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

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F19%3A00109115" target="_blank" >RIV/00216224:14560/19:00109115 - isvavai.cz</a>

Výsledek na webu

<a href="https://doi.org/10.3905/jpe.2019.1.075" target="_blank" >https://doi.org/10.3905/jpe.2019.1.075</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.3905/jpe.2019.1.075" target="_blank" >10.3905/jpe.2019.1.075</a>

Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2019

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

The Journal of Private Equity

ISSN

1096-5572

e-ISSN

2168-8508

Svazek periodika

22

Číslo periodika v rámci svazku

2

Stát vydavatele periodika

DE - Spolková republika Německo

Počet stran výsledku

14

Strana od-do

41-54

Kód UT WoS článku

000460147200006

EID výsledku v databázi Scopus

2-s2.0-85093903169