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German Buyouts Adopting a Buy and Build Strategy - Key Characteristics, Value Creation and Success Factors
Foreword
6
Preface
8
Table of contents
10
List of figures
14
List of tables
16
List of abbreviations
18
1. Introduction
20
1.1. Context of research topic
20
1.2. Research gaps and objective
21
1.3. Research approach
22
1.4. Structure of document
23
2. Introduction to buyouts
25
2.1. Definition and delineation of different types of buyouts
25
2.1.1. Definition
25
2.1.2. Delineation of different types of buyouts
25
2.1.2.1. Types of financing
25
2.1.2.2. Types of buyer
32
2.1.2.3. Types of deal source
35
2.1.3. Conclusion
40
2.2. Key participants in the buyout market
40
2.2.1. Investors
41
2.2.2. Funds of funds
41
2.2.3. Private equity firms
42
2.2.4. Target companies
44
2.2.5. Conclusion
45
2.3. Historic development in relevant buyout markets
46
2.3.1. United States of America
46
2.3.2. United Kingdom
48
2.3.3. Germany
50
2.3.4. Conclusion
51
3. Theoretical background for buy-and-build strategies
53
3.1. Definition and delineation of buy-and-build strategies
53
3.1.1. Definition
53
3.1.2. Delineation of buy-and-build strategies
54
3.1.2.1. Types of M&A strategies
54
3.1.2.2. Types of buy-and-build strategies
58
3.1.3. Conclusion
58
3.2. Value creation in buyouts and M&A
59
3.2.1. Definition and measurement of value creation
59
3.2.1.1. Shareholder value approach
59
3.2.1.2. Alternative approaches for measuring value creation
62
3.2.2. Supporting prerequisites for value creation: agency approach
64
3.2.2.1. Introduction to agency theory
65
3.2.2.2. Buyouts in the context of agency theory
65
3.2.3. Delineation of value drivers in stand-alone buyouts
69
3.2.3.1. Types of value drivers
70
3.2.3.2. Existing empirical findings
76
3.2.4. Delineation of synergies in M&A
77
3.2.4.1. Definition
78
3.2.4.2. Types of synergies
79
3.2.4.3. Existing empirical findings
85
3.2.5. Conclusion
87
3.3. Success factors for value creation in buyouts and M&A
89
3.3.1. Success factor research in business science
89
3.3.1.1. Definition
90
3.3.1.2. Methods for identifying success factors
91
3.3.1.3. Existing empirical findings
93
3.3.1.4. Critical assessment of success factor research
95
3.3.2. Success factor analysis for buyouts
99
3.3.2.1. Outline and critical assessment of relevant existing studies
100
3.3.2.2. Potential success factors
101
3.3.2.3. Existing empirical findings
112
3.3.3. Success factor analysis for M&A
113
3.3.3.1. Outline and critical assessment of relevant existing studies
113
3.3.3.2. Potential success factors
114
3.3.3.3. Existing empirical findings
121
3.3.4. Conclusion
125
4. Empirical study
127
4.1. Detailed outline of research approach
127
4.1.1. Object of research
127
4.1.2. Research method and research process
131
4.1.3. Case study research
132
4.1.3.1. Definition
132
4.1.3.2. Process of case study research
133
4.1.3.3. Quality assessment of research design
136
4.1.4. Questionnaire-based survey
138
4.1.4.1. Process of questionnaire-based survey
138
4.1.4.2. Quality assessment of research design
140
4.2. Research results from case studies
140
4.2.1. Case study reports
141
4.2.1.1. Case study A
141
4.2.1.2. Case study B
143
4.2.1.3. Case study C
145
4.2.1.4. Case study D
147
4.2.1.5. Case study E
149
4.2.1.6. Case study F
151
4.2.2. Cross-case study analysis
153
4.2.2.1. Key characteristics
153
4.2.2.2. Value creation
154
4.2.2.3. Success factors
155
4.3. Derivation of propositions
159
4.3.1. Key characteristics
159
4.3.2. Value creation
163
4.3.3. Success factors
169
4.3.3.1. Economic conditions
170
4.3.3.2. Buy-and-build process
171
4.4. Research results of questionnaire-based survey
178
4.4.1. Key characteristics
178
4.4.2. Value creation
184
4.4.3. Success factors
195
4.4.3.1. Statistical analysis
195
4.4.3.2. Subjective assessment
200
5. Conclusion and outlook
203
Bibliographies
208
Appendix
240
Appendix 1: Overview of existing research on buy-and-build strategies
241
Appendix 2: Success factors of German buyouts (JAKOBY)
242
Appendix 3: Success factors of German M&A (BAMBERGER)
245
Appendix 4: Propositions
247
Appendix 5: Interview guide for case studies
250
Appendix 6: Questionnaire
253
Appendix 7: Detailed results of analysis
262
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