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- March 2021
- Case
Revlon: Surviving Covid-19
By: Kristin Mugford and Sarah Gulick
In October 2020, Revlon faced a crossroads. While it had been struggling with high levels of debt before COVID-19, the pandemic had caused it to go further into debt. Unlike other financial crises, many consumers had stopped buying skincare or cosmetics, and sales of...
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- February 2021
- Case
Barbarians at the Gate or Turnaround Gurus? Private Equity and the Rise of the LBO
By: Tom Nicholas and John Masko
During the 1980s, leveraged buyouts (LBOs) and the private equity (PE) firms responsible for carrying them out revolutionized both investment and management in the U.S. Between 1980 and 1989, buyout activity in the U.S. surged from $1 billion per year to $60 billion....
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Keywords:
Leveraged Buyouts;
Mergers and Acquisitions;
Business Conglomerates;
Restructuring;
Borrowing and Debt;
Private Equity;
Bonds;
Investment Return;
Institutional Investing;
Profit Sharing;
Business History;
Management Style;
Private Ownership;
Performance Effectiveness;
Value Creation;
Financial Services Industry;
United States
- February 2021
- Article
Trust and Disintermediation: Evidence from an Online Freelance Marketplace
By: Grace Gu and Feng Zhu
As an intermediary improves trust between the two sides of its market to facilitate matching and transactions, it faces an increased risk of disintermediation: with sufficient trust, the two sides may circumvent the intermediary to avoid the intermediary’s fees. In...
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Keywords:
Disintermediation;
Intermediaries;
Online Marketplace;
Platform Strategy;
Trust;
Marketplace Matching
Gu, Grace, and Feng Zhu. "Trust and Disintermediation: Evidence from an Online Freelance Marketplace." Management Science 67, no. 2 (February 2021): 794–807.
- November 2020
- Article
Disrupting the Disruptors or Enhancing Them? How Blockchain Re‐Shapes Two‐Sided Platforms
By: Daniel Trabucchi, Antonella Moretto, Tommaso Buganza and Alan MacCormack
The importance of platform‐based businesses in the modern economy is growing continuously and becoming increasingly relevant. Specifically, the deployment of digital technologies has enhanced the applicability of two‐sided business models, enabling companies to act not...
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Keywords:
Blockchain;
Two-Sided Platforms;
Business Model;
Innovation and Invention;
Technological Innovation
Trabucchi, Daniel, Antonella Moretto, Tommaso Buganza, and Alan MacCormack. "Disrupting the Disruptors or Enhancing Them? How Blockchain Re‐Shapes Two‐Sided Platforms." Journal of Product Innovation Management 37, no. 6 (November 2020): 552–574.
- 2020
- Working Paper
Weak Credit Covenants
By: Victoria Ivashina and Boris Vallée
Using novel data on 1,240 credit agreements, we investigate sources of contractual complexity in the leveraged loan market. While negative covenants are widespread, carve-out and deductible clauses that weaken them are as frequent. We propose simple measures of...
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Keywords:
Loan Contracts;
Debt Covenants;
Creditor Governance;
Credit;
Agreements and Arrangements;
Leveraged Buyouts
Ivashina, Victoria, and Boris Vallée. "Weak Credit Covenants." NBER Working Paper Series, No. 27316, June 2020. (R&R at the Journal of Financial Economics.)
- December 2019 (Revised January 2021)
- Supplement
The Leveraged Buyout of TXU: (B) Energy Future Holdings
By: Trevor Fetter, Erik Snowberg and Rebecca M. Henderson
This case is designed to support a lively discussion about the relative merits of shareholder vs. stakeholder perspectives in the context of a company that provides a vital public service that has important environmental implications. The 2007 purchase of TXU, the...
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Keywords:
Leveraged Buyouts;
Transformation;
Insolvency and Bankruptcy;
Environmental Sustainability;
Business and Shareholder Relations;
Business and Stakeholder Relations;
Energy Generation;
Utilities Industry;
Energy Industry;
Texas
Fetter, Trevor, Erik Snowberg, and Rebecca M. Henderson. "The Leveraged Buyout of TXU: (B) Energy Future Holdings." Harvard Business School Supplement 320-065, December 2019. (Revised January 2021.)
- December 2019 (Revised January 2021)
- Case
TXU (A): Powering the Largest Leveraged Buyout in History
By: Trevor Fetter, Erik Snowberg and Rebecca M. Henderson
This case is designed to support a lively discussion about the relative merits of shareholder vs. stakeholder perspectives in the context of a company that provides a vital public service that has important environmental implications. The 2007 purchase of TXU, the...
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Keywords:
Leveraged Buyouts;
Transformation;
Insolvency and Bankruptcy;
Environmental Sustainability;
Business and Shareholder Relations;
Business and Stakeholder Relations;
Energy Generation;
Utilities Industry;
Energy Industry;
Texas
Fetter, Trevor, Erik Snowberg, and Rebecca M. Henderson. "TXU (A): Powering the Largest Leveraged Buyout in History." Harvard Business School Case 320-064, December 2019. (Revised January 2021.)
- October 2019 (Revised December 2019)
- Case
BC Partners: Acuris
By: Victoria Ivashina and Terrence Shu
This case follows Nikos Stathopoulos, Managing Partner of BC Partners, as he and his team evaluate the potential sale of one of BC Partners’ portfolio companies, Acuris. Acuris was a global financial intelligence, news, and data company that had been acquired by BC...
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Keywords:
Fund Management;
Fund Raising;
Leveraged Buyout;
Buyout;
Portfolio Management;
Operations Improvement;
Exit;
Exit Strategy;
Valuation Ratios;
Finance;
Private Equity;
Leveraged Buyouts;
Operations;
Performance Improvement;
Acquisition;
Valuation
Ivashina, Victoria, and Terrence Shu. "BC Partners: Acuris." Harvard Business School Case 220-041, October 2019. (Revised December 2019.)
- June 2019
- Case
ClearLife: From Prospect to Platform
By: Alexander Braun, Lauren Cohen, Mauro Elvedi and Jiahua Xu
ClearLife’s first product was a trading and analytics platform for participants in the U.S. life settlement market, the secondary market for life insurance. ClearLife played a key role in facilitating transactions and devising a common language for expressing value and...
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Braun, Alexander, Lauren Cohen, Mauro Elvedi, and Jiahua Xu. "ClearLife: From Prospect to Platform." Harvard Business School Case 219-119, June 2019.
- March 2019
- Case
HOPI: Turkey's Shopping Companion
By: Sunil Gupta, Donald Ngwe and Gamze Yucaoglu
The case opens in 2017 as Onur Erbay, CEO of HOPI, a multi-vendor loyalty platform, is contemplating a critical decision. The case chronicles the origins of Boyner Group, the parent company of HOPI and a major retailer in Turkey, and development of retail and customer...
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Keywords:
Loyalty Programs;
Multi-vendor Platform;
Retail;
Big Data;
Customer Relationship Management;
Mobile Technology;
Business Model;
Data and Data Sets;
Competitive Strategy;
Decision Making;
Technology Industry;
Retail Industry;
Turkey
Gupta, Sunil, Donald Ngwe, and Gamze Yucaoglu. "HOPI: Turkey's Shopping Companion." Harvard Business School Case 519-057, March 2019.
- 2020
- Working Paper
Overcoming the Cold Start Problem of CRM Using a Probabilistic Machine Learning Approach
By: Nicolas Padilla and Eva Ascarza
The success of Customer Relationship Management (CRM) programs ultimately depends on the firm's ability to understand consumers' preferences and precisely capture how these preferences may differ across customers. Only by understanding customer heterogeneity, firms can...
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Keywords:
Customer Management;
Targeting;
Deep Exponential Families;
Probabilistic Machine Learning;
Cold Start Problem;
Customer Relationship Management;
Customer Value and Value Chain;
Consumer Behavior;
Data and Data Sets;
Mathematical Methods;
Retail Industry
Padilla, Nicolas, and Eva Ascarza. "Overcoming the Cold Start Problem of CRM Using a Probabilistic Machine Learning Approach." Harvard Business School Working Paper, No. 19-091, February 2019. (Revised May 2020.)
- January 2019
- Article
Pay Now or Pay Later? The Economics within the Private Equity Partnership
By: Victoria Ivashina and Josh Lerner
The economics of partnerships have been of enduring interest to economists, but many issues regarding intergenerational conflicts and their impact on the continuity of these organizations remain unclear. We examine 717 private equity partnerships and show that (a) the...
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Keywords:
Partnerships;
Leveraged Buyout;
Partners and Partnerships;
Private Equity;
Venture Capital;
Leveraged Buyouts
Ivashina, Victoria, and Josh Lerner. "Pay Now or Pay Later? The Economics within the Private Equity Partnership." Journal of Financial Economics 131, no. 1 (January 2019): 61–87.
- September 2018
- Case
Clayton, Dubilier & Rice at 40
By: Josh Lerner, Abhijit Tagade and Terrence Shu
In 2018, private equity firm Clayton, Dubilier & Rice celebrated its 40th anniversary and its 20th year under the leadership of CEO Don Gogel. In those decades, CD&R showed solid portfolio performance and generated strong returns for its investors - accomplishments...
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Keywords:
Finance;
Succession;
Buyout;
Leveraged Buyout;
Turnaround;
Operations;
Private Equity;
Management Succession;
Business Model;
Leveraged Buyouts;
Trends;
Organizational Change and Adaptation
Lerner, Josh, Abhijit Tagade, and Terrence Shu. "Clayton, Dubilier & Rice at 40." Harvard Business School Case 819-055, September 2018.
- September 2017
- Case
Blackstone's Julia Kahr at the Summit
By: Paul A. Gompers, John D. Dionne and Amram Migdal
In 2009, Blackstone, the New York-based alternative asset and financial services firm, committed to invest up to $750 million into Summit Materials, a new company in the aggregates sector (i.e., construction materials, such as crushed stone, sand, gravel, cement,...
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Keywords:
Roll Up;
Private Equity Roll Up;
Aggregates;
Aggregates Materials;
Construction Materials;
Business Ventures;
Acquisition;
Leveraged Buyouts;
Business Growth and Maturation;
Engineering;
Construction;
Finance;
Capital;
Equity;
Private Equity;
Financial Instruments;
Investment;
Housing;
Management;
Goals and Objectives;
Growth and Development Strategy;
Growth Management;
Personal Development and Career;
Management Teams;
Planning;
Problems and Challenges;
Value;
Valuation;
Value Creation;
Construction Industry;
Financial Services Industry;
United States
Gompers, Paul A., John D. Dionne, and Amram Migdal. "Blackstone's Julia Kahr at the Summit." Harvard Business School Case 218-002, September 2017.
- September 2017 (Revised February 2019)
- Case
Blackstone's GSO Capital: Crosstex Investment
By: Victoria Ivashina, John D. Dionne and Jeffrey Boyar
This case focuses on the Blackstone credit arm, GSO Capital as it evaluated a proposal for an equity investment into the distressed company, Crosstex Energy L.P., an integrated midstream energy company, that was hit hard by declining natural gas prices during the 2008...
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Ivashina, Victoria, John D. Dionne, and Jeffrey Boyar. "Blackstone's GSO Capital: Crosstex Investment." Harvard Business School Case 218-008, September 2017. (Revised February 2019.)
- August 2017
- Case
Altoona State Investment Board & Bain Capital Fund XI
By: Josh Lerner and Ted Berk
Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice among three different...
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Keywords:
Equity Method;
Leveraged Buyout;
Management Buyout;
Capital;
Design;
Entrepreneurship;
Finance;
Leveraged Buyouts;
Management;
Private Equity;
Venture Capital;
Banking Industry;
Massachusetts
Lerner, Josh, and Ted Berk. "Altoona State Investment Board & Bain Capital Fund XI." Harvard Business School Case 218-022, August 2017.
- July 2017
- Supplement
Centerbridge Partners and Great Wolf Resorts (B)
By: Josh Lerner, John D. Dionne and Amram Migdal
The case examines the aftermath of the March 2015 Centerbridge Partners acquisition of Great Wolf Resorts, a North American family-oriented indoor water parks and hotel operator, from a private equity (PE) competitor, Apollo Global Management.
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Keywords:
Private Equity Financing;
Commercial Mortgage Backed Securities;
Cmbs;
Secondary Buyouts;
Business Ventures;
Acquisition;
Leveraged Buyouts;
Business Exit or Shutdown;
Finance;
Borrowing and Debt;
Cost;
Cost of Capital;
Equity;
Private Equity;
Financial Instruments;
Debt Securities;
Accommodations Industry;
Entertainment and Recreation Industry;
Financial Services Industry;
North and Central America;
United States
Lerner, Josh, John D. Dionne, and Amram Migdal. "Centerbridge Partners and Great Wolf Resorts (B)." Harvard Business School Supplement 818-024, July 2017.
- February 2017 (Revised January 2019)
- Supplement
Bankruptcy at Caesars Entertainment (B)
By: Kristin Mugford
Keywords:
Gaming;
Chapter 11;
Fraudulent Conveyance;
Apollo;
Tpg;
Bankruptcy;
Leveraged Buyouts;
Restructuring;
Capital Structure;
Insolvency and Bankruptcy;
Private Equity;
Financial Management;
Lawsuits and Litigation;
Negotiation;
Entertainment and Recreation Industry;
Las Vegas
Mugford, Kristin. "Bankruptcy at Caesars Entertainment (B)." Harvard Business School Supplement 217-058, February 2017. (Revised January 2019.)
- January 2017
- Case
T. Rowe Price and the Dell Inc. MBO (A)
By: Lena G. Goldberg
T. Rowe Price’s mutual funds, separate accounts, institutional investors, and retirement accounts were, in the aggregate, Dell Inc.’s third largest shareholder in 2013 when Dell announced a management-led buyout, or MBO, structured as a merger. In considering whether...
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Keywords:
Fiduciary Duties;
Management Buy-out;
Mergers and Acquisitions;
Valuation;
Business and Shareholder Relations;
Financial Services Industry;
Computer Industry;
Delaware
Goldberg, Lena G. "T. Rowe Price and the Dell Inc. MBO (A)." Harvard Business School Case 317-088, January 2017.
- December 2016
- Article
Deal Process Design in Management Buyouts
Management buyouts (MBOs) are an economically and legally significant class of transaction: not only do they account for more than $10 billion in deal volume per year, on average, but they also play an important role in defining the relationship between inside and...
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Subramanian, Guhan. "Deal Process Design in Management Buyouts." Harvard Law Review 130, no. 2 (December 2016): 590–658.