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  • November 2014
  • Case
  • HBS Case Collection

Ardian—The Sale of Diana

By: Paul A. Gompers and Michael Roberts
  • Format:Print
  • | Language:English
  • | Pages:22
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Abstract

The case focuses on a European private equity firm—Ardian—and the process it uses to sell one of its portfolio companies, and the decisions around that sale. Key issues include the choice of an auction or acceptance of a pre-emptive bid, and the role of the portfolio company's management in the process. The case explores the kinds of influence company management can, and should, have in the sale process. The case also explores issues at the PE firm level, including the fact that the firm has recently been spun off out of its large parent financial services firm, and how the GP entity was valued during that spinoff.

Keywords

Spin-out; Exit; Sale; Private Equity; France

Citation

Gompers, Paul A., and Michael Roberts. "Ardian—The Sale of Diana." Harvard Business School Case 215-033, November 2014.
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About The Author

Paul A. Gompers

Finance
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  • The Market for CEOs: Evidence from Private Equity By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
  • Private Equity By: Paul A. Gompers and Steven N. Kaplan
  • Failing Just Fine: Assessing Careers of Venture Capital-backed Entrepreneurs via a Non-wage Measure By: Natee Amornsiripanitch, Paul Gompers, George Hu, Will Levinson and Vladimir Mukharlyamov
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