Publications

1996
Chapter

The LBO Association as a Relational Investing Regime: Clinical Evidence From Clayton, Dubilier & Rice, Inc.

By: Timothy A. Luehrman and W. Carl Kester

Keywords: Leveraged Buyouts; Alliances; Investment

July 2008
Case

Aurora Capital Group - Douglas Dynamics

Aurora Capital, a U.S. Private Equity firm, contemplates whether to acquire Douglas Dynamics, the leading U.S. maker of snow plows. Does a business that is highly dependent on the weather, and is seasonal, make a good LBO candidate? This case provides a good... View Details

Keywords: Leveraged Buyouts; Private Equity; Investment; Goods and Commodities; Value Creation

04 Feb 2014
Blog Post

VCPE Club prepares for their annual conference…20 years and running!

Buyouts Magazine, Dow Jones, Mergers & Acquisitions, Pitchbook News, The Deal, and Venture Capital Journal. - Alexander Kleiner & Barbara Rauber, Barbara, VCPE Conference Co-Chairs View Details

July 1986 (Revised March 1989)
Case

Jim Southern

By: Howard H. Stevenson

A recent MBA graduate has reached tentative agreement for an LBO of a forms-printing business with $43 million sales. At the eleventh hour, however, the seller has demanded that the buyer personally guarantee $4 million of accounts payable. View Details

Keywords: Agreements and Arrangements; Leveraged Buyouts; Accounting

Keywords: Professor Amy C. Edmonson; Professor Boris Groysberg; Professor Josh Lerner; Teaching Fellow Ann Leamon; Professor Leslie A. Perlow; Professor of Management Practice Felda Hardymon;; social media; Finance

17 Nov 2015
Lessons from the Classroom

How Activist Investors Became Respectable

buyout raiders of the 1980s eventually morphed into the legitimate private equity business, greenmailers of a generation ago are now taken seriously as hard-nosed change agents who may be doing the right thing when they take on management... View Details

Keywords: by Joseph Fuller; Financial Services; Banking

29 Oct 2019
Blog Post

Merging the Worlds of Finance, Investing, and Environmental Impact

grow companies. Earlier this year we launched our buyout fund focused on scaling mature companies in the sector, which I now co-lead. Can you give me an example of a deal you’ve worked on recently? We’re just closing on our first deal... View Details

01 Mar 2007
News

Private Equity under Investigation

information. Syndication allows venture investors to get a valuable “second opinion” about potential additions to their portfolio. Second, it helps companies’ managements. Venture and buyout investors work closely with the managers of the... View Details

Keywords: Josh Lerner; syndication; antitrust enforcement; Funds, Trusts, and Other Financial Vehicles; Finance

01 Jun 2012
News

Faculty Books

as venture capital and buyouts but excluding hedge funds—has become a much larger, more influential part of the global economy over the past two decades. The authors—Lerner, the Jacob H. Schiff Professor of Investment Banking; Leamon, an... View Details

31 Jul 2014
News

Making Private Equity Public Knowledge

buyout modeling tests to typical recruiter questions—was released this summer. (Penned as part of an independent study with Associate Professor Victoria Ivashina, Sheyner received HBS course credit for the book.) But now, after years... View Details

Keywords: Dan Morrell

19 Aug 2008
First Look

First Look: August 19, 2008

Carlyle Japan, wants to formulate a strategy to improve his firm's ability to source high-quality deals at competitive valuations, or prices. Buyout funds like Carlyle typically have two deal phases: sourcing and monitoring. These... View Details

Keywords: Sean Silverthorne

01 Oct 1996
News

Starting Now — Bruce Wasserstein (MBA 1971)

position in the mergers and acquisitions business. In addition, the firm has had some notable successes in its merchant banking business, having participated in the buyouts of IMAX, Maybelline, and Collins & Aikman, in particular.... View Details

Keywords: Marguerite Rigoglioso, with Elizabeth McNair

21 Nov 2006
First Look

First Look: November 21, 2006

Working PapersThe Performance of Reverse Leveraged Buyouts Authors:Jerry Cao and Josh Lerner Abstract Reverse leveraged buyouts (RLBOs) have received increased public scrutiny but attracted little... View Details

Keywords: Sean Silverthorne

July 2001
Case

Regal Cinemas LBO (B)

By: Malcolm S. Salter and Daniel Green

Supplements the (A) case. View Details

Keywords: Leveraged Buyouts; Corporate Governance; Failure

1989
Chapter

LBOs and the Reemergence of Institutional Monitoring of Managers

By: Michael C. Jensen

Keywords: Leveraged Buyouts; Corporate Accountability; Corporate Governance; Management

June 1996
Case

Pathfinder Capital

By: William A. Sahlman and Andrew S. Janower

Two former consultants have raised a search fund and are looking for a company to buy and run. After eight months of looking at deals, they have just signed a letter of intent to buy the second largest book retail chain in Canada in a turnaround situation. They must... View Details

Keywords: Entrepreneurship; Business Startups; Leveraged Buyouts; Financing and Loans; Venture Capital; Change; Decisions

25 Apr 2017
First Look

First Look at New Research, April 25

providers. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=50817 December 2016 Harvard Law Review Deal Process Design in Management Buyouts By: Subramanian, Guhan Abstract—Management buyouts... View Details

Keywords: Sean Silverthorne

25 Aug 2022
News

Full Stream Ahead

long-dated liabilities and need to deploy cash continuously, Soares says. “The appetite for ever-larger buyout transactions from those mega funds trickled into the music industry also.” Those trends collided with a “combustion” of other... View Details

Keywords: Jen McFarland Flint; Performing Arts, Spectator Sports, and Related Industries; Arts, Entertainment

01 Oct 2001
News

David B. Price, Jr.: Aiming High

everything from electronics and sporting goods to food and drugs. Recently, with Goodrich focusing increasingly on the aerospace industry, Price oversaw the leveraged buyout of his division and bid farewell to Goodrich last spring. Now,... View Details

Keywords: Margie Kelley; Management of Companies and Enterprises; Management

December 2000
Case

SupplierMarket.com (A)

By: William A. Sahlman and Jared Stone

Describes a decision confronting the cofounders of a B2B Internet firm that focuses on the purchasing process for manufactured direct materials. The company has raised one round of capital from two prominent venture capital firms and must decide if it makes sense to... View Details

Keywords: Leveraged Buyouts; Customers; Decisions; Venture Capital; Internet