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    • All HBS Web  (101)
      • Faculty Publications  (40)

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      • 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
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      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.)
      • June 2018
      • Background Note

      Valuation Techniques in Private Equity: LBO Model

      By: Victoria Ivashina, Alexey Tuzikov and Abhijit Tagade
      This note introduces an "LBO model," the main performance assessment and valuation technique used in the private equity industry. View Details
      Keywords: LBO Model; Valuation; Private Equity; Performance Evaluation
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      Ivashina, Victoria, Alexey Tuzikov, and Abhijit Tagade. "Valuation Techniques in Private Equity: LBO Model." Harvard Business School Background Note 218-106, June 2018.
      • November 2017
      • Teaching Note

      The Carlyle Group and Axalta

      By: Josh Lerner and Alexey Tuzikov
      Teaching Note for HBS No. 818-040. View Details
      Keywords: Private Equity; Carlyle; Axalta; LBO; Leveraged Buyout
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      Lerner, Josh, and Alexey Tuzikov. "The Carlyle Group and Axalta." Harvard Business School Teaching Note 818-074, November 2017.
      • February 2014 (Revised October 2014)
      • Case

      ISS A/S: The Buyout

      By: Clayton Rose, Carsten Bienz and Lucy White
      Provides the opportunity to value a leveraged buy-out; and to examine the nature and extent of a company's responsibilities to its bondholders. Here, the context is a "going private" transaction in Europe, where the financing plan called for the addition to the... View Details
      Keywords: LBO; Private Equity; Contracts; Global Business; International Business; Finance; Ethics; Law; Service Industry; Europe
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      Rose, Clayton, Carsten Bienz, and Lucy White. "ISS A/S: The Buyout." Harvard Business School Case 214-027, February 2014. (Revised October 2014.)
      • December 2013 (Revised January 2014)
      • Teaching Note

      HCA, Inc. LBO Exit

      By: Victoria Ivashina
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      Ivashina, Victoria. "HCA, Inc. LBO Exit ." Harvard Business School Teaching Note 214-059, December 2013. (Revised January 2014.)
      • October 2013
      • Case

      Advantage Partners: Dia Kanri (A)

      By: Paul A. Gompers, Nobuo Sato and Akiko Kanno
      This case explores the opportunity to purchase the condominium management business of a distressed real estate developer by Advantage Partners, a leading Japanese private equity firm. The case explores investment structuring, bidding strategy, and the ability of... View Details
      Keywords: Private Equity; LBO; Roll-up; Investment; Financing; Condominium Management; Leveraged Buyouts; Asia
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      Gompers, Paul A., Nobuo Sato, and Akiko Kanno. "Advantage Partners: Dia Kanri (A)." Harvard Business School Case 214-016, October 2013.
      • October 2013
      • Supplement

      Advantage Partners: Dia Kanri (B)

      By: Paul A. Gompers, Nobuo Sato and Akiko Kanno
      This case presents the final decision and outcomes for the (A) case. View Details
      Keywords: Private Equity; LBO; Roll-up; Investment; Condominium Management; Leveraged Buyouts; Asia
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      Gompers, Paul A., Nobuo Sato, and Akiko Kanno. "Advantage Partners: Dia Kanri (B)." Harvard Business School Supplement 214-017, October 2013.
      • October 2013
      • Module Note

      Note on LBO Capital Structure

      By: Victoria Ivashina, Paul A. Gompers, Paul A. Gompers, Victoria Ivashina, Joris Van Gool and Joris Van Gool
      This note discusses the capital structure often found in LBO transactions. Although the specifics of each capital structure vary case by case, in any given year, there is a great deal of similarity in the capital structure of these buyouts. These similarities exist... View Details
      Keywords: Leveraged Buyouts; Capital Structure
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      Gompers, Paul A., Victoria Ivashina, and Joris Van Gool. "Note on LBO Capital Structure." Harvard Business School Module Note 214-039, October 2013.
      • December 2012 (Revised January 2015)
      • Technical Note

      Early Career LBOs Using the Search Fund Model

      By: Howard Stevenson, Michael Roberts and Jim Sharpe
      The funded search model is one alternative for individuals who, at some point in their career, want to run their own companies. This note looks at the funded search, as a means to entrepreneurship through acquisition and describes the path to buy and run a business... View Details
      Keywords: Search Funds; Search; Entrepreneurial Finance; Investor Behavior; Career Planning; Entrepreneurial Management; Fundraising; Negotiation; Entrepreneurship; Capital Structure; Borrowing and Debt; Personal Development and Career; Private Ownership; Acquisition; Finance; Leveraged Buyouts
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      Stevenson, Howard, Michael Roberts, and Jim Sharpe. "Early Career LBOs Using the Search Fund Model." Harvard Business School Technical Note 813-119, December 2012. (Revised January 2015.)
      • November 2012 (Revised January 2014)
      • Case

      HCA, Inc. LBO Exit

      By: Victoria Ivashina
      This case discusses the events following the 2006 $33.2 billion buyout of Hospital Corporation of America (HCA) by a consortium of private equity firms, including Bain Capital, KKR, and Merrill Lynch's private equity arm. The case highlights some of the core features... View Details
      Keywords: Entrepreneurship; Finance; Stockholders; Dividends; Private Equity; Initial Public Offering
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      Ivashina, Victoria. "HCA, Inc. LBO Exit." Harvard Business School Case 813-056, November 2012. (Revised January 2014.)
      • April 2011
      • Article

      Private Equity and Long-Run Investment: The Case of Innovation

      By: Josh Lerner, Morten Sorensen and Per Stromberg
      A long-standing controversy is whether LBOs relieve managers from short-term pressures of dispersed shareholders, or whether LBO funds themselves are driven by short-term profit motives and sacrifice long-term growth to boost short-term performance. We investigate 495... View Details
      Keywords: Patents; Private Equity; Leveraged Buyouts; Investment; Innovation and Invention
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      Lerner, Josh, Morten Sorensen, and Per Stromberg. "Private Equity and Long-Run Investment: The Case of Innovation." Journal of Finance 66, no. 2 (April 2011): 445–477.
      • 2009
      • Working Paper

      Conglomerates and LBO Associations: A Comparison of Organizational Forms

      By: George P. Baker and Cynthia A. Montgomery
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      Baker, George P., and Cynthia A. Montgomery. "Conglomerates and LBO Associations: A Comparison of Organizational Forms." Harvard Business School Working Paper, No. 10-024, September 2009.
      • November 2007 (Revised June 2011)
      • Case

      ISS A/S (A)

      By: Clayton S. Rose
      Provides the opportunity to examine the nature and extent of a company's responsibilities to its bondholders, and to develop an enhanced understanding of the challenges in managing contractual obligations, and circumstances under which business leaders might agree to... View Details
      Keywords: Risk and Uncertainty; Bonds; Contracts; Private Equity; Leveraged Buyouts; Privatization; Business and Stakeholder Relations; Borrowing and Debt; Cross-Cultural and Cross-Border Issues; Europe
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      Rose, Clayton S. "ISS A/S (A)." Harvard Business School Case 308-054, November 2007. (Revised June 2011.)
      • January 2006 (Revised May 2007)
      • Case

      Endo Pharmaceuticals (A): From LBO to...?

      By: Richard G. Hamermesh and Brian DeLacey
      Endo Pharmaceuticals was formed in 1997 as a leveraged buyout spin-off from DuPont Merck. In 1999, it must decide whether to do an IPO or merge with a smaller company. View Details
      Keywords: Private Equity; Initial Public Offering; Leveraged Buyouts; Mergers and Acquisitions; Health Care and Treatment; Pharmaceutical Industry; United States
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      Hamermesh, Richard G., and Brian DeLacey. "Endo Pharmaceuticals (A): From LBO to...?" Harvard Business School Case 806-064, January 2006. (Revised May 2007.)
      • August 2004
      • Teaching Note

      Brazos Partners: the CoMark LBO (TN)

      By: Josh Lerner, G. Felda Hardymon and Ann Leamon
      Teaching Note to (9-202-090). View Details
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      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Brazos Partners: the CoMark LBO (TN)." Harvard Business School Teaching Note 205-020, August 2004.
      • December 2002 (Revised February 2015)
      • Case

      Jim Sharpe: Extrusion Technology, Inc. (Abridged)

      By: H. Kent Bowen and Barbara Feinberg
      Jim Sharpe, 10 years after receiving his MBA from Harvard and working for others, has finally become his own boss and 100% owner of manufacturer of aluminum extrusions. After 10 months of an unfunded search, he acquires the business in an LBO and prepares to face his... View Details
      Keywords: Search Funds; Search; Entrepreneurial Management; Operations Strategy; Acquisitions; Work/family Balance; Unions; Union; Turnarounds; Funding Model; LBO; Bank Debt; Bank Loans; Equity Investment; Career Management; Small Business; Work-Life Balance; Negotiation; Operations; Labor Unions; Investment; Entrepreneurship; Financing and Loans; Borrowing and Debt; Business Strategy; Manufacturing Industry
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      Bowen, H. Kent, and Barbara Feinberg. "Jim Sharpe: Extrusion Technology, Inc. (Abridged) ." Harvard Business School Case 603-084, December 2002. (Revised February 2015.)
      • December 2002 (Revised June 2003)
      • Case

      Vignette: The Rebar Dilemma

      By: G. Felda Hardymon, Josh Lerner and Ann Leamon
      Martin Smith, a new associate at an LBO firm, must respond to a problem posed by his boss, based on an historical deal that suddenly came undone. After months of negotiation, his firm's plan to buy a bankrupt competitor of one of its portfolio companies and close it... View Details
      Keywords: Leveraged Buyouts; Insolvency and Bankruptcy; Competition; Growth and Development Strategy; Business or Company Management
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      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Vignette: The Rebar Dilemma." Harvard Business School Case 803-091, December 2002. (Revised June 2003.)
      • April 2002
      • Case

      Knoll Furniture: Going Public

      By: Paul A. Gompers and Jon Asher Daniels
      This case examines the decisions of John Lynch, president and CEO of Knoll Furniture, to go public in early 1997. Knoll went private in an LBO in 1996 and Warburg Pincus, the LBO sponsor, wants Lynch to take Knoll public. Lynch needs to weigh the positive and negative... View Details
      Keywords: Leveraged Buyouts; Decisions; Initial Public Offering; Going Public; Privatization
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      Gompers, Paul A., and Jon Asher Daniels. "Knoll Furniture: Going Public." Harvard Business School Case 202-114, April 2002.
      • 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
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      Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "Brazos Partners: the CoMark LBO." Harvard Business School Case 202-090, February 2002. (Revised February 2004.)
      • August 2001
      • Teaching Note

      Investitori Associati: Exiting the Savio LBO (A) and (B) TN

      By: G. Felda Hardymon, Josh Lerner and Ann Leamon
      Teaching Note for (9-299-048) and (9-299-106). View Details
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      Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Investitori Associati: Exiting the Savio LBO (A) and (B) TN." Harvard Business School Teaching Note 202-039, August 2001.
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