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101. A market of two halves

Author

Wright, Mike and Robbie, Ken

Subjects
Management buyouts -- Statistics, Banking, finance and accounting industries, Business, Business, general, Business, international
Abstract

There is a clear division in the Nordic management buyout market, with the Norwegian and Danish markets remaining very small while the Swedish and Finnish markets are more developed. Although the number of deals in Sweden and Finland declined in 1994 vs 1993, the value of transactions rose: to its highest level since 1990 in Sweden and to a record 239 million pounds sterling in Finland. Divestments by local parents accounted for around two thirds of buyouts in both Finland and Sweden.

Published
1995

102. Mixed messages

Author

Wright, Mike and Robbie, Ken

Subjects
Venture capital -- Finance, Management buyouts -- Finance, Banking, finance and accounting industries, Business
Abstract

Management buy outs (MBOs) and buy ins (MBIs) have decreased in terms of volume in the United Kingdom in 1993, but long term prospects appear optimistic. Confidence has been boosted by flotations, and lower interest rates have meant lower debt servicing costs. Completion of deals from proposals is becoming a lengthy process, and 1993 may show reduced levels compared to 1992, but the value of transactions is likely to vary little, due to larger buy out activity in the second half of 1993.

Published
1993

103. Management Buy-Outs.

Author

Wright, Mike, Chiplin, Brian, and Robbie, Ken

Subjects
BUYOUTS, PRIVATIZATION, MANAGEMENT buyouts, STOCKS (Finance), SUBSIDIARY corporations
Abstract

This article looks at some of the many privatisations in Great Britain in the form of employee or management buyouts. A management buyout involves the purchase by a group of senior managers of at least a majority, and in some cases 100 percent, of the shares of the firm in which they are employed. An employee buy-out occurs where all employees are offered opportunities to buy shares in the firm. It is unusual, in such cases, for all employees to take up the offer or for equity holdings to be equally spread. There are, however, techniques for spreading share ownership more widely through such devices as the issue of free shares, the introduction of employee share ownership plans, etc. Transfers of ownership where management and employees obtain a substantial, but less than majority, stake may still be called a buyout, since it is often these groups who are key to the transaction occurring and who usually have effective executive control. Buyouts may be considered as privatisation options under four circumstances namely, the sale of a whole state-owned firm or industry as one, the break-up of a whole state enterprise, sale of one or more subsidiaries with the core of the parent remaining intact and the sales of the right to provide certain services to incumbent employees who form a separate entity. In this article the extent to which each of these options has been used by the government in its privatisation programme will be discussed. The article also consider whether buyouts meet the government's privatisation objectives. Finally, this article discusses the benefits and disadvantages of buyouts in comparison with other privatisation options.

Published
1989
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105. Harvesting and the Longevity of Management Buy-outs and Buy-ins: A Four-Country Study.

Author

Wright, Mike, Robbie, Ken, Romanet, Yves, Thompson, Steve, Joachimsson, Robert, Bruining, Johan, and Herst, Artur

Subjects
MANAGEMENT buyouts, SALE of business enterprises, PORTFOLIO management (Investments), INVESTORS, STOCKHOLDERS, ORGANIZATIONAL structure, INDUSTRIAL management
Abstract

This article examines the factors that influence the nature and timing of the harvesting of investments in management buy-outs and buy-ins in the 1990s. The development of buy-out markets involve a fusion of the different objectives of managers, financiers and the companies themselves. In essence, a buy-out involves incumbent managers in acquiring a significant equity stake while a buy-in involves external managers, as individuals with institutional support, acquiring control of the company. The long-term plans of managers and financiers for the company and how both parties can realize their investment in a manner that is optimum for each of themselves may have implications for the optimum life-cycle of the company itself. Although, these issues may well have been addressed at the time of the buy-out, significant actual and potential conflicts of interest may remain and be increased by financial and acquisition market conditions that are considerably different from those foreseen at the time of the buy-out and that significantly affect the ability the parties concerned to effect a harvest at the time and by the means initially envisaged. Evidence showed that the control structures in buy-outs embrace mechanistic aspects to do with meeting interest payments, requirements to keep within debt covenants, board representation, levels of managerial equity stakes contingent upon performance, and regular detailed reports and meetings.

Published
1993

106. Searching for the exit from day one

Author

Wright, Mike and Robbie, Ken

Subjects
Management buyouts -- Management, General interest, News, opinion and commentary
Abstract

Managers who have completed a buy-out will need to adapt to working within the control systems incorporated in the buy-out agreements of all the main providers of finance. This will include providing banks and venture capitalists with accounts and business plans, since financial backers will need to consider what action to take in the event of targets not being met. There are various forms of 'exit' available to venture capitalists wanting to realise their investment. These include selling the company to a larger company, floating it on the stock market, or putting it into receivership.

Published
1996

107. Look before you leap into the boardroom

Author

Robbie, Ken and Wright, Mike

Subjects
Management buyouts -- Services, General interest, News, opinion and commentary
Abstract

It is essential for management teams contemplating a buy-out to employ professional advisers at an early stage, not least because the help provided by advisers can be crucial in preventing a venture capitalist from rejecting a proposal without further investigation. There are specialist corporate finance departments in all the main accounting firms but they may not all provide the same range of activities. Advisers, particularly accounting advisers, play a crucial role in the buy-out process, but management must remember that it may not always be wise to persist with a project.

Published
1996

108. Ins and outs of taking the helm

Author

Wright, Mike and Robbie, Ken

Subjects
Management buyouts -- Analysis, General interest, News, opinion and commentary
Abstract

Management buy-ins and investor buy-outs have become more common since the mid-1980s, but research has shown that incoming owner-managers do not always know enough about the company they are buying into. Buy-in managers from outside are generally highly motivated in their wish to develop their own strategy and build a successful organisation, but they should be prepared to spend more than a year looking for the right company. Large groups divesting subsidiaries provide opportunities for buy-outs by existing management teams with faith in the company's long-term future, as do companies going into receivership.

Published
1996

109. The contribution of management buy-ins to corporate restructuring: concepts, characteristics and performance

Author

Robbie, Ken

Abstract

From the mid-1980s many UK venture capitalists, as an extension to their involvement in management buy-outs, made investments in management buy-ins where they backed new managers to purchase equity stakes in an existing company. This Thesis analyses the corporate restructuring and entrepreneurial influences behind buy-ins taking note of turnaround and venture capital influences. It draws on general buy-in characteristics from a database of 750 management buy-ins and the results of a representative questionnaire survey of 59 management buy-ins (mailed in February 1990) and backed by individual case studies. It is hypothesised that management buy-ins are a distinctive corporate restructuring form and have major differences with management buy-outs. Buy-ins are shown to be significantly different from buy-outs in terms of source, activity and realisation; they are more likely to be bought from a private source and to end up in receivership. Financing structures are more conservative but not on a statistically significant basis. Buy-in teams are smaller than in buy-outs, frequently have initial skills gaps, and in a minority of cases are led by second time entrepreneurs. The target company is normally identified through informal networks. Buy-ins are followed by a significantly higher degree of action in financial, product and marketing areas than Buy-outs and other restructuring processes such as turnarounds. Compared to US LBOs more attention is paid to working asset management with little unbundling of fixed assets and higher capital expenditure. Team Leaders are shown to be mainly opportunist in terms of entrepreneurial typology with a minority craftsmen and, unexpectedly, a few mainly motivated by push factors. This is in contrast to buy-outs where a typology is developed showing a preponderance of craftsmen. Overall performance after buy-in was below original Business Plan but heavily influenced by adverse economic and financial conditions. Different types of Team Leaders were not associated with significant differences in performance although opportunists were more likely to be acquisitive. Contrary to the principles of corporate restructuring, discriminant analysis showed equity ratchets and higher rates of leverage being negative influences on profitability. Case studies showed ineffective monitoring and control by some venture capitalists. Buy-ins of privately owned companies where there are particular problems of information assymetery and those bought in the late 1980s where unrealistically high prices may have been paid for the target company were poor performers. Among entrepreneur related variables, the team's knowledge of each other was an important positive influence but education was negative.

110. The contribution of management buy-ins to corporate restructuring: concepts, characteristics and performance

Author

Robbie, Ken and Robbie, Ken

Abstract

From the mid-1980s many UK venture capitalists, as an extension to their involvement in management buy-outs, made investments in management buy-ins where they backed new managers to purchase equity stakes in an existing company. This Thesis analyses the corporate restructuring and entrepreneurial influences behind buy-ins taking note of turnaround and venture capital influences. It draws on general buy-in characteristics from a database of 750 management buy-ins and the results of a representative questionnaire survey of 59 management buy-ins (mailed in February 1990) and backed by individual case studies. It is hypothesised that management buy-ins are a distinctive corporate restructuring form and have major differences with management buy-outs. Buy-ins are shown to be significantly different from buy-outs in terms of source, activity and realisation; they are more likely to be bought from a private source and to end up in receivership. Financing structures are more conservative but not on a statistically significant basis. Buy-in teams are smaller than in buy-outs, frequently have initial skills gaps, and in a minority of cases are led by second time entrepreneurs. The target company is normally identified through informal networks. Buy-ins are followed by a significantly higher degree of action in financial, product and marketing areas than Buy-outs and other restructuring processes such as turnarounds. Compared to US LBOs more attention is paid to working asset management with little unbundling of fixed assets and higher capital expenditure. Team Leaders are shown to be mainly opportunist in terms of entrepreneurial typology with a minority craftsmen and, unexpectedly, a few mainly motivated by push factors. This is in contrast to buy-outs where a typology is developed showing a preponderance of craftsmen. Overall performance after buy-in was below original Business Plan but heavily influenced by adverse economic and financial conditions. Different types of Team

111. The contribution of management buy-ins to corporate restructuring: concepts, characteristics and performance

Author

Robbie, Ken and Robbie, Ken

Abstract

From the mid-1980s many UK venture capitalists, as an extension to their involvement in management buy-outs, made investments in management buy-ins where they backed new managers to purchase equity stakes in an existing company. This Thesis analyses the corporate restructuring and entrepreneurial influences behind buy-ins taking note of turnaround and venture capital influences. It draws on general buy-in characteristics from a database of 750 management buy-ins and the results of a representative questionnaire survey of 59 management buy-ins (mailed in February 1990) and backed by individual case studies. It is hypothesised that management buy-ins are a distinctive corporate restructuring form and have major differences with management buy-outs. Buy-ins are shown to be significantly different from buy-outs in terms of source, activity and realisation; they are more likely to be bought from a private source and to end up in receivership. Financing structures are more conservative but not on a statistically significant basis. Buy-in teams are smaller than in buy-outs, frequently have initial skills gaps, and in a minority of cases are led by second time entrepreneurs. The target company is normally identified through informal networks. Buy-ins are followed by a significantly higher degree of action in financial, product and marketing areas than Buy-outs and other restructuring processes such as turnarounds. Compared to US LBOs more attention is paid to working asset management with little unbundling of fixed assets and higher capital expenditure. Team Leaders are shown to be mainly opportunist in terms of entrepreneurial typology with a minority craftsmen and, unexpectedly, a few mainly motivated by push factors. This is in contrast to buy-outs where a typology is developed showing a preponderance of craftsmen. Overall performance after buy-in was below original Business Plan but heavily influenced by adverse economic and financial conditions. Different types of Team

112. The contribution of management buy-ins to corporate restructuring: concepts, characteristics and performance

Author

Robbie, Ken and Robbie, Ken

Abstract

From the mid-1980s many UK venture capitalists, as an extension to their involvement in management buy-outs, made investments in management buy-ins where they backed new managers to purchase equity stakes in an existing company. This Thesis analyses the corporate restructuring and entrepreneurial influences behind buy-ins taking note of turnaround and venture capital influences. It draws on general buy-in characteristics from a database of 750 management buy-ins and the results of a representative questionnaire survey of 59 management buy-ins (mailed in February 1990) and backed by individual case studies. It is hypothesised that management buy-ins are a distinctive corporate restructuring form and have major differences with management buy-outs. Buy-ins are shown to be significantly different from buy-outs in terms of source, activity and realisation; they are more likely to be bought from a private source and to end up in receivership. Financing structures are more conservative but not on a statistically significant basis. Buy-in teams are smaller than in buy-outs, frequently have initial skills gaps, and in a minority of cases are led by second time entrepreneurs. The target company is normally identified through informal networks. Buy-ins are followed by a significantly higher degree of action in financial, product and marketing areas than Buy-outs and other restructuring processes such as turnarounds. Compared to US LBOs more attention is paid to working asset management with little unbundling of fixed assets and higher capital expenditure. Team Leaders are shown to be mainly opportunist in terms of entrepreneurial typology with a minority craftsmen and, unexpectedly, a few mainly motivated by push factors. This is in contrast to buy-outs where a typology is developed showing a preponderance of craftsmen. Overall performance after buy-in was below original Business Plan but heavily influenced by adverse economic and financial conditions. Different types of Team

113. The contribution of management buy-ins to corporate restructuring: concepts, characteristics and performance

Author

Robbie, Ken and Robbie, Ken

Abstract

From the mid-1980s many UK venture capitalists, as an extension to their involvement in management buy-outs, made investments in management buy-ins where they backed new managers to purchase equity stakes in an existing company. This Thesis analyses the corporate restructuring and entrepreneurial influences behind buy-ins taking note of turnaround and venture capital influences. It draws on general buy-in characteristics from a database of 750 management buy-ins and the results of a representative questionnaire survey of 59 management buy-ins (mailed in February 1990) and backed by individual case studies. It is hypothesised that management buy-ins are a distinctive corporate restructuring form and have major differences with management buy-outs. Buy-ins are shown to be significantly different from buy-outs in terms of source, activity and realisation; they are more likely to be bought from a private source and to end up in receivership. Financing structures are more conservative but not on a statistically significant basis. Buy-in teams are smaller than in buy-outs, frequently have initial skills gaps, and in a minority of cases are led by second time entrepreneurs. The target company is normally identified through informal networks. Buy-ins are followed by a significantly higher degree of action in financial, product and marketing areas than Buy-outs and other restructuring processes such as turnarounds. Compared to US LBOs more attention is paid to working asset management with little unbundling of fixed assets and higher capital expenditure. Team Leaders are shown to be mainly opportunist in terms of entrepreneurial typology with a minority craftsmen and, unexpectedly, a few mainly motivated by push factors. This is in contrast to buy-outs where a typology is developed showing a preponderance of craftsmen. Overall performance after buy-in was below original Business Plan but heavily influenced by adverse economic and financial conditions. Different types of Team

114. The contribution of management buy-ins to corporate restructuring: concepts, characteristics and performance

Author

Robbie, Ken and Robbie, Ken

Abstract

From the mid-1980s many UK venture capitalists, as an extension to their involvement in management buy-outs, made investments in management buy-ins where they backed new managers to purchase equity stakes in an existing company. This Thesis analyses the corporate restructuring and entrepreneurial influences behind buy-ins taking note of turnaround and venture capital influences. It draws on general buy-in characteristics from a database of 750 management buy-ins and the results of a representative questionnaire survey of 59 management buy-ins (mailed in February 1990) and backed by individual case studies. It is hypothesised that management buy-ins are a distinctive corporate restructuring form and have major differences with management buy-outs. Buy-ins are shown to be significantly different from buy-outs in terms of source, activity and realisation; they are more likely to be bought from a private source and to end up in receivership. Financing structures are more conservative but not on a statistically significant basis. Buy-in teams are smaller than in buy-outs, frequently have initial skills gaps, and in a minority of cases are led by second time entrepreneurs. The target company is normally identified through informal networks. Buy-ins are followed by a significantly higher degree of action in financial, product and marketing areas than Buy-outs and other restructuring processes such as turnarounds. Compared to US LBOs more attention is paid to working asset management with little unbundling of fixed assets and higher capital expenditure. Team Leaders are shown to be mainly opportunist in terms of entrepreneurial typology with a minority craftsmen and, unexpectedly, a few mainly motivated by push factors. This is in contrast to buy-outs where a typology is developed showing a preponderance of craftsmen. Overall performance after buy-in was below original Business Plan but heavily influenced by adverse economic and financial conditions. Different types of Team

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