High-tech management buy-outs

Ken Robbie, Mike Wright and Mark Albrighton

Venture Capital, 1999, vol. 1, issue 3, 219-239

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.

Date: 1999
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DOI: 10.1080/136910699295875

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