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Full Description
Exits are the lifeblood of private equityat the top of their list of priorities when making an investment is an understanding of when and how they will realise it in due course. The methods of exiting private equity investments have developed over the years, and particularly in the more challenging economic environment of recent times. To the usual trade sales and initial public offerings (IPOs) have been added secondary, tertiary (and more) buy-outs, refinancings, partial sales, private equity house spin-outs and liquidations. As the economic environment continues to improve, exits ought to become easier to achieve; but in these uncertain times, private equity houses will continue to put a significant focus on what options might be available to them to realise their portfolio investments, being mindful of not just the economic risks, but also the legal, tax, regulatory and reputational issues at stake. Management teams are key to this process and their economic, commercial and personal priorities cannot be underestimated in what is a very complex environment of often conflicting aspirations.This practical guide features contributions by leading specialists (including from Clifford Chance, Travers Smith, Freshfields and Macfarlanes) on a range of topics linked to the exit of private equity investments. Topics featured include preparing for exits, vendor diligence, management issues, auction sales, partial exits, private equity house spin-outs, IPOs, refinancing, winding-up, tax and the Luxembourg perspective. Together, the contributors provide an invaluable guide to the legal, regulatory, tax and practical elements in play. Whether you are a lawyer in practice or in-house, this commercially focused new title will provide you with an invaluable all-round overview of private equity exits.
Contents
Introduction David Walker Clifford Chance LLP Preparing for exit Philip Sanderson Travers Smith LLP Vendor diligence Howard Corney Stephen Drewitt Macfarlanes Management issues Emma Danks Taylor Wessing Auction sales Tim Wright SJ Berwin LLP Partial exits Tom Evans Kem Ihenacho Clifford Chance LLP Private equity house spin-outs Amy Mahon Clifford Chance LLP IPOs Simon Witty Freshfields LLP Refinancing Stuart Brinkworth Hogan Lovells Winding up Tax David Harkness Nick Mace Anthony Stewart Kevin Thompson Clifford Chance LLP The Luxembourg Perspective Pierre Beissel Arendt & Medernach
