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Contribution Details

Type Bachelor's Thesis
Scope Discipline-based scholarship
Title The Buy-and-Build Strategy in Private Equity - A Study of Value Creation in Leveraged Buyouts
Organization Unit
Authors
  • Merlin Ruchti
Supervisors
  • Alexander Wagner
  • Stefano Ramelli
Language
  • English
Institution University of Zurich
Faculty Faculty of Business, Economics and Informatics
Number of Pages 52
Date 2021
Abstract Text I study the performance of 50 buy-and-build private equity funds with vintage years up to 2018 using the dataset of Preqin. A total of 778 platform and 2430 add-on deals are evaluated. I find an outperfor-mance of 33 per cent (average) and 23 per cent (median) compared to the S&P 500 over a fund’s lifetime, resulting in an annual outperformance of at least 3.83 per cent. I derive a series of value creation drivers through the case study with Ufenau Capital Partners that are unique to the buy-and-build strategy and explain outperformance.
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