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- September 2017 (Revised June 2021)
- Supplement
Tempur Sealy International (C)
By: Benjamin C. Esty and Lauren G. Pickle
Analyzes the commercial relationship between Tempur Sealy and Mattress Firm following the events discussed in the (B) case. View Details
Keywords: Porter's 5 Forces; Bargaining Power; Buyer Power; Customer Power; Supplier Power; Negotiations; Value Capture; Consumer Durables; Consumer Discretionary; Mattresses; B-2-B; Industry Dynamics; Compensation; Corporate Strategy; Business Strategy; Value Creation; Competition; Cooperation; Private Equity; Distribution; Negotiation; Industry Structures; Leadership; Customers; Relationships; Distribution Industry; Manufacturing Industry; United States; South Africa
- September 2017 (Revised July 2019)
- Case
Actera Group: Investing in Mars Cinema Group (A)
By: Victoria Ivashina and Eren Kuzucu
In summer of 2010, Murat Çavuşoğlu (HBS MBA 1994) led private equity firm Actera Group’s investment in Mars Cinema Group (Mars), the leading movie exhibitor in Turkey. Immediately after acquiring Mars and merging it with the second largest player in the market, AFM,... View Details
- September 2017 (Revised July 2019)
- Supplement
Actera Group: Investing in Mars Cinema Group (B)
By: Victoria Ivashina and Eren Kuzucu
Supplements the (A) case. View Details
- Fall 2017
- Article
An Empirical Analysis of Investment Return Dispersion in Emerging Markets Private Equity
By: Josh Lerner and Mark Baker
The authors use transaction-level data to compare the dispersion of private equity (PE) returns in emerging markets (EMs) to the same in developed markets (DMs). They regress within-market absolute deviation from the mean on an EM indicator and controls. They find... View Details
- Fall 2017
- Article
Strengthening and Streamlining Bank Capital Regulation
We propose three core principles that should inform the design of bank capital regulation. First, wherever possible, multiple constraints on the minimum level of equity capital should be consolidated into a single constraint. This helps to avoid a distortionary... View Details
- September 2017
- Article
The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment
By: Laura Alfaro, Anusha Chari and Fabio Kanczuk
Emerging-market governments adopted capital control taxes to manage the massive surge in foreign capital inflows in the aftermath of the global financial crisis. Theory suggests that the imposition of capital controls can drive up the cost of capital and curb... View Details
- August 2017 (Revised April 2024)
- Case
Ardian: Portfolio Company Governance
By: Lynn S. Paine, Emer Moloney and Tonia Labruyere
Leaders of the mid-cap buyout group at Ardian, the Paris-based private equity firm led by Dominique Senequier, have been asked to review and assess the governance model the firm uses for majority-owned companies in its portfolio. The case describes the governance model... View Details
- August 2017 (Revised January 2020)
- Case
Berkshire Partners: Party City
By: Victoria Ivashina and Jeffrey Boyar
In 2005, Berkshire Partners, a Boston-based private equity firm specializing in growth equity, was one year into their ownership of Amscan, the market leader of designed, manufactured, and distributed decorated party goods and accessories. However, Amscan's primary... View Details
- August 2017 (Revised January 2020)
- Case
PFA Pension: Expansion of Alternatives Portfolio
By: Victoria Ivashina, Federica Gabrieli and Jérôme Lenhardt
PFA Pension was the biggest commercial pension provider in Denmark. At the end of 2015, the company had decided to boost its investments into the alternative asset class, an area where it was lagging behind its competitors. The aim was to privilege direct investments... View Details
- August 2017 (Revised September 2023)
- Case
Altoona State Investment Board & Bain Capital Fund XI
By: Josh Lerner and Ted Berk
Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice among three different... View Details
- July 2017 (Revised January 2020)
- Background Note
Primer on Multiples Valuation and Its Use in the Private Equity Industry
By: Victoria Ivashina and Henrik Boe
This note explores the mechanics of multiples, different types of multiples, when and how to use them, and common pitfalls associated with multiples valuation. While a multiples approach is a very convenient valuation method, breaking down the underlying assumptions... View Details
- July 2017 (Revised July 2019)
- Supplement
"Doctor My Eyes"--The Acquisition of Bausch & Lomb by Warburg Pincus (B)
By: Nori Gerardo Lietz and Ricardo Andrade
The B Case of "Dr. My Eyes" provides the answer as to what happened after the ending fact pattern in Case A and the imminent choices faced by the protagonist in the primary case. At the end of the Case A, Bess Weatherman of Warburg Pincus, must chose one option of two... View Details
- July 2017
- Supplement
Centerbridge Partners and Great Wolf Resorts (B)
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the aftermath of the March 2015 Centerbridge Partners acquisition of Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. View Details
Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Leveraged Buyouts; Business Exit or Shutdown; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States
- July 2017
- Case
Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the March 2015 Centerbridge Partners investment decision regarding whether to acquire Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management. The case... View Details
Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Business Ventures; Acquisition; Finance; Borrowing and Debt; Cost; Cost of Capital; Equity; Private Equity; Financial Instruments; Debt Securities; Accommodations Industry; Entertainment and Recreation Industry; Financial Services Industry; North and Central America; United States
- June 2017
- Teaching Note
The U-Turns of National Truck Stops
By: Nori Gerardo Lietz and Alexander W. Schultz
Raj Makam had spent months trying to restructure a 2006 investment he had made in National Truck Stops, Inc. (“NTS”) as a senior member of Oaktree Capital Management’s (“Oaktree”) Mezzanine finance business within their Corporate Debt platform. It was the first time... View Details
- June 2017
- Teaching Note
Qalaa Holdings and the Egyptian Refining Company
By: Victoria Ivashina and Jeffrey Boyar
Teaching Note for HBS No. 217-011 View Details
- June 2017
- Teaching Note
Project Sun Devil and Project Paris
By: Nori Gerardo Lietz and Alexander W. Schultz
Tony Lee is preparing to present a project to the investment committee of Howard Street Capital. He will be recommending an investment in Project Sun Devil, a high-quality 225-unit student housing rental property near Tempe, Arizona. Tony Lee will compete for capital... View Details
Keywords: General Management; Financial Analysis; Return On Assets; Accounting; Performance Measurement; Financial Ratios; Return On Equity; Financial Statements; Profitability Analysis; Portfolio Investment; Portfolio Management; Real Estate; Property; Investment Portfolio; Investment Return; Analysis; Real Estate Industry; United States
- June 2017 (Revised November 2020)
- Teaching Note
Tableau
By: Boris Vallee and Botir Kobilov
Teaching Note for HBS No. 216-045. View Details
- June 2017
- Article
Does Aggregated Returns Disclosure Increase Portfolio Risk Taking?
By: John Beshears, James J. Choi, David Laibson and Brigitte C. Madrian
Many experiments have found that participants take more investment risk if they see returns less frequently, see portfolio-level returns (rather than each individual asset’s returns), or see long-horizon (rather than one-year) historical return distributions. In... View Details
- May 2017
- Case
Pho Hoa Dorchester
By: Leonard A. Schlesinger, Michael Raiche and Roger Zhu
Pho Hoa is a traditional, family-owned Vietnamese restaurant in Dorchester, Massachusetts that opened in 1992. As he approached retirement in recent years, the founder/owner has scaled down his involvement in the day-to-day operations, leading to a number of... View Details
Keywords: Pho Hoa; Tam Le; Small Business; Restaurants; Dorchester; Business Growth and Maturation; Business Organization; Family Business; Change Management; Transition; Diasporas; Cash Flow; Food; Employment; Wages; Working Conditions; Leading Change; Business Processes; Organizational Culture; Organizational Change and Adaptation; Organizational Structure; Ownership Stake; Franchise Ownership; Family and Family Relationships; Food and Beverage Industry; Viet Nam; Massachusetts; Boston; Eastern United States