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dc.contributor.authorSchalast, Christophen_US
dc.contributor.authorStralkowski, Ingoen_US
dc.date.accessioned2009-01-30en_US
dc.date.accessioned2009-09-10T13:54:08Z-
dc.date.available2009-09-10T13:54:08Z-
dc.date.issued2008en_US
dc.identifier.piurn:nbn:de:101:1-2008082955en_US
dc.identifier.urihttp://hdl.handle.net/10419/27856-
dc.description.abstractPrivate equity has seen an impressive activity surge in Germany over the last ten years. This working paper meets the increasing thirst for information on the German buyout market with an overview of its historic development, a quantitative analysis of its performance and a future outlook. While the authors’ findings show an outperformance of buyout-financed businesses with regard to sales growth on CAGR basis, profitability growth and capex expansion, significant underperformance in terms of interest coverage levels and equity funding becomes apparent. This is in contrast to studies conducted by private equity associations and consultancies, and gives some validity to the growing fear of target company collapses as a result of riskier financing at the next economic downturn. As far as activity is concerned, the authors project only a short time-out for private equity in the wake of the ongoing credit crisis. The majority of German buyouts are middle market transactions which are fairly unaffected by the crisis and continue to offer great hidden potential. Investor returns are likely to fall in the short and midterm due to higher interest rates and risk premiums but more restrictive financing, in turn, will also lower entry prices. If private equity groups can outbid strategic players at moderate levels going forward, returns should continue to be attractive.en_US
dc.language.isogeren_US
dc.publisherFrankfurt School of Finance & Management Frankfurt a. M.en_US
dc.relation.ispartofseriesWorking paper series // Frankfurt School of Finance & Management 89en_US
dc.subject.jelK12en_US
dc.subject.jelK19en_US
dc.subject.jelK22en_US
dc.subject.jelK29en_US
dc.subject.ddc330en_US
dc.subject.keywordPrivate equityen_US
dc.subject.keywordbuyouten_US
dc.subject.keywordLBOen_US
dc.subject.keywordMBOen_US
dc.subject.keywordfinancial sponsoren_US
dc.subject.keywordleverage financeen_US
dc.subject.keywordM&Aen_US
dc.subject.keywordmergeren_US
dc.subject.keywordacquisitionen_US
dc.subject.keywordlocust debateen_US
dc.subject.keywordcredit crisisen_US
dc.subject.keywordsup-primeen_US
dc.subject.keywordmiddle marketen_US
dc.title10 Jahre deutsche Buyoutsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn577675427en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:fsfmwp:89-
Appears in Collections:Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management

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