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• Case | HBS Case Collection | September 2017 (Revised June 2019)

  FundersClub: The Times They Are a-Changin'

  Nori Gerardo Lietz, Jeff Huizinga and Sayiddah McCree

  Citation:

  Lietz, Nori Gerardo, Jeff Huizinga, and Sayiddah McCree. "FundersClub: The Times They Are a-Changin'." Harvard Business School Case 218-032, September 2017. (Revised June 2019.)  View Details

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• Case | HBS Case Collection | February 2018 (Revised June 2019)

  Jaguar Capital S.A.S., Take the Money and Run?

  Nori Gerardo Lietz and Sayiddah Fatima McCree

  In January 2014, Tomas Uribe and Rodrigo Sanchez-Rios of Jaguar Capital S.A.S. (Jaguar or Jaguar Capital), were considering an offer from White Stone, the world’s largest private equity real estate investor. Jaguar Capital needed capital to fund its investment thesis, which was derived from Tomas and Rodrigo’s belief that the rise of Colombia’s middle class signaled an enormous untapped investment opportunity. Jaguar hoped to capitalize on Colombia’s middle class need of safe comfortable places to spend family time by providing retail, housing and entertainment facilities that catered to Colombia’s middle class. While White Stone’s proposal would solve many of Jaguar’s challenges as a start-up real estate development company, the offer would also create a new series of long-term issues for Jaguar.
  In this case, students examine the favorable and unfavorable attributes of the White Stone offer, especially as it relates to the unique situation of the protagonists. Additionally, the financial terms of the offer are compared to the terms of similar deals. Key questions explored through the case include the following: Would the White Stone proposal truly compensate Tomas and Rodrigo for all their hard work to date? Would they be fairly compensated in the future given the risks that they would bear and the work they have would do? Most importantly, should they take the deal?

  Keywords: real estate; Investing; private equity financing; deal structuring; emerging market; emerging economies; emerging market finance; international entrepreneurship; Finance; Entrepreneurship; Agreements and Arrangements; Emerging Markets; Real Estate Industry; Retail Industry; Financial Services Industry; Colombia; Latin America; United States;

  Citation:

  Lietz, Nori Gerardo, and Sayiddah Fatima McCree. "Jaguar Capital S.A.S., Take the Money and Run?" Harvard Business School Case 218-078, February 2018. (Revised June 2019.)  View Details

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• Case | HBS Case Collection | March 2017 (Revised June 2019)

  Mubadala and EBX: To X or to X It?

  Nori Gerardo Lietz, Ricardo Andrade and Sayiddah Fatima McCree

  In April 2012, Mubadala, Abu Dhabi's sovereign wealth fund invested $2 billion in Brazilian conglomerate EBX, believing the company to be undervalued by the public markets. Shortly thereafter, however, EBX and its multiple business lines began to spiral downward. Hani Barhoush and Oscar Fahlgren, members of Mubadala's investment team, were now charged with leading the restructuring efforts on behalf of Mubadala. The situation was exceptionally complex and involved dealing with different creditors, untangling cross-collateral clauses from EBX’s subsidiaries’ loans, and foreclosing on personal guarantees from Batista. There were also strong political challenges, since most companies operated in tightly regulated markets, some were publicly-traded, and many had received substantial subsidized financing from Brazil’s Development Bank (BNDES). Finally, the country’s economic and political environments were rapidly deteriorating, with a combination of stagflation, rising interest rates, and successive popular demonstrations causing the gradual loss of governability and ultimate impeachment of President Dilma Vana Rousseff.

  Keywords: sovereign wealth funds; conglomerates; Investing; corporate structure; International; restructuring; Sovereign Finance; Business Conglomerates; Investment; Financing and Loans; Restructuring; Organizational Structure; Economy; Brazil; Abu Dhabi;

  Citation:

  Lietz, Nori Gerardo, Ricardo Andrade, and Sayiddah Fatima McCree. "Mubadala and EBX: To X or to X It?" Harvard Business School Case 217-065, March 2017. (Revised June 2019.)  View Details

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