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Private Equity vs. Strategic Acquire...

da Silva, Miguel Lima Grilo Fernandes.

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Private Equity vs. Strategic Acquirers : Who Wins on the M&A Game in the UK?

Record Type:	Electronic resources : Monograph/item
Title/Author:	Private Equity vs. Strategic Acquirers : Who Wins on the M&A Game in the UK?/
Author:	da Silva, Miguel Lima Grilo Fernandes.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
Description:	49 p.
Notes:	Source: Masters Abstracts International, Volume: 85-08.
Contained By:	Masters Abstracts International85-08.
Subject:	Power. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30826573
ISBN:	9798381529616

Private Equity vs. Strategic Acquirers : Who Wins on the M&A Game in the UK?
da Silva, Miguel Lima Grilo Fernandes.

Private Equity vs. Strategic Acquirers : Who Wins on the M&A Game in the UK? - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 49 p.

Source: Masters Abstracts International, Volume: 85-08.

Thesis (M.Sc.)--Universidade Catolica Portuguesa (Portugal), 2019.

This study investigates the post-deal performance of firms acquired by Private Equity versus Strategic Acquirers in the UK. We use a combination of counterfactual matching (controlling for self-selection) together with a differences-in-differences analysis to capture the marginal effect of Private Equity buyers and Strategic Acquirers towards their targets' performance. For our sample of 56 Private Equity deals and 69 Strategic transactions, we do not find clear evidence that neither of both types of buyers outperforms the other in a broad extent. Notwithstanding, in measures related to profitability, such as the Gross Margin, our results suggest that Strategic Acquirers outperform Private Equity targets' performance, which we attribute to higher synergy-related gains at a raw-material level, resulting from the complementarity between resources of both parties engaged in the transaction. Contrary evidence is found when analyzing efficiency gains and growth metrics, as our results suggest that Private Equity targets experience a higher decline in Working Capital-to-Sales, arising from better management practices, as well as superior Assets Growth, as a consequence of Private Equity's role as a source of capital.

ISBN: 9798381529616Subjects--Topical Terms:

518736
Power.

Private Equity vs. Strategic Acquirers : Who Wins on the M&A Game in the UK?
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300 $a 49 p.
500 $a Source: Masters Abstracts International, Volume: 85-08.
500 $a Advisor: Faias, Jose.
502 $a Thesis (M.Sc.)--Universidade Catolica Portuguesa (Portugal), 2019.
520 $a This study investigates the post-deal performance of firms acquired by Private Equity versus Strategic Acquirers in the UK. We use a combination of counterfactual matching (controlling for self-selection) together with a differences-in-differences analysis to capture the marginal effect of Private Equity buyers and Strategic Acquirers towards their targets' performance. For our sample of 56 Private Equity deals and 69 Strategic transactions, we do not find clear evidence that neither of both types of buyers outperforms the other in a broad extent. Notwithstanding, in measures related to profitability, such as the Gross Margin, our results suggest that Strategic Acquirers outperform Private Equity targets' performance, which we attribute to higher synergy-related gains at a raw-material level, resulting from the complementarity between resources of both parties engaged in the transaction. Contrary evidence is found when analyzing efficiency gains and growth metrics, as our results suggest that Private Equity targets experience a higher decline in Working Capital-to-Sales, arising from better management practices, as well as superior Assets Growth, as a consequence of Private Equity's role as a source of capital.
520 $a Este estudo investiga o desempenho de empresas adquiridas por fundos de capital de risco, em comparacao com empresas adquiridas por compradores estrategicos, com sede no Reino Unido. Utilizamos uma combinacao de emparelhamento com empresas do grupo de controlo (resolvendo o vies de auto-selecao), juntamente com uma analise de Diferencas-em-Diferencas para capturar o efeito marginal das empresas de Capital de Risco e adquirentes Estrategicos no desempenho das empresas adquiridas. Com a nossa amostra de 56 aquisicoes por fundos de Capital de Risco e 69 transacoes cujo comprador e uma empresa Estrategica, nao encontramos sinais inequivocos de que um dos dois tipos de compradores tem um desempenho superior, num sentido amplo. Ainda assim, nas medidas relacionadas com a rentabilidade, como a Margem Bruta, os nossos resultados sugerem que as empresas compradas por adquirentes Estrategicos atingem um desempenho superior quando comparado com empresas detidas por fundos de Capital de Risco, o que atribuimos a maiores ganhos relacionados com sinergias verificados ao nivel de materias primas, dada a complementaridade entre os recursos de ambas as partes da transacao. Obtemos o resultado oposto ao analisar ganhos de eficiencia e medidas de crescimento, ja que os nossos resultados sugerem que as empresas adquiridas por investidores de Capital de Risco experienciam uma maior reducao do Fundo de Maneio em percentagem das vendas, fruto de melhorias nas politicas de gestao, bem como um acentuado crescimento dos ativos, o que advem do papel das empresas de Capital de Risco como provedoras de capital.
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