The Global Economic Impact of Private Equity Report 2008 - World ...

Table 7: Ultimate staying power of LBOs: Transition of firms out of LBO ownershipTable 7C: By the location of the LBO firm (1970–2002 transactions only)By regionUS & W. Eur. & Rest of All US & W. Eur. & Rest of AllCanada UK Scand. world regions Canada UK Scand. world regionsAcquired by strategic buyer 1,388 622 467 126 2,603 29% 34% 26% 25% 29%Independent private company 458 163 159 50 830 10% 9% 9% 10% 9%Went bankrupt 324 112 36 8 480 7% 6% 2% 2% 6%Went public 611 172 147 61 991 13% 9% 8% 12% 11%Still in LBO ownership form 1,989 756 964 250 3,959 42% 41% 54% 51% 45%All exits 4,770 1,825 1,773 495 8,863 100% 100% 100% 100% 100%Table 8: Ultimate holding periods in LBO ownership. Fraction of firms exiting the LBO ownership formAll LBO firms12 24 36 48 60 72 84 96 108 120Exit within months months months months months months months months months months1970-1984 2% 13% 21% 34% 43% 48% 54% 55% 59% 64%1985-1989 2% 10% 18% 24% 32% 39% 48% 54% 59% 65%1990-1994 3% 12% 26% 36% 44% 52% 56% 60% 64% 67%1995-1999 2% 10% 18% 24% 29% 35% 39% 43% 49% 56%2000-2002 2% 5% 10% 16% 21% 27% 32%2003-2005 2% 7% 13% 18%2006-2007 1%Total 2% 8% 15% 22% 28% 36% 42% 48% 54% 61%N 15,819 13,541 11,781 10,119 8,580 7,253 6,142 5,101 4,070 2,999Firms with PE-fund sponsor12 24 36 48 60 72 84 96 108 120Exit within months months months months months months months months months months1970-1984 2% 14% 21% 35% 44% 50% 55% 56% 60% 65%1985-1989 2% 10% 18% 25% 33% 39% 49% 55% 60% 67%1990-1994 3% 13% 27% 37% 45% 53% 57% 61% 64% 68%1995-1999 2% 11% 19% 25% 31% 36% 41% 45% 50% 56%2000-2002 2% 6% 12% 19% 25% 31% 34%2003-2005 2% 8% 16% 23%2006-2007 1%Total 2% 9% 17% 25% 31% 38% 44% 49% 55% 62%N 12,576 10,794 9,429 8,288 7,344 6,540 5,725 4,831 3,917 2,920Firms without PE-fund sponsor12 24 36 48 60 72 84 96 108 120Exit within months months months months months months months months months months1970-1984 0% 0% 29% 29% 29% 29% 29% 43% 43% 43%1985-1989 0% 0% 0% 0% 0% 13% 13% 20% 20% 27%1990-1994 0% 0% 5% 5% 5% 5% 15% 25% 25% 35%1995-1999 1% 4% 7% 9% 12% 13% 15% 18% 24% 30%2000-2002 2% 3% 6% 9% 12% 14% 21%2003-2005 2% 5% 7% 9%2006-2007 1%Total 2% 4% 7% 9% 12% 13% 17% 20% 25% 32%N 3,243 2,747 2,352 1,831 1,236 713 417 270 153 79The Global Economic Impact of Private Equity Report 2008 Large-sample studies: Demography 23