• Beyond products

      Manigart, Sophie (2008)
      Peter Van Riet, a young entrepreneur and enthusiastic snowboarder, has developed a revolutionary snowboard binding for which he holds patent rights in Europe and the USA. A first prototype has already been successfully tested. His business and marketing plan show that there is room for a new binding, introduced on the fragmented snowboard binding market by a small and young company. He targets the European and North-American markets in the first place, expanding to a global brand as the company takes off. He will mainly sell through smaller national distributors. His goal is to develop the company over time into a full-fledged snowboard branch, not only offering bindings but also clothing and accessories. Having invested all his time and savings of approximately £350,000 in product development, patent rights and initial marketing expenses, he is currently looking for a £300,000 cash investment by a syndicate of four business angels who he has found through a local business angel network. This money is needed for further product development, prototyping and testing, and for marketing and sales. The key issues that he cannot resolve is what equity percentage would be fair to the business angels, without diluting the founders' position too much and also compensating them honestly for their efforts until now? In order to answer this question, he has developed a full financial plan with profit and loss, and cash flow statements. Moreover he has gathered information on the relative valuation of quoted companies in the sports apparel business.
    • Case Basic Textiles

      Manigart, Sophie (2008)
      On 15 December 2007, Sammy Lasseel was facing an important decision that could change his life, but he had to act quickly. He joined Basic Textiles last year as CEO, with an option to buy the company within the year. The current shareholders have given him an ultimatum: Sammy had the opportunity to buy the company for 4 million euros, but he had to decide before Christmas. If he declined their proposal, he would be fired as CEO as from January 2008 onwards. Sammy first had to decide whether he was willing to pay 4 million euros for the shares. If so, how could he finance the takeover?
    • Case DRC Natuur A en B + Teacher's Note

      Manigart, Sophie; Schaillée, P. (1996)
    • Case Pizza Hut A: the management buy-out of Pizza Hut Belgium

      De Vriese, Carolien; Manigart, Sophie (2007)
      This is part of a case series. In 2000, Tricon Restaurant, the parent company of Pizza Hut, decided to spin off all its non-strategic businesses, including Pizza Belgium. The CEO of Pizza Belgium, Stef Meulemans, was afraid of the consequences of a trade sale to an international player. He therefore attempted to put together a management buy-out. Stef Meulemans could invest 125,000 euros of his own in the transaction. Although he didn't know yet how the deal would be financed or how much equity would be needed, it was quite likely that a financial partner with additional funds would be needed. The fraction of the shares that Stef Meulemans could acquire would depend on the amount of equity required from the private equity investor and his own negotiation and deal structuring skills.
    • Case Pizza Hut B: the exit of the buy out fund

      De Vriese, Carolien; Manigart, Sophie (2007)
      This is part of a case series. At the end of 2004, about four years after the management buy-out (MBO), the private equity investor Buy Out Fund (BOF) started preparing for the exit. Within two to three years, BOF would sell its Pizza Belgium shares. Stef Meulemans knew that he would probably have to sell his shares too. It could not be excluded that the buyer would install his own management team, and he would definitely not be a shareholder anymore. That was why he seriously considered taking the plunge for the second time. A secondary buy-out would be difficult, but he had no other option if he wanted to remain a shareholder of Pizza Belgium. This time five other managers were eager to join the MBO. Stef was willing to invest the proceeds of the sale of his 15% stake. The other managers could invest 50,000 euros each. Stef and the other managers had to make an interesting offer to BOF. Stef knew they would have to attract a new private equity player, but one thing Stef knew for sure: he wanted to be the majority shareholder.
    • Digi-Tec: The VC investor exit decision

      Paeleman, Ine; Manigart, Sophie; Slagmulder, Regine (2019)
      Digi-Tec was a growing ICT firm and achieved growth both organically and through mergers and acquisitions (M&As). The large number of shareholders had divergent goals and visions for the future. In order to ensure further growth, two main shareholders searched for an external investor to buy out the others and thereby align and strengthen its governance. In 2011 the Spain-based private equity firm SRIC invested in Digi-Tec. This case documents the interactions between the external investor and the management. An exit opportunity arose much earlier than expected. The investment manager is faced with the question whether it is optimal to exit already after three years, or rather to stay on board for some more years as initially planned.
    • Teaching Note Pizza Hut B: the exit of the buy out fund

      De Vriese, Carolien; Manigart, Sophie (2007)
    • The Alfacam Group: Impulsive Growth and Financial Distress

      Manigart, Sophie; Divakaruni, Anantha Krishna; Standaert, Jonas (2015)