Private Equity: The Management Guide

Setting the scene

You are a key member of a management team for a business which is up for sale. It may be one which is part of a larger group, a public company seeking to go private, or even a business owned by institutional investors looking to exit.

Whatever the reason, you are part of a team that has succeeded in attracting the interest of a private equity investor to fund a management buy-out of the business. Alternatively, you could be a manager whom the private equity investor is looking to integrate into the team. In either situation you would be right to think that the greatest challenge you face as part of the management team is to deliver (and convince the private equity investor that the team can deliver) on its business plan by taking the business forward and generating target returns for the team and the private equity investor. There is no doubt though, that the legal and transaction process for a management buy-out presents you with some challenges too, challenges which this guide seeks to explore.

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Lawyers Tom Cartwright, Tim Eyles, Robert Fenner, Nicholas Hazell, Jayne Schnider, Martin Winter