贝恩资本的私募股权盈利指南.docVIP

贝恩资本的私募股权盈利指南 本文由tom365tom365贡献 pdf文档可能在WAP端浏览体验不佳。建议您优先选择TXT，或下载源文件到本机查看。 The new hands-on approach to building value in portfolio companies Private equity’s road map to profits by Chris Bierly, Graham Elton and Chul Joon Park Chris Bierly, a partner in Bain Company’s Boston office, has extensive experience working with private equity firms and their portfolio companies. Graham Elton, a partner in Bain’s London office, is a leader in the firm’s European Private Equity Practice. Chul-Joon Park, a partner in Bain’s Seoul office, co-directs the firm’s Asian Private Equity Practice. Copyright 2006 Bain Company, Inc. All rights reserved. Editorial team: Lou Richman and Susan Donovan Layout: Global Design Private equity’s road map to profits The new hands on approach to building value in portfolio companies When Thomas H. Lee Partners, Bain Capital and Providence Equity Partners joined with Edgar Bronfman Jr. to acquire the Warner Music Group (WMG) from Time Warner in 2004, the $2.6 billion buyout looked to some like a triumph of hubris over common sense. Even though WMG had a world-class roster of talent and a legendary catalog, the music business was in the doldrums. Digital piracy was rampant. Consolidation among traditional retailers was squeezing the music industry on one end of the business. Meanwhile, the cost of acquiring and marketing artists squeezed it on the other, as freewheeling competition among record labels had inflated the price of signing breakthrough acts. Against that background, the new owners seemed unlikely to recoup their initial investment, much less reap the high returns private equity deals are expected to generate. But, within a little less than two years, the skeptics were whistling a different tune. The buyout partners had so transformed WMG, with dramatic increases in cash flow and earnings, that they were able to take the company public again. They paid down debt and, through cash dividends received i