Blackstone: Crocs Investment

Victoria  Ivashina; John D. Dionne; Terrence  Shu

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Case | HBS Case Collection | September 2020

Blackstone: Crocs Investment

by Victoria Ivashina, John D. Dionne and Terrence Shu

Abstract

This case follows Prakash Melwani (HBS MBA '86), CIO of Blackstone's Private Equity Group, and his teams’ investment in the footwear company Crocs. Instead of a traditional secondary offering, Crocs opted for a unique deal structure by taking Blackstone's cash in a private investment in public equity (PIPE) deal. During the Blackstone investment, Melwani and his team drastically reworked Crocs’ strategy. The case offers insight into the operational initiatives undertaken to revitalize the Crocs brand.

Language: English

Format: Print

13 pages

Educators

Citation:

Ivashina, Victoria, John D. Dionne, and Terrence Shu. "Blackstone: Crocs Investment." Harvard Business School Case 221-023, September 2020.

About the Authors

Victoria Ivashina

Lovett-Learned Professor of Business Administration

Finance

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John D. Dionne

Senior Lecturer of Business Administration

Finance

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Technical Note | HBS Case Collection | August 2020

Discounted Cash Flows (DCF) Valuation Methods and Their Application in Private Equity

Victoria Ivashina

Citation:
Ivashina, Victoria. "Discounted Cash Flows (DCF) Valuation Methods and Their Application in Private Equity." Harvard Business School Technical Note 221-012, August 2020. View Details

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Case | HBS Case Collection | July 2020

CSL Capital Management: Patriot Proppants (A)

Victoria Ivashina and Yury Kapko

This two-part case series follows CSL Capital’s 2009 investment in the greenfield manufacturing company, Patriot Proppants. CSL, a recently established investment firm, employs a unique investment model, funding new ("green field") energy service businesses that serve Oil & Gas customers in the growing U.S. shale industry. This (A) case offers a perspective on CSL’s approach to deploying capital and the intricacies of the decision process as it relates to potential investment in Patriot. This case also offers insights into fundraising issues, asset-backed lending, and co-investments. Specifically, in addition to evaluating the investment opportunity, CSL must decide which co-investment partner to take on, should it advance with the investment. Students are presented with an opportunity to closely evaluate the terms of the co-investment proposals, particularly given that they came separately from strategic and financial co-investors with divergent objectives.

Keywords: Investment; Renewable Energy; Business Model; Decision Making;

Citation:
Ivashina, Victoria, and Yury Kapko. "CSL Capital Management: Patriot Proppants (A)." Harvard Business School Case 220-094, July 2020. View Details

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Supplement | HBS Case Collection | July 2020

CSL Capital Management: Patriot Proppants (B)

Victoria Ivashina and Yury Kapko

This two-part case series follows CSL Capital’s 2009 investment in the greenfield manufacturing company, Patriot Proppants. CSL, a recently established investment firm, employs a unique investment model, funding new ("greenfield") energy service businesses that serve Oil & Gas customers in the growing U.S. shale industry. Case (A) offers a perspective on CSL’s approach to deploying capital and the intricacies of the decision process as it relates to a potential investment in Patriot. Case (B) is shorter and focuses on an unsolicited offer from a strategic buyer, roughly one year after the initial deal closed. This case offers an opportunity to reflect on investment value-add for CSL, exit strategies, and fundraising issues.

Keywords: Investment; Renewable Energy; Decision Making;

Citation:
Ivashina, Victoria, and Yury Kapko. "CSL Capital Management: Patriot Proppants (B)." Harvard Business School Supplement 221-007, July 2020. View Details

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Faculty & Research

Blackstone: Crocs Investment

Abstract

Citation:

About the Authors

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