Case Study ista: Digging Deep into CVC’s Long-Term Investment

J 2019

Case Study ista: Digging Deep into CVC’s Long-Term Investment

SCHAAB, Ilja a Eric FRÉRE

Základní údaje

Originální název

Case Study ista: Digging Deep into CVC’s Long-Term Investment

Autoři

SCHAAB, Ilja (276 Německo, domácí) a Eric FRÉRE (276 Německo, garant)

Vydání

The Journal of Private Equity, New York, IPR Journal, 2019, 1096-5572

Další údaje

Jazyk

angličtina

Typ výsledku

Článek v odborném periodiku

Obor

50206 Finance

Stát vydavatele

Německo

Utajení

není předmětem státního či obchodního tajemství

Odkazy

URL

Kód RIV

RIV/00216224:14560/19:00109115

Organizační jednotka

Ekonomicko-správní fakulta

DOI

http://dx.doi.org/10.3905/jpe.2019.1.075

UT WoS

000460147200006

Klíčová slova anglicky

Case Study Private Equity; Private Equity Transaction Structuring; Private Equity Transaction Financing; Private Equity Business Development; Contractual Agreements Minority Shareholders

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 23. 4. 2020 20:36, Mgr. Michal Petr

Anotace

V originále

In 2017, CVC sold its target company ista to a Chinese infrastructure investor after an investment period of 14 years. This transaction was the largest private equity exit from a German target company up to date. The authors investigate the transaction structuring and financing as well as CVC’s impact on the financial performance and business development of the target company. The analysis shows that ista grew steady regarding revenue and EBITDA, employed more people, and performed comprehensible internationalization and business area extension decisions. However, the company seems also condemned to success. With each new transaction cycle, the level of liabilities and interest payment obligations increased. ista had to grow and increase efficiency continuously to meet the expectations of debt, mezzanine and equity capital providers. This article provides a holistic overview of the investment phase enabling the reader to form an opinion about CVC’s long-term involvement and to adapt the strategies used in this practical application.

Citovat

SCHAAB, Ilja a Eric FRÉRE. Case Study ista: Digging Deep into CVC’s Long-Term Investment. The Journal of Private Equity. New York: IPR Journal, 2019, roč. 22, č. 2, s. 41-54. ISSN 1096-5572. Dostupné z: https://dx.doi.org/10.3905/jpe.2019.1.075.

@article{1495457,
   author = {Schaab, Ilja and Frére, Eric},
   article_location = {New York},
   article_number = {2},
   doi = {http://dx.doi.org/10.3905/jpe.2019.1.075},
   keywords = {Case Study Private Equity; Private Equity Transaction Structuring; Private Equity Transaction Financing; Private Equity Business Development; Contractual Agreements Minority Shareholders},
   language = {eng},
   issn = {1096-5572},
   journal = {The Journal of Private Equity},
   title = {Case Study ista: Digging Deep into CVC’s Long-Term Investment},
   url = {https://doi.org/10.3905/jpe.2019.1.075},
   volume = {22},
   year = {2019}
}

TY  - JOUR
ID  - 1495457
AU  - Schaab, Ilja - Frére, Eric
PY  - 2019
TI  - Case Study ista: Digging Deep into CVC’s Long-Term Investment
JF  - The Journal of Private Equity
VL  - 22
IS  - 2
SP  - 41-54
EP  - 41-54
PB  - IPR Journal
SN  - 10965572
KW  - Case Study Private Equity
KW  - Private Equity Transaction Structuring
KW  - Private Equity Transaction Financing
KW  - Private Equity Business Development
KW  - Contractual Agreements Minority Shareholders
UR  - https://doi.org/10.3905/jpe.2019.1.075
L2  - https://doi.org/10.3905/jpe.2019.1.075
N2  - In 2017, CVC sold its target company ista to a Chinese infrastructure investor after an investment period of 14 years. This transaction was the largest private equity exit from a German target company up to date. The authors investigate the transaction structuring and financing as well as CVC’s impact on the financial performance and business development of the target company. The analysis shows that ista grew steady regarding revenue and EBITDA, employed more people, and performed comprehensible internationalization and business area extension decisions. However, the company seems also condemned to success. With each new transaction cycle, the level of liabilities and interest payment obligations increased. ista had to grow and increase efficiency continuously to meet the expectations of debt, mezzanine and equity capital providers. This article provides a holistic overview of the investment phase enabling the reader to form an opinion about CVC’s long-term involvement and to adapt the strategies used in this practical application.
ER  -

SCHAAB, Ilja a Eric FRÉRE. Case Study ista: Digging Deep into CVC’s Long-Term Investment. \textit{The Journal of Private Equity}. New York: IPR Journal, 2019, roč.~22, č.~2, s.~41-54. ISSN~1096-5572. Dostupné z: https://dx.doi.org/10.3905/jpe.2019.1.075.

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