The change of ownership after a buyout: Impact on performance

L. Goossens, Sophie Manigart and Miguel Meuleman

Vlerick Leuven Gent Management School Working Paper Series from 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.

Keywords: buyout; ownership; private equity; performance (search for similar items in EconPapers)
Pages: 23 pages
Date: 2007-11-08
New Economics Papers: this item is included in nep-bec and nep-cse
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Related works:
Working Paper: THE CHANGE IN OWNERSHIP AFTER A BUYOUT: IMPACT ON PERFORMANCE (2007)
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