German Buyouts Adopting a Buy and Build Strategy - Key Characteristics, Value Creation and Success Factors

Foreword

Preface

Table of contents

List of figures

List of tables

List of abbreviations

1. Introduction

1.1. Context of research topic

1.2. Research gaps and objective

1.3. Research approach

1.4. Structure of document

2. Introduction to buyouts

2.1. Definition and delineation of different types of buyouts

2.1.1. Definition

2.1.2. Delineation of different types of buyouts

2.1.2.1. Types of financing

2.1.2.2. Types of buyer

2.1.2.3. Types of deal source

2.1.3. Conclusion

2.2. Key participants in the buyout market

2.2.1. Investors

2.2.2. Funds of funds

2.2.3. Private equity firms

2.2.4. Target companies

2.2.5. Conclusion

2.3. Historic development in relevant buyout markets

2.3.1. United States of America

2.3.2. United Kingdom

2.3.3. Germany

2.3.4. Conclusion

3. Theoretical background for buy-and-build strategies

3.1. Definition and delineation of buy-and-build strategies

3.1.1. Definition

3.1.2. Delineation of buy-and-build strategies

3.1.2.1. Types of M&A strategies

3.1.2.2. Types of buy-and-build strategies

3.1.3. Conclusion

3.2. Value creation in buyouts and M&A

3.2.1. Definition and measurement of value creation

3.2.1.1. Shareholder value approach

3.2.1.2. Alternative approaches for measuring value creation

3.2.2. Supporting prerequisites for value creation: agency approach

3.2.2.1. Introduction to agency theory

3.2.2.2. Buyouts in the context of agency theory

3.2.3. Delineation of value drivers in stand-alone buyouts

3.2.3.1. Types of value drivers

3.2.3.2. Existing empirical findings

3.2.4. Delineation of synergies in M&A

3.2.4.1. Definition

3.2.4.2. Types of synergies

3.2.4.3. Existing empirical findings

3.2.5. Conclusion

3.3. Success factors for value creation in buyouts and M&A

3.3.1. Success factor research in business science

3.3.1.1. Definition

3.3.1.2. Methods for identifying success factors

3.3.1.3. Existing empirical findings

3.3.1.4. Critical assessment of success factor research

3.3.2. Success factor analysis for buyouts

3.3.2.1. Outline and critical assessment of relevant existing studies

3.3.2.2. Potential success factors

3.3.2.3. Existing empirical findings

3.3.3. Success factor analysis for M&A

3.3.3.1. Outline and critical assessment of relevant existing studies

3.3.3.2. Potential success factors

3.3.3.3. Existing empirical findings

3.3.4. Conclusion

4. Empirical study

4.1. Detailed outline of research approach

4.1.1. Object of research

4.1.2. Research method and research process

4.1.3. Case study research

4.1.3.1. Definition

4.1.3.2. Process of case study research

4.1.3.3. Quality assessment of research design

4.1.4. Questionnaire-based survey

4.1.4.1. Process of questionnaire-based survey

4.1.4.2. Quality assessment of research design

4.2. Research results from case studies

4.2.1. Case study reports

4.2.1.1. Case study A

4.2.1.2. Case study B

4.2.1.3. Case study C

4.2.1.4. Case study D

4.2.1.5. Case study E

4.2.1.6. Case study F

4.2.2. Cross-case study analysis

4.2.2.1. Key characteristics

4.2.2.2. Value creation

4.2.2.3. Success factors

4.3. Derivation of propositions

4.3.1. Key characteristics

4.3.2. Value creation

4.3.3. Success factors

4.3.3.1. Economic conditions

4.3.3.2. Buy-and-build process

4.4. Research results of questionnaire-based survey

4.4.1. Key characteristics

4.4.2. Value creation

4.4.3. Success factors

4.4.3.1. Statistical analysis

4.4.3.2. Subjective assessment

5. Conclusion and outlook

Bibliographies

Appendix

Appendix 1: Overview of existing research on buy-and-build strategies

Appendix 2: Success factors of German buyouts (JAKOBY)

Appendix 3: Success factors of German M&A (BAMBERGER)

Appendix 4: Propositions

Appendix 5: Interview guide for case studies

Appendix 6: Questionnaire

Appendix 7: Detailed results of analysis