PE buy-and-build case study for thesis
Hi guys, I'm currently searching / defining the topic of my upcoming master thesis. The overall topic will be "Value Creation in LBOs", but I would like to specify the topic a bit more towards the buy-and-build strategy: Does anyone know of a well-documented case I could pick as a case study for the thesis? Basically, I just need a deal where data of the target prior to the acquisition and of the combined company post LBO is available. Appreciate every hint! Thanks
Hi hucky, check out these links:
Fingers crossed that one of those helps you.
Searching for the same! BUMP
@hucky - Legland is a supervisor? haha
You best option to get as much data as possible is going to be to use a PE backed public company that has been acquisitive.
Try studying Blackstone's ORIGINAL acquisition of Merlin in 2005 (I just read they took them private again in 2019!).
Merlin had a few aquariums here and there but Blackstone turned them into a giant that included Legoland and Madame Tussauds.
The book King of Capital had some good stories around that.
Dunno where the bonds from the 2019 deals are trading (would be curious), but they must be struggling quite a lot in the current environment. One of the only risk to such a stable business.
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