Management Buyout - Publications - Faculty & Research - Harvard Business School

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April 2025
Case

Japan Industrial Partners Powers the Leveraged Buyout of Toshiba

By: Brian K. Baik, Joseph Pacelli and James Barnett

The case explores Japan Industrial Partners (JIP) $14 billion takeover of Toshiba Corporation (Toshiba). JIP was a private equity firm that took over the troubled electronics corporation in late 2023. The deal, which had been labeled one of the largest leveraged... View Details

2000
Chapter

Leveraged Management Buyouts at KKR: Historical Perspectives on Patient Equity, Debt, Discipline, and LBO Governance.

By: George P. Baker and George Smith

Keywords: Governance; History; Leveraged Buyouts; Executive Compensation; Borrowing and Debt

March 1990 (Revised November 2004)
Case

O.M. Scott & Sons Co. Leveraged Buyout

By: George P. Baker III and Karen Wruck

Documents the organizational changes that took place at O.M. Scott & Sons Co. in response to their leveraged buyout. Provides the opportunity for students to discuss the effects of high leverage on management decision making, and the differences between operating as a... View Details

Keywords: Leveraged Buyouts; Capital Structure; Borrowing and Debt; Organizational Structure; Organizational Change and Adaptation; Management; Business Conglomerates; Cost of Capital; Financial Services Industry

December 2019 (Revised January 2021)
Supplement

The Leveraged Buyout of TXU: (B) Energy Future Holdings

By: Trevor Fetter, Erik Snowberg and Rebecca M. Henderson

This case is designed to support a lively discussion about the relative merits of shareholder vs. stakeholder perspectives in the context of a company that provides a vital public service that has important environmental implications. The 2007 purchase of TXU, the... View Details

Keywords: Leveraged Buyouts; Transformation; Insolvency and Bankruptcy; Environmental Sustainability; Business and Shareholder Relations; Business and Stakeholder Relations; Energy Generation; Utilities Industry; Energy Industry; Texas

2024
Working Paper

Private Equity Fund Valuation Management during Fundraising

By: Brian K. Baik

I investigate whether and how private equity fund managers (GPs) inflate their interim fund valuations (net asset values or NAVs) during fundraising periods. Specifically, I study the extent to which the GPs inflate NAVs by managing valuation assumptions (e.g.,... View Details

Keywords: Private Equity; Institutional Investors; Valuation Multiples; Earnings Management; Private Firms; Valuation; Investment Funds

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

Keywords: Finance; Succession; Buyout; Leveraged Buyout; Turnaround; Operations; Private Equity; Management Succession; Business Model; Leveraged Buyouts; Trends; Organizational Change and Adaptation

August 2013
Supplement

HgCapital and the Visma Transaction (B-2): Oystein Moan

By: Paul A. Gompers, Karol Misztal and Joris Van Gool

Keywords: Private Equity; Leveraged Buyouts; Management Buyout; Deal Structuring; Negotiations; Finance; Valuation; Europe

October 2019 (Revised December 2019)
Case

BC Partners: Acuris

By: Victoria Ivashina and Terrence Shu

This case follows Nikos Stathopoulos, Managing Partner of BC Partners, as he and his team evaluate the potential sale of one of BC Partners’ portfolio companies, Acuris. Acuris was a global financial intelligence, news, and data company that had been acquired by BC... View Details

Keywords: Fund Management; Fund Raising; Leveraged Buyout; Buyout; Portfolio Management; Operations Improvement; Exit; Exit Strategy; Valuation Ratios; Finance; Private Equity; Leveraged Buyouts; Operations; Performance Improvement; Acquisition; Valuation

August 2013
Case

HgCapital and the Visma Transaction (A)

By: Paul A. Gompers, Karol Misztal and Joris Van Gool

This case concerns the negotiations of a deal by HgCapital, a UK-based private equity firm, to buy Visma, ASA, a Norwegian software company. Visma has received an offer from Sage Group, a strategic acquirer. HgCapital must determine if it wants to bid and how to outbid... View Details

Keywords: Management Buyout; Deal Structuring; Negotiations; Private Equity; Finance; Valuation; Leveraged Buyouts; Negotiation Deal; Negotiation; Strategy; Europe

October 2013
Supplement

HgCapital and the Visma Transaction (A) Courseware

By: Paul A. Gompers

This courseware is to be used with HgCapital and the Visma Transaction (A), HBS No. 214018. View Details

Keywords: Private Equity; Leveraged Buyouts; Management Buyout; Deal Structuring; Negotiations; Finance; Valuation; Europe

August 2013
Supplement

HgCapital and the Visma Transaction (B-1): Nic Humphries

By: Paul A. Gompers, Karol Misztal and Joris Van Gool

Keywords: Private Equity; Leveraged Buyouts; Management Buyout; Deal Structuring; Negotiations; Finance; Valuation; Europe

October 2012
Case

Harrah's Entertainment

By: Paul A. Gompers, Kristin Mugford and J. Daniel Kim

This case examines the issues of establishing and managing a capital structure for the leveraged buyout of Harrah's Entertainment. View Details

Keywords: Leveraged Buyouts; Debt Markets; Loan Contracts; Covenants; Casinos; Gaming; Private Equity; Entertainment and Recreation Industry; United States

November 1989 (Revised March 2000)
Case

Wisconsin Central Ltd. Railroad and Berkshire Partners (A): Leveraged Buyouts and Financial Distress

By: Michael C. Jensen, Willy Burkhardt and Brian Barry

Wisconsin Central Ltd. is a regional railroad formed in a leveraged buyout, which is currently in default on its loan covenants. The case uses this situation to examine the financial structure of a typical LBO association and its internal control mechanisms and... View Details

Keywords: Financial Management; Governing and Advisory Boards; Leveraged Buyouts; Financial Condition; Financing and Loans; Corporate Finance; Rail Industry

July 2021
Case

Bessemer Venture Partners: Century Fund

By: Jo Tango and Alys Ferragamo

In July of 2021, Bessemer Venture Partners (BVP) contemplated the future of its growth investing practice, known as “Century.” While still relatively new as a focused initiative, BVP’s growth investing already had significant momentum. The fund’s investment pace had... View Details

Keywords: Leveraged Buyouts; Financial Institutions; Growth and Development Strategy; Investment Banking; Competitive Strategy; Public Sector; Venture Capital; Private Equity; Acquisition

May 2015
Case

Venture Republic, 2011

By: W. Carl Kester and Mayuka Yamazaki

In December 2011, the founders of Venture Republic, a Japanese developer and operator of on-line search engines for shopping and travel, faced a decison about whether or not to take the company private in a management buyout transaction just three years after an... View Details

Keywords: Management Buyout; MBO; Valuation Methodologies; Financing Decisions; Conflicts Of Interest; Governance; Japan; Search Engines; Going Private; Conflict of Interests; Internet and the Web; Valuation; Privatization; Financing and Loans; Corporate Governance; Web Services Industry; Japan

09 Jul 2024
Research & Ideas

Are Management Consulting Firms Failing to Manage Themselves?

are experts at diagnosing and solving a variety of issues for their clients, are struggling to apply their own management principles internally.” To regain equilibrium, over the past two years, some major consulting firms have... View Details

Keywords: by David Fubini; Consulting

March 2013 (Revised March 2014)
Case

Brazos Partners and the Tri-Northern Exit

By: Matthew Rhodes-Kropf and Nathaniel Burbank

Randall Fojtasek, a partner at the Dallas-based Brazos Private Equity Partners, must decide whether now is the time to sell his firm's investment in Tri-Northern Distribution. Brazos, a middle-market leveraged buyout group, created the company two years earlier through... View Details

Keywords: Private Equity Exit; LBO; Leveraged Buyout Transaction; Texas; Security; Brazos; Tri-Northern; Tri-Ed; Northern Video; Private Equity; Partners and Partnerships; Distribution; Leveraged Buyouts; Decision Choices and Conditions; Investment Funds; Financial Services Industry; Distribution Industry; Texas

Fast Answer

Resources for Investment Management and Financial Analysis

Resources and instructional videos for company and industry financial analysis, stock pitching, Business Analysis & Valuation Using Financial Statements (BAV), Investment Management and Capital Markets, Projects in... View Details

07 Jul 2008
Research & Ideas

Innovation Corrupted: How Managers Can Avoid Another Enron

for natural gas, and to create derivative supply contracts that could help customers manage the risks of demand volatility and price swings more effectively than before. In this way, Skilling and his colleagues solved a major contracting... View Details

Keywords: by Martha Lagace; Energy; Utilities

October 2012
Case

Winfield Refuse Management, Inc.: Raising Debt vs. Equity

By: W. Carl Kester and Sunru Yong

A small, publicly traded company specializing in non-hazardous waste management considers a major acquisition in the Midwestern U.S. The acquisition can provide entry into the region, help the firm compete in a competitive industry, and improve its cost position. The... View Details

Keywords: United States; Acquisitions; Capital Structure; Equity Capital; Debt Management; Expansion; Leveraged Buyouts; Financial Analysis; Administrative/Support/Waste Management/Remediation Services; Equity; Borrowing and Debt; Service Industry

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