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Private Equity in Portugal: An Analy...

Oliveira, Sandra.

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Private Equity in Portugal: An Analysis of Post-Exit Portfolio Companies Operating Performance and Capital Structure.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Private Equity in Portugal: An Analysis of Post-Exit Portfolio Companies Operating Performance and Capital Structure./
Author:	Oliveira, Sandra.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2013,
Description:	48 p.
Notes:	Source: Masters Abstracts International, Volume: 85-11.
Contained By:	Masters Abstracts International85-11.
Subject:	Investments. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30966536
ISBN:	9798382404530

Private Equity in Portugal: An Analysis of Post-Exit Portfolio Companies Operating Performance and Capital Structure.
Oliveira, Sandra.

Private Equity in Portugal: An Analysis of Post-Exit Portfolio Companies Operating Performance and Capital Structure. - Ann Arbor : ProQuest Dissertations & Theses, 2013 - 48 p.

Source: Masters Abstracts International, Volume: 85-11.

Thesis (M.A.)--Universidade do Porto (Portugal), 2013.

Over the last decade the private equity (PE) industry has experienced an important growing in the process of value creation in portfolio companies. However, in Portugal, this process seems not to be yet sufficiently developed in many aspects.Although all stages (entry, holding and exit) of the PE process are important, it is also very important to understand whether portfolio companies continue to sustain themselves and generate value/growth for all its stakeholders after the PE investor leaves the company.Despite the vast literature on the topic about the impact of value creation by the PE activity during the holding stage, there are no studies about the impact of PE after an exit strategy in Portugal, in terms of operational performance and capital structure.This dissertation seeks to fill this gap and develop a deepen study about this subject on the Portuguese companies. We intend to analyse the impact of the PE exit on the operating performance of Portuguese PE industry, using a self-collected sample of 30 companies exited (disinvested) by a PE between 2005 and 2012.The results show that target companies experienced a significant increase in their total assets and turnover after PE leaves the company. However, the target companies faced a decrease in earnings before interest, taxes, depreciations and amortizations (EBITDA) and a deterioration of the operating performance measures. The worst operating performances persist even after being adjusted for industry changes, suggesting that this can only be very partially explained by time and industry effects.

ISBN: 9798382404530Subjects--Topical Terms:

566987
Investments.

Private Equity in Portugal: An Analysis of Post-Exit Portfolio Companies Operating Performance and Capital Structure.
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520 $a Over the last decade the private equity (PE) industry has experienced an important growing in the process of value creation in portfolio companies. However, in Portugal, this process seems not to be yet sufficiently developed in many aspects.Although all stages (entry, holding and exit) of the PE process are important, it is also very important to understand whether portfolio companies continue to sustain themselves and generate value/growth for all its stakeholders after the PE investor leaves the company.Despite the vast literature on the topic about the impact of value creation by the PE activity during the holding stage, there are no studies about the impact of PE after an exit strategy in Portugal, in terms of operational performance and capital structure.This dissertation seeks to fill this gap and develop a deepen study about this subject on the Portuguese companies. We intend to analyse the impact of the PE exit on the operating performance of Portuguese PE industry, using a self-collected sample of 30 companies exited (disinvested) by a PE between 2005 and 2012.The results show that target companies experienced a significant increase in their total assets and turnover after PE leaves the company. However, the target companies faced a decrease in earnings before interest, taxes, depreciations and amortizations (EBITDA) and a deterioration of the operating performance measures. The worst operating performances persist even after being adjusted for industry changes, suggesting that this can only be very partially explained by time and industry effects.
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