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2022
Working Paper

Racial Diversity in Private Capital Fundraising

By: Johan Cassel, Josh Lerner and Emmanuel Yimfor

Black- and Hispanic-owned funds control a very modest share of assets in the private capital industry. We find that the sensitivity of follow-on fundraising to fund performance is greater for minority-owned groups, particularly for underperforming groups. We... View Details

Keywords: Buyouts; Capital Formation; Minorities; Venture Capital; Minority-owned Businesses; Race; Diversity; Investment Funds; Financial Services Industry

July 2023 (Revised February 2024)
Case

Equity Restructuring at Dell Technologies: Buy Out, Buy Up, Buy In (A)

By: Stuart C. Gilson and Sarah L. Abbott

In November 2018, Dell Technologies was poised to re-enter the public markets by means of a complex recapitalization that would replace an entire class of publicly-traded “tracking stock,” with new shares that would trade publicly without the need of a formal IPO. The... View Details

Keywords: Technology; M＆A; Recapitalization; MBO; Equity Issues; Private Equity Buyouts; Public Ownership; Stock Shares; Mergers and Acquisitions; Equity; Technology Industry; United States

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

December 2017
Teaching Note

Centerbridge Partners and Great Wolf Resorts: Buying from a Highly Regarded Competitor

By: Josh Lerner, John D. Dionne and Amram Migdal

Teaching Note for HBS Nos. 818-023 and 818-024. View Details

Keywords: Private Equity Financing; Commercial Mortgage Backed Securities; CMBS; Secondary Buyouts; Sbo; Business Exit or Shutdown; Entertainment and Recreation Industry; Financial Services Industry

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

February 2013 (Revised February 2013)
Case

Wayne Ferrari: iAutomation at a Crossroads

By: Jim Sharpe and Michael Norris

Wayne Ferrari has bridged the gap between being an independent entrepreneur and a "professional manager." After selling his business to a Private Equity (PE) firm, Ferrari takes on the role of CEO and with their support implements a roll-up strategy to attain growth... View Details

Keywords: Entrepreneurial Management; Entrepreneurial Organizations; Leveraged Buyouts; Roll-up; Career Planning; Acquisitions; Pricing; Pricing Policies; Pricing Strategy; Pricing Structure; Acquisition; Entrepreneurship; Private Equity; Distribution; Integration; System; Electronics Industry; Distribution Industry; United States

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

Keywords: Private Equity Exit; Investing; Fund Exit; Fund Management; Wealth Management; Liquidity; Buyout; Exit Strategy; Preferred Shares; Convertible Notes; Finance; Private Equity; Investment; Asset Management; Wealth; Management; Financial Liquidity

October 2019
Teaching Note

Granite Equity Partners

By: Victoria Ivashina and Terrence Shu

This teaching note accompanies HBS case 219-040, “Granite Equity Partners,” which follows the private equity firm as it evaluates the potential acquisition of Tyrell Corp., a Minnesota-based quality control biomaterials company. Granite Equity’s fund was different from... View Details

Keywords: Private Equity Exit; Investing; Fund Exit; Fund Management; Wealth Management; Liquidity; Buyout; Exit Strategy; Preferred Shares; Convertible Notes; Finance; Private Equity; Investment; Asset Management; Wealth; Management; Financial Liquidity; Minnesota; United States

May 1989 (Revised August 2006)
Case

RJR Nabisco

By: Richard S. Ruback

Gives students the opportunity to explore issues facing the board of directors in a leveraged buyout. RJR Nabisco is valued under different operating strategies and the source of gains in leveraged buyouts is stressed. View Details

Keywords: Leveraged Buyouts; Profit; Operations; Problems and Challenges; Strategy; Valuation

November 2006 (Revised December 2011)
Case

HCA, Inc. (A)

By: Richard S. Ruback

Focuses on the buyout of HCA by three private equity firms: Bain Capital, KKR, and Merrill Lynch Global Private Equity. It provides an opportunity to discuss a variety of issues related to leveraged buyouts including the process, the role of private equity, the... View Details

Keywords: Leveraged Buyouts; Private Equity; Investment; Business and Shareholder Relations; Conflict and Resolution; Valuation

March 2008 (Revised May 2008)
Case

Carlyle Japan (A)

By: David B. Godes, Masako Egawa and Mayuka Yamazaki

Tamotsu Adachi, Managing Director of 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: Financial Instruments; Leveraged Buyouts; Supply Chain Management; Marketing Channels; Sales; Financial Services Industry; Japan

November 1988 (Revised September 1991)
Case

Simmons Japan Ltd.

By: W. Carl Kester and Richard P. Melnick

Concerns the first leveraged buyout to occur in Japan. Analytic tasks include a valuation of the company and an assessment of its debt capacity. Also provides opportunities to discuss agency costs associated with alternative capital and equity ownership structures,... View Details

Keywords: Leveraged Buyouts; Restructuring; Borrowing and Debt; Capital Structure; Cost; Equity; Production; Valuation; Japan; United States

16 Jun 2003
Research & Ideas

Surveying the VC Landscape

venture capitalists might be more comfortable in investing in truly early-stage technologies. Q: What is the role of the buyout firm in the VC investing cycle, given the activity they and restructuring firms have had in keeping ventures... View Details

Keywords: by Ann Cullen; Financial Services

February 2002 (Revised February 2004)
Case

Brazos Partners: the CoMark LBO

By: Josh Lerner, G. Felda Hardymon and Ann Leamon

The partners of a new midmarket buyout fund are working on a buyout of a closely held modular building company. Although originally structured as a stock deal, they have realized that an asset deal would be preferable from their point of view and are trying to... View Details

Keywords: Leveraged Buyouts; Negotiation Deal; Valuation

December 2014
Article

Private Equity, Jobs, and Productivity

By: Steven J. Davis, John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner and Javier Miranda

Private equity critics claim that leveraged buyouts bring huge job losses. To investigate this claim, we construct and analyze a new dataset that covers U.S. private equity transactions from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments... View Details

Keywords: Private Equity; Leveraged Buyouts; Performance Productivity; Jobs and Positions; United States

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February 1999 (Revised June 1999)
Case

Investitori Associati: Exiting the Savio LBO (A)

By: Josh Lerner, Dino Cattaneo and Giampiero Mazza

Investitori Associati seeks to exit a leveraged buyout investment. Choosing the appropriate way in which to undertake their exit-an initial public offering or sale of the firm-proves problematic. View Details

Keywords: Private Equity; Initial Public Offering; Business Exit or Shutdown; Leveraged Buyouts

July 2001
Case

Regal Cinemas LBO (A)

By: Malcolm S. Salter and Daniel Green

This case describes one of the greatest LBO failures of the 1990s. It presents an overview of the difficulties two experienced buyout sponsors were forced to deal with. View Details

Keywords: Leveraged Buyouts; Corporate Governance; Failure

June 1990 (Revised August 1995)
Case

RJR Nabisco--1990

By: Andre F. Perold

Describes the situation facing RJR Nabisco one year after the leveraged buyout by Kohlberg Kravis and Roberts. A vehicle for analyzing the financial restructuring of a highly leveraged, but operationally healthy, company. View Details

Keywords: Leveraged Buyouts; Restructuring; Financial Strategy; Problems and Challenges

February 2001 (Revised March 2001)
Case

Apax Partners and Dialog Semiconductor: March 1998

By: G. Felda Hardymon, Josh Lerner, Antonio Alvarez-Cano and Borja Martinez

Apax Partners is considering a complex buyout of a semiconductor manufacturer. The firms must assess in a compressed timeframe the complex technological, financial, and operational risks that the proposed transaction poses. View Details

Keywords: Market Transactions; Leveraged Buyouts; Restructuring; Time Management; Production; Risk Management; Financial Services Industry; Semiconductor Industry

May 1981 (Revised May 1989)
Case

Congoleum Corp.

Describes the development and terms of the largest leveraged buyout up to the date of the case. The main problem is to value the positions of the various participants: lenders, equity holders, investment bankers, and management. View Details

Keywords: Negotiation; Leveraged Buyouts

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