Joint Ventures in PE - how do they happen?
I’ve been reading up on the Bain/Warner JV.
https://www.baincapital.com/news/warner-music-group-and-bain-capital-an…
But I’m wandering how do these JV’s happen?
Will it typically be the ‘Warner’ - that has a market they are interested in but require funding for. They’ll then go out for GE/PE and perhaps credit depending on their appetite.
And then what a does a JV structure look like? Is it simply a NewCo with equal equity/royalties with a certain ordinary shares kicker that allows either party to attain control in the event any equity or other covenants are breached?
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