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Management Buy-outs Mike Wright Centre for Management Buy-out Research www.cmbor.com Angel News Presentation  26 January 2010
Centre for Management Buy-out Research ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Private Equity and Buy-out Trends ,[object Object],[object Object],[object Object],[object Object],[object Object]
UK Buy-out/Buy-in Trends
UK Buy-outs/Buy-ins £10-100 million Mid-market badly hit also
UK MBOs below £10 million ,[object Object],[object Object]
Private Equity and Buy-out Trends ,[object Object],[object Object]
Receiverships Increasing Source of Buy-outs
Industry Sectors by Value (% of value)
UK Buy-out Deal Structures by % Finance marked contrast to recession of early 1990s
MBO/I Management Contribution (%)
MBO/I Management Equity Stake (%)
Reasons for Sale of the Business CMBOR/EVCA Impact Study
Management motives for MBO ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Family Firm Buy-out Negotiations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Exit Numbers and Values Have Plummeted ,[object Object],[object Object],[object Object],[object Object]
Holding Period (months) Most are not quick ‘flips’
Performance and Failure  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
What Drives Performance Changes? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Private Equity  Prospects  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Thank You! ,[object Object],[object Object],[object Object]

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