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

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FIguresFigure 1: Year distribution of the sampleThis figure shows the number of public-to-private transactions that took place in the UK each year from 1998 to 2003.We distinguish between LBOs, MBOs and other transactions. The year of each transaction is determined according tothe announcement date.Number252015105019981999 2000 2001 2002 2003YearLBOMBOOtherFigure 2: Transaction size distribution ($million)This figure shows the distribution of the public-to-private transactions by transaction size. Transaction size is the value ofthe company, as implied by the price paid to take it private. We distinguish between LBOs, MBOs and other transactions.Since we have no data for the transaction size of two MBOs, those two transactions are not represented in the figure.Frequency3530252015105015 75 300 1,500 6,000 > 6,000Transaction size ($m)LBOMBOOther76 Large-sample studies: Corporate governanceThe Global Economic Impact of Private Equity Report 2008
Figure 3:This figure represents the board composition of LBOs, MBOs and other transactions. We report the composition for thelast board observed before the company went private and the second board observed after the company went private.The board composition shows the different types of directors. Other insiders refer to other non-management insiders (forexample, previous CEOs). Outsiders are individuals for which no special relation to the company could be found. Unknownare individuals whose identity could not be determined with certainty. LBO group are partners or employees of one of theprivate equity firms backing the transaction. PE connection are outside directors for whom a private equity connectioncould be identified (for example, they are employees or directors of a private equity firm).Figure 3A: LBO board composition before buyoutFigure 3B: LBO board composition after buyoutCEO & management2% 5% CEO & management Outsiders31%43%50%51%2%7%9%OutsidersUnknownOther insidersUnknownOther insidersLBO groupFigure 3C: MBO board composition before buyoutFigure 3D: MBO board composition after buyout1% 5%14%1%3%38%56%10%72%CEO & managementUnknownOutsidersOther insidersCEO & managementUnknownOutsidersOther insidersPE connectionFigure 3E: Other board composition before buyout6% 1%Figure 3F: Other board composition after buyout7%12%48%45%12%51%18%CEO & managementUnknownOutsidersOther insidersCEO & managementUnknownOutsidersOther insidersPE connectionThe Global Economic Impact of Private Equity Report 2008 Large-sample studies: Corporate governance 77
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The Globalization of Alternative In
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ContributorsCo-editorsAnuradha Guru
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PrefaceKevin SteinbergChief Operati
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Letter on behalf of the Advisory Bo
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Executive summaryJosh lernerHarvard
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• Private equity-backed companies
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C. Indian casesThe two India cases,
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Part 1Large-sample studiesThe Globa
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The new demography of private equit
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among US publicly traded firms, it
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should be fairly complete. While th
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according to Moody’s (Hamilton et
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draining public markets of firms. I
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FIguresFigure 1A: LBO transactions
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TablesTable 1: Capital IQ 1980s cov
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Table 2: Magnitude and growth of LB
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Table 4: Exits of individual LBO tr
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Table 6: Determinants of exit succe
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Table 7: Ultimate staying power of
Page 43 and 44: Appendix 1: Imputed enterprise valu
Page 45 and 46: Private equity and long-run investm
Page 47 and 48: alternative names associated with t
Page 49 and 50: 4. Finally, we explore whether firm
Page 51 and 52: When we estimate these regressions,
Page 53 and 54: cutting back on the number of filin
Page 55 and 56: Table 1: Summary statisticsPanel D:
Page 57 and 58: Table 4: Relative citation intensit
Page 59 and 60: figuresFigure 1: Number of private
Page 61 and 62: Private equity and employment*steve
Page 63 and 64: Especially when taken together, our
Page 65 and 66: centred on the transaction year ide
Page 67 and 68: and Vartia 1985.) Aggregate employm
Page 69 and 70: sectors. In Retail Trade, the cumul
Page 71 and 72: employment-weighted acquisition rat
Page 73 and 74: FIguresFigure 1: Matches of private
Page 75 and 76: Figure 6:Figure 6A: Comparison of n
Page 77 and 78: Figure 8:Figure 8A: Comparison of j
Page 79 and 80: Figure 11: Variation in impact in e
Page 81 and 82: Figure 12: Differences in impact on
Page 83 and 84: Private equity and corporate govern
Page 85 and 86: et al (2007) track the evolution of
Page 87 and 88: groups aim to improve firm performa
Page 89 and 90: distribution of the LBO sponsors, m
Page 91 and 92: the most difficult cases. This stor
Page 93: to see whether these changes of CEO
Page 97 and 98: TablesTable 1: Company size descrip
Page 99 and 100: Table 5: Changes in the board size,
Page 101 and 102: Table 7: Board turnoverPanel A: Siz
Page 103 and 104: Part 2Case studiesThe Global Econom
Page 105 and 106: European private equity cases: intr
Page 107 and 108: Exhibit 1: Private equity fund size
Page 109 and 110: Messer Griesheimann-kristin achleit
Page 111 and 112: ealized it was not possible to grow
Page 113 and 114: The deal with Allianz Capital partn
Page 115 and 116: the deal, the private equity invest
Page 117 and 118: Exhibit 1: The Messer Griesheim dea
Page 119 and 120: Exhibit 5: Post buyout structureMes
Page 121 and 122: New Lookann-kristin achleitnerTechn
Page 123 and 124: feet. This restricted store space w
Page 125 and 126: institutional investors why this in
Page 127 and 128: Although a public listing did not a
Page 129 and 130: Exhibit 5: Employment development a
Page 131 and 132: Chinese private equity cases: intro
Page 133 and 134: Hony Capital and China Glass Holdin
Page 135 and 136: Hony’s Chinese name means ambitio
Page 137 and 138: Establishing early agreement on pos
Page 139 and 140: Executing the IPOEach of the initia
Page 141 and 142: Exhibit 1A: Summary of Hony Capital
Page 143 and 144: Exhibit 4: Members of the China Gla
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Exhibit 6A: China Glass post‐acqu
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Exhibit 8: China Glass stock price
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3i Group plc and Little Sheep*Lily
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y an aggressive franchise strategy,
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soul” of the business. But there
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Exhibit 1: Summary information on 3
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Exhibit 6: An excerpt from the 180-
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Indian private equity cases: introd
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ICICI Venture and Subhiksha *Lily F
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investment,” recalled Deshpande.
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2005 - 2007: Moderator, protector a
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Exhibit 3: Subhiksha’s board comp
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Warburg Pincus and Bharti Tele‐Ve
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founded two companies at this time
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By 2003 this restructuring task was
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Exhibit 1C: Private equity investme
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Exhibit 4B: Bharti cellular footpri
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Exhibit 6: Summary of Bharti’s fi
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Exhibit 7: Bharti’s board structu
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In the 1993‐94 academic year, he
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consumer products. She was also a R
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AcknowledgementsJosh LernerHarvard
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The World Economic Forum is an inde
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