreements and Arrangements; Emerging Markets; Real Estate Industry; Retail Industry; Financial Services Industry; Colombia; Latin America; United States
- February 2018 (Revised August 2018)
- Supplement
The Tax Man: Taxes in Private Equity Real Estate
By: Nori Gerardo Lietz, Timothy J. Becker, Ricardo Andrade and Sayiddah Fatima McCree
- February 2018 (Revised December 2019)
- Case
The Tax Man: Taxes in Private Equity Real Estate
By: Nori Gerardo Lietz, Timothy J. Becker, Ricardo Andrade and Sayiddah F. McCree
In January 2018, Caelan Langan, an associate at KSW Partners LLC (“KSW”), was asked by Katherine Scott, the partner for whom he worked, to recommend a proposed structure to acquire a prominent office building in San Francisco for their most recent fund. Caelan was... View Details