The change in ownership after a buyout: impact on performance
Goossens, Lotte ; Manigart, Sophie ; Meuleman, Miguel
Goossens, Lotte
Manigart, Sophie
Meuleman, Miguel
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Publication Type
Journal article
Editor
Supervisor
Publication Year
2008
Journal
Journal of Private Equity
Book
Publication Volume
12
Publication Issue
1
Publication Begin page
31
Publication End page
41
Publication Number of pages
Abstract
This paper analyses the impact of the change in ownership after a management buyout on both post-buyout efficiency and growth. We contrast family firm buyouts with divisional buyouts, and private equity (PE) financed buyouts with non-PE financed buyouts. We analyse the four-year post-buyout growth and efficiency of 167 Belgian companies (of which 43 are transfers from family owned businesses) that did a buyout between 1996 and 2003. Results show that the source of a buyout (family owned buyout versus divisional buyout) has no impact on the post-buyout growth, but the presence of a PE has. PE-backed buyouts grow less in assets, but more in employees. Neither sales growth nor efficiency are different between different types of buyouts.
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Keywords
Buyouts, Private Equity