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Thumbnail image for product with reference number 116-0020-1
Prize winner
Bain Capital's 'Take Private' of China Fire
Case
-
Reference no. 116-0020-1
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Originally published in: 2016
Version: 27-Mar-2016
Length: 11 pages
Data source: Field research
Topics: Company valuation; Multiples valuation; Transaction multiples; Takeover premium; Discounted cash flow (DCF) valuation; DCF; Private equity; Private equity and hedge funds; LBO (leveraged buy-out); MBO (management buyout); Buyout; China; Chinese orphan; United States; United States and China
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Abstract

The case centers on the 2011 buyout of China Fire, a NASDAQ-listed Chinese fire protection firm. The MBO, backed by private equity firm Bain Capital, comes amid a wave of 'take China privates' aimed at exploiting valuations depressed by fraud scandals at some US-listed Chinese firms. In response to the USD9 cash bid, China Fire's board has formed a Special Committee to negotiate terms. As the committee's financial advisor, Barclays Capital must conduct financial due diligence, including the valuing of China Fire with various methods.
Locations:
United States; China
Industries:
Fire protection; Private equity; Hedge fund; Hedge fund, private equity
Size:
USD80 million in sales
Other setting(s):
2011
Thumbnail image for product with reference number 116-0020-8
Bain Capital's 'Take Private' of China Fire
Teaching note
-
Reference no. 116-0020-8
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Originally published in: 2016
Version: 27-Mar-2016
Length: 23 pages
Data source: Field research
View full details
Thumbnail image for product with reference number 116-0020-8C
Bain Capital's 'Take Private' of China Fire
Instructor presentation material
-
Reference no. 116-0020-8C
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Originally published in: 2016
Format: .pptx
Data source: Field research
View full details
Thumbnail image for product with reference number 116-0020-8D
Bain Capital's 'Take Private' of China Fire
Instructor presentation material
-
Reference no. 116-0020-8D
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Originally published in: 2016
Format: .pptx
Data source: Field research
View full details
Thumbnail image for product with reference number 116-0020-8B
Bain Capital's 'Take Private' of China Fire
Instructor spreadsheet
-
Reference no. 116-0020-8B
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Originally published in: 2016
Format: .xlsx
Data source: Field research
View full details
Thumbnail image for product with reference number 116-0020-1B
Bain Capital's 'Take Private' of China Fire
Abridged version
-
Reference no. 116-0020-1B
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Published in: 2016
Length: 8 pages
Data source: Field research
Topics: Company valuation
View full details
Thumbnail image for product with reference number C116-0020-1
Bain Capital's 'Take Private' of China Fire
Case
-
Reference no. C116-0020-1
Simplified Chinese language
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Originally published in: 2016
Version: 27-Mar-2016
Length: 11 pages
Data source: Field research
Topics: Company valuation; Multiples valuation; Transaction multiples; Takeover premium; Discounted cash flow (DCF) valuation; DCF; Private equity; Private equity and hedge funds; LBO (leveraged buy-out); MBO (management buyout); Buyout; China; Chinese orphan; United States; United States and China
View full details
Thumbnail image for product with reference number 116-0020-4
Bain Capital's 'Take Private' of China Fire
Supplementary software
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Reference no. 116-0020-4
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Originally published in: 2016
Format: .xlsx
Data source: Field research
Topics: Company valuation; Multiples valuation; Transaction multiples; Takeover premium; Discounted cash flow (DCF) valuation; DCF; Private equity; Private equity and hedge funds; LBO (leveraged buy-out); MBO (management buyout); Buyout; China; Chinese orphan; United States; United States and China
View full details

About

Abstract

The case centers on the 2011 buyout of China Fire, a NASDAQ-listed Chinese fire protection firm. The MBO, backed by private equity firm Bain Capital, comes amid a wave of 'take China privates' aimed at exploiting valuations depressed by fraud scandals at some US-listed Chinese firms. In response to the USD9 cash bid, China Fire's board has formed a Special Committee to negotiate terms. As the committee's financial advisor, Barclays Capital must conduct financial due diligence, including the valuing of China Fire with various methods.

Settings

Locations:
United States; China
Industries:
Fire protection; Private equity; Hedge fund; Hedge fund, private equity
Size:
USD80 million in sales
Other setting(s):
2011

Related

Thumbnail image for product with reference number 116-0020-8
Bain Capital's 'Take Private' of China Fire
Teaching note
-
Reference no. 116-0020-8
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Originally published in: 2016
Version: 27-Mar-2016
Length: 23 pages
Data source: Field research
View full details
Thumbnail image for product with reference number 116-0020-8C
Bain Capital's 'Take Private' of China Fire
Instructor presentation material
-
Reference no. 116-0020-8C
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Originally published in: 2016
Format: .pptx
Data source: Field research
View full details
Thumbnail image for product with reference number 116-0020-8D
Bain Capital's 'Take Private' of China Fire
Instructor presentation material
-
Reference no. 116-0020-8D
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Originally published in: 2016
Format: .pptx
Data source: Field research
View full details
Thumbnail image for product with reference number 116-0020-8B
Bain Capital's 'Take Private' of China Fire
Instructor spreadsheet
-
Reference no. 116-0020-8B
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Originally published in: 2016
Format: .xlsx
Data source: Field research
View full details
Thumbnail image for product with reference number 116-0020-1B
Bain Capital's 'Take Private' of China Fire
Abridged version
-
Reference no. 116-0020-1B
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Published in: 2016
Length: 8 pages
Data source: Field research
Topics: Company valuation
View full details
Thumbnail image for product with reference number C116-0020-1
Bain Capital's 'Take Private' of China Fire
Case
-
Reference no. C116-0020-1
Simplified Chinese language
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Originally published in: 2016
Version: 27-Mar-2016
Length: 11 pages
Data source: Field research
Topics: Company valuation; Multiples valuation; Transaction multiples; Takeover premium; Discounted cash flow (DCF) valuation; DCF; Private equity; Private equity and hedge funds; LBO (leveraged buy-out); MBO (management buyout); Buyout; China; Chinese orphan; United States; United States and China
View full details
Thumbnail image for product with reference number 116-0020-4
Bain Capital's 'Take Private' of China Fire
Supplementary software
-
Reference no. 116-0020-4
Subject category: Finance, Accounting and Control
Authors: Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published by: HEC Paris
Originally published in: 2016
Format: .xlsx
Data source: Field research
Topics: Company valuation; Multiples valuation; Transaction multiples; Takeover premium; Discounted cash flow (DCF) valuation; DCF; Private equity; Private equity and hedge funds; LBO (leveraged buy-out); MBO (management buyout); Buyout; China; Chinese orphan; United States; United States and China
View full details
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