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The change of ownership after a buyout: Impact on performance

Author

Listed:
  • Goossens, L.
  • Manigart, S.

    (Vlerick Leuven Gent Management School)

  • Meuleman, M.

    (Vlerick Leuven Gent Management School)

Abstract

This paper analyses the impact of the change in ownership after a management buyout on both post-buyout efficiency and growth. We contrast family firm buyouts with divisional buyouts, and private equity (PE) financed buyouts with non-PE financed buyouts. We analyse the four-year post-buyout growth and efficiency of 167 Belgian companies (of which 43 are transfers from family owned businesses) that did a buyout between 1996 and 2003. Results show that the source of a buyout (family owned buyout versus divisional buyout) has no impact on the post-buyout growth, but the presence of a PE has. PE-backed buyouts grow less in assets, but more in employees. Neither sales growth nor efficiency are different between different types of buyouts.

Suggested Citation

  • Goossens, L. & Manigart, S. & Meuleman, M., 2007. "The change of ownership after a buyout: Impact on performance," Vlerick Leuven Gent Management School Working Paper Series 2007-26, Vlerick Leuven Gent Management School.
    • Handle: RePEc:vlg:vlgwps:2007-26
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    2. Tykvová, Tereza & Borell, Mariela, 2012. "Do private equity owners increase risk of financial distress and bankruptcy?," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 138-150.
    3. Schertler, Andrea & Tykvová, Tereza, 2011. "Venture capital and internationalization," International Business Review, Elsevier, vol. 20(4), pages 423-439, August.
    4. Schertler, Andrea & Tykvová, Tereza, 2012. "What lures cross-border venture capital inflows?," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1777-1799.
    5. Felix K. Thiele, 2017. "Family businesses and non-family equity: literature review and avenues for future research," Management Review Quarterly, Springer, vol. 67(1), pages 31-63, February.
    6. Borell, Mariela & Heger, Diana, 2013. "Sources of value creation through private equity-backed mergers and acquisitions: The case of buy-and-build strategies," ZEW Discussion Papers 13-094, ZEW - Leibniz Centre for European Economic Research.

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