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Published by:
Darden Business Publishing (2001)
Version:
12 February 2014
Revision date:
15-Apr-2014
Length:
20 pages
Data source:
Published sources

Abstract

In February 2000, a managing partner of a UK-based private equity fund, Palamon Capital Partners, faced the decision of whether to invest in an Italian software company, TeamSystem, SpA. The rationale for this investment was a belief in the rapid future consolidation of the enterprise software industry in Italy, in combination with improvements in operating performance believed to arise from a stronger investor orientation after the transaction. The transaction entailed a leveraged recapitalization of the target that would significantly change its ownership, control and leverage. The task for the student is to evaluate the attractiveness of the investment, based on a strategic appraisal, a valuation of the target with its new capitalization, and an assessment of the proposed deal structure.

Topics

Private equity; Valuation; Discounted cash flow; Multiples; Leverage; Finance; Corporate finance; Financial strategy; International finance

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