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High-tech management buy-outs

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  • Ken Robbie
  • Mike Wright
  • Mark Albrighton

Abstract

Management buy-outs have typically been viewed as occurring in mature sectors with wellestablished technology but the buy-out concept is also applicable to high-tech sectors. The paper examines this neglected form of buy-out drawing on the Centre for Management Buy-out Research (CMBOR) data base as well as a special mail questionnaire survey of high-tech and non-high-tech buy-outs. The study finds that over the past 6 years, high-tech transactions have accounted for about 10% of the UK buy-out and buy-in market. Hightech buy-outs are significantly more likely than non-high-tech buy-outs to be sourced from foreign parent companies, to be larger, to use R&D as a major source of new products, to develop new products internally, to have been non-core in their former parent companies, to be valued using liquidation values, to perceive technology to play a strong strategic role, and to require further finance to fund internal growth.

Suggested Citation

  • Ken Robbie & Mike Wright & Mark Albrighton, 1999. "High-tech management buy-outs," Venture Capital, Taylor & Francis Journals, vol. 1(3), pages 219-239, July.
    • Handle: RePEc:taf:veecee:v:1:y:1999:i:3:p:219-239
    DOI: 10.1080/136910699295875
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    Cited by:

    1. K. Poehlmann & R. Helm & O. Mauroner & J. Auburger, 2021. "Corporate spin-offs’ success factors: management lessons from a comparative empirical analysis with research-based spin-offs," Review of Managerial Science, Springer, vol. 15(6), pages 1767-1796, August.
    2. Aurélie Sannajust & Alexander Groh, 2023. "Pioneering management buy-out and entrepreneurial finance research: Mike Wright’s research legacy," Small Business Economics, Springer, vol. 60(1), pages 1-35, January.
    3. Dawson, Alexandra, 2011. "Private equity investment decisions in family firms: The role of human resources and agency costs," Journal of Business Venturing, Elsevier, vol. 26(2), pages 189-199, March.
    4. Deniz Ucbasaran & Paul Westhead & Mike Wright, 2001. "The Focus of Entrepreneurial Research: Contextual and Process Issues," Entrepreneurship Theory and Practice, , vol. 25(4), pages 57-80, July.

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