Private equity portfolio company performance during the global recession |
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| Authors: | Nick Wilson Mike Wright Donald S Siegel Louise Scholes |
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| Institution: | 1. Finance Department, Boston College, Carroll School of Management, 140 Commonwealth Avenue, Chestnut Hill, MA 02467, USA;2. Economics and Finance Department, LUISS Guido Carli University, Viale Romania 32, Rome 00100, Italy;3. Economics Department, Boston College, Economics Department, 140 Commonwealth Avenue, Chestnut Hill, MA 02467, USA;1. Copenhagen Business School, Department of Economics, Porcelænshaven 16A, Frederiksberg DK-2000, Denmark;2. TU Dortmund University, Faculty of Business and Economics, Vogelpothsweg 87, D-44221, Dortmund, ZEW Mannheim, IZA Bonn and KU, Leuven, Belgium;1. University of North Carolina at Chapel Hill, Kenan-Flagler Business School, Kenan Center, CB#3440, Chapel Hill, NC 27599 USA;2. Tulane University, A.B. Freeman School of Business, 7 McAlister Drive, New Orleans, LA 70118, USA;3. University of Chicago, Booth School of Business, 5807 South Woodlawn Avenue, Chicago, IL 60637 USA;4. National Bureau of Economic Research, 1050 Massachusetts Avenue, Cambridge, MA 02138 USA;1. Banco de Portugal, Portugal;2. Adam Smith Business School, University of Glasgow, G12 8QQ, United Kingdom |
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| Abstract: | We assess the recent economic and financial performance of U.K. private equity (PE) backed buyouts. Our empirical evidence, which is based on thousands of transactions, reveals that PE-backed buyouts achieved superior economic and financial performance in the period before and during the recent global recession, relative to comparable firms that did not experience such transactions. Our regression results imply positive differentials of 5–15% in productivity and approximately 3–5% in profitability for buyout firms, relative to non-buyout firms. Another key finding is that revenue and employment growth for PE- backed firms were positive during the sample period. |
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