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Turnaround private equity
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This paper analyzes the desired parameters of a target of a private equity focused on
turnarounds and the decision process behind it. Using four linear regressions for each stage of the
decision process – lead, indicative offer, binding offer and win – the characteristics increasing the
chance of the target to be acquired by the private equity were determined. This research used data
of a company called Mutares AG.
In the Lead stage the target was significantly (significance level of below 10%) influenced by
profitability, debt levels, type of industry it finds itself in and size of the seller. In the Indicative
Offer stage, a significant influence exhibited the turnover, debt levels and size of the seller. In the
Binding Offer stage, profitability, type of industry it finds itself in and size of the seller had a
significant influence on the dependent variable. In the Win stage, the variables that were found to
be significant were size of the seller and size of the target.
In the following sections literature review, data description and collection as well as results
and their detailed analyses can be found.
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Private equity Turnaround Corporate finance Target Decision making