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- All HBS Web
(2,358)
- People (16)
- News (453)
- Research (1,331)
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- August 2007 (Revised January 2008)
- Case
Dollar General Going Private
Intended to improve students' understanding and encourage their use of financial statement analysis. The context is Dollar General Corporation's acquisition by private equity sponsor KKR, which took the company private in 2007. Although the proposed merger generated a... View Details
Keywords: Financial Statements; Mergers and Acquisitions; Private Equity; Price; Privatization; Valuation; Retail Industry
Katz, Sharon P. "Dollar General Going Private." Harvard Business School Case 108-015, August 2007. (Revised January 2008.)
- 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
Ivashina, Victoria, and Henrik Boe. "Primer on Multiples Valuation and Its Use in the Private Equity Industry." Harvard Business School Background Note 218-017, July 2017. (Revised January 2020.)
- November 2008
- Case
Adnexus Therapeutics, Inc.: Considering the Exit
By: Vicki L. Sato and Rachel Gordon
Dr. John Mendlein, CEO of Adnexus Therapeutics Inc. (Adnexus), a private biotechnology company, must decide whether to pursue acquisition talks with Bristol-Myers Squibb (BMS) after a successful six-month collaboration or continue with Adnexus' planned IPO. View Details
Keywords: Mergers and Acquisitions; Decision Choices and Conditions; Entrepreneurship; Initial Public Offering; Corporate Strategy; Biotechnology Industry
Sato, Vicki L., and Rachel Gordon. "Adnexus Therapeutics, Inc.: Considering the Exit." Harvard Business School Case 609-015, November 2008.
- Article
Does Legal Enforcement Affect Financial Transactions?: The Contractual Channel in Private Equity
By: Josh Lerner and Antoinette Schoar
Lerner, Josh, and Antoinette Schoar. "Does Legal Enforcement Affect Financial Transactions?: The Contractual Channel in Private Equity." Quarterly Journal of Economics 120, no. 1 (February 2005): 223–246. (Earlier version distributed as National Bureau of Economic Research Working Paper No. 10348.)
- February 2024 (Revised June 2024)
- Case
Can Families Conquer Private Equity? Pritzker Private Capital
By: Lauren Cohen and Sophia Pan
Anthony (Tony) Pritkzer, Paul Carbone, and the Pritzker Private Capital (PPC) team wondered how to approach the firm’s next phase of growth. PPC was a private equity firm that offered a differentiated approach to the family capital market. Back in 2016, the partners... View Details
Keywords: Family Office; External Financing; Succession; Leadership Transition; Family Business; Private Equity; Investment; Business Growth and Maturation; Financial Strategy; Investment Portfolio; Business Model; Private Sector; Financial Liquidity; Risk Management; Organizational Structure; Competitive Advantage; Venture Capital; Management Succession; Financial Services Industry; Chicago; Illinois; United States
Cohen, Lauren, and Sophia Pan. "Can Families Conquer Private Equity? Pritzker Private Capital." Harvard Business School Case 224-078, February 2024. (Revised June 2024.)
- June 2013
- Teaching Note
Wayne Ferrari: iAutomation at a Crossroads
By: Jim Sharpe and Michael Norris
This is the teaching note associated with HBS Case #813120. View Details
- February 2021 (Revised June 2021)
- Case
Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO
By: Tom Nicholas and John Masko
During the 1980s, leveraged buyouts (LBOs) and the private equity (PE) firms responsible for carrying them out revolutionized both investment and management in the U.S. Between 1980 and 1989, buyout activity in the U.S. surged from $1 billion per year to $60 billion.... View Details
Keywords: Leveraged Buyouts; Mergers and Acquisitions; Business Conglomerates; Restructuring; Borrowing and Debt; Private Equity; Bonds; Investment Return; Institutional Investing; Profit Sharing; Business History; Management Style; Private Ownership; Performance Effectiveness; Value Creation; Financial Services Industry; United States
Nicholas, Tom, and John Masko. "Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO." Harvard Business School Case 821-016, February 2021. (Revised June 2021.)
- 16 Feb 2004
- Research & Ideas
European Private Equity—Still a Teenager?
U.S. Buyouts in Europe are more common than early-stage investing; the reverse may be true in the U.S. Phenomena such as multiple buyouts—a buyout of a buyout of a buyout—are not unknown. And exit is difficult throughout the continent,... View Details
- August 2020
- Technical Note
Discounted Cash Flows (DCF) Valuation Methods and Their Application in Private Equity
Ivashina, Victoria. "Discounted Cash Flows (DCF) Valuation Methods and Their Application in Private Equity." Harvard Business School Technical Note 221-012, August 2020.
- Article
The Operational Consequences of Private Equity Buyouts: Evidence from the Restaurant Industry
By: Shai Bernstein and Albert Sheen
Bernstein, Shai, and Albert Sheen. "The Operational Consequences of Private Equity Buyouts: Evidence from the Restaurant Industry." Review of Financial Studies 29, no. 9 (September 2016): 2387–2418.
- March 2022
- Teaching Note
Hollie Haynes: An Unanticipated Crossroads
By: Josh Lerner
Keywords: Private Equity
- March 2014
- Case
Transforming Tommy Hilfiger (A)
By: Raffaella Sadun, Hanoch Feit, Vaibhav Gujral and Gerard Zouein
At the end of 2005, Tommy Hilfiger is taken private by Apax Partners after years of disappointing performance and strategic impasse. Students are asked to evaluate alternative strategic options for the company, and to propose a concrete turnaround plan for the first... View Details
Keywords: Turnaround; Private Equity; Private Ownership; Diversification; Acquisition; Retail Industry; Apparel and Accessories Industry; United States; Europe
Sadun, Raffaella, Hanoch Feit, Vaibhav Gujral, and Gerard Zouein. "Transforming Tommy Hilfiger (A)." Harvard Business School Case 714-451, March 2014.
- September 2020
- Case
Blackstone: Crocs Investment
By: Victoria Ivashina, John D. Dionne and Terrence Shu
This case follows Prakash Melwani (HBS MBA '86), CIO of Blackstone's Private Equity Group, and his teams’ investment in the footwear company Crocs. Instead of a traditional secondary offering, Crocs opted for a unique deal structure by taking Blackstone's cash in a... View Details
Ivashina, Victoria, John D. Dionne, and Terrence Shu. "Blackstone: Crocs Investment." Harvard Business School Case 221-023, September 2020.
- April 2009 (Revised December 2010)
- Case
Equity International: The Second Act
By: Nicolas P. Retsinas, Ben Creo and Ricardo Reisen de Pinho
Thomas McDonald, senior vice president of Equity International (EI), is weighing an investment in the Brazilian homebuilder Gafisa. Was this the right country? The right company? The right co-investor? The right time? McDonald would be investing alongside a Brazilian... View Details
Keywords: Private Equity; Investment; Emerging Markets; Partners and Partnerships; Interests; Brazil
Retsinas, Nicolas P., Ben Creo, and Ricardo Reisen de Pinho. "Equity International: The Second Act." Harvard Business School Case 209-110, April 2009. (Revised December 2010.)
- September 2004
- Teaching Note
Between a Rock and a Hard Place: Valuation and Distribution in Private Equity (TN)
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note to (9-803-161). View Details
- 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
Davis, Steven J., John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner, and Javier Miranda. "Private Equity, Jobs, and Productivity." American Economic Review 104, no. 12 (December 2014): 3956–3990. (Earlier versions distributed as National Bureau of Economic Research Working Paper No. 17399 and Harvard Business School Working Paper No. 12-033.) (Originally called "Private Equity and Employment.")
- January 2022 (Revised July 2022)
- Case
Hollie Haynes: An Unanticipated Crossroads
By: Josh Lerner, John D. Dionne and Abdul Al-Asaad
Keywords: Private Equity
Lerner, Josh, John D. Dionne, and Abdul Al-Asaad. "Hollie Haynes: An Unanticipated Crossroads." Harvard Business School Case 822-084, January 2022. (Revised July 2022.)
- October 2021
- Teaching Note
Apax Partners and Duck Creek Technologies
By: Josh Lerner
Teaching Note for HBS Case No. 221-075. View Details
Keywords: Private Equity
- October 1996 (Revised November 1997)
- Background Note
Venture Capital and Private Equity: Course Overview
By: Josh Lerner
Provides an overview of the Venture Capital and Private Equity modules. View Details
Lerner, Josh. "Venture Capital and Private Equity: Course Overview." Harvard Business School Background Note 297-045, October 1996. (Revised November 1997.)
- June 2019
- Technical Note
Valuing Employee Equity at Early Stage Ventures
By: Shikhar Ghosh, Christopher Stanton and Sanchali Pal
The note introduces a framework to consider factors that influence the value of employee equity at early stage ventures. Valuing equity is complex, and it important to account for expected dilution, assess exit potential, and acknowledge the high rate of failure in... View Details
Ghosh, Shikhar, Christopher Stanton, and Sanchali Pal. "Valuing Employee Equity at Early Stage Ventures." Harvard Business School Technical Note 819-167, June 2019.