Project Finance - Higher School of Economics

Project Finance - Higher School of Economics

.. 2006 1 1. . 1. venture capital, private equity, private equity private equity , venture capital, private equity, , l, private equityeverage buyouts LBO LBO ( , . . () )

private equity : , , private equity venture capital, private equity private equity . , , , 2 1. . 1. ( 65% ) , ,

, , , : , , : venture capital, private equity and private equity , private equity 3 1. . 1. V - , -:

(European Venture Vapital, private equity As LBO s LBO ociation EVVA) : , , , , , (Britis LBO h Venture Vapital, private equity As LBO s LBO ociation - BVVA) , , , 4

1. . 1. : 1. 2. 3. 4. ( .. ) , , . ( - )

( ), . 5 1. . 1. ( ), , : ( ) ( ) () , () (), ( )

(, ) (.. ). , 6 1. . 1. () () () ( )

, - () , , ( - hands LBO on) , , , , - 7 1. . 1. ( ) , ( ) - ,

( ) . - , : , - 8 1. . 1. : , ; - ( -)

, , ( ) , , - - ( ) - , , , ( 30-40 . .) 9 1. . 1. (direct equity private equity) (venture capital, private equity) ( common l, private equityaw), , , ), , ,

, 1970 . , 1980 . 1 . ., 90- 35 . ., 4 . . 4 . . 30-40 . . , , . 4 . . , 10 1. . 1. ,

, ( 3-6 ) , . , Voopers LBO & Librand , 2%, 15%. 12% , 52% , (44% ); (43% ) (41% ). 81% , (43% ), (38% ) 11 1. . 1.

, , . , : 12 1. . 1. 21,5 % 100% .

100% ( , , , , ) , ( ) , .. 13 1. . 1. , , , , . .

, , , , , , , . 14 1. . 1. - , . , , , .

/. - AIM (Al, private equityternative Inves LBO tment Market ) , $600 15 . , . , , , , 15 1. . 1. , , , ,

, - , 16 1. . 1. , - , 19% (equity/debt ratio)

( IRR ), 17 1. . 1. , , , , , , . .

, , , , ( ) , 18 1. . 1. , ,

- , 20,5% 3,1%, , , , - . 19 1. . 1. , , , , , , .

, , 20 1. . 1. , , - ( ),

, , , , , , / 21 1. . 1. , , , 70% , , 4 % , ,

30% . 40-50% , (, ) , - 22 1. . 1. . , - , (IRR ) , , , ,

23 1. . 1. , - ( ), , , , , (. . , , )

, , , 24 1. . 1. . / (p/e) ) , ( , , , ) , ( , , !), p/e) .

, 90- , , , , , 25 1. . 1. , . - , 100% , , 26 1. .

1. , , : , , , (l, private equityeveraged) , (pure equity or unl, private equityeveraged) , , 27 1. . 1. :

: , , , , .. , , ( , )

28 1. . 1. , , (debentures LBO ) (SBIV) , , , , , , , (equity)

, , , 29 1. . 1. . ,

, . , 30 1. . 1. 1950 1960 . 500

; ; , ; . , . , . 31 1. . 1.

: (l, private equityeveraged) (unl, private equityeveraged) 32 1. . 1. , ..

, (l, private equityimited partners LBO hips LBO ) , , , ( $10 ). (SBIV) , ,

, , , 33 1. . 1. , , ,

, , .. . 34 1. . 1. . ,

(l, private equityimited partners LBO ) , , 35 1. . 1.

, , 36 1. . 1. , , : 37 1. .

1. . , , 38 1. . 1. . , : 1) 2) ,

: , , - , . : , , - , 39 1. . 1. . : , , ,

- , . , , , ; , , , , , , , , , 40 1. . 1.

. , , , , , 41 1. . 1. . , . , , :

) , ) , , , , , . , 42 1. . 1. . , , , - ,

, - , , 43 1. . 1. . - , , , , : - , , ,

, - , ( ) ; , , . 44 1. . 1. , , . : . . (evergreen fund) . . . .

45 1. . 1. . , - , , , , , , , ,

capital, private equity cal, private equityl, private equity 46 1. . 1. . , .

, , - , . 47 1. . 1. . (evergreen fund)) , , . - . ,

- , , , . , . : 48 1. . 1. . (evergreen fund)) , , ,

, , . 49 1. . 1. . - ,

, , , , , . 50 1. . 1. . , , , 51 1. .

1. . - , . 52 1. . 1. . , , , , , , , IPO

: 53 1. . 1. - , , , , , ,

, , , . 54 1. . 1. , , , ( ) , , , , : , -

, , . , , 55 1. . 1. (, ), , , , , - ,

, , . 56 1. . 1. , . , - , , . , , , . , . , , , ; , , .

, , , , , . 57 1. . 1. : ( ); . 58 1. . 1. ( ) , , -

, , , , (, BV, , 8) 59 1. . 1. ( ) : 1. , , , ( , ). , : , , - ( ); (

); 2. , , (), ; 60 1. . 1. ( ) 3. , , ; 4. , , , (pas LBO s LBO ive foreign inves LBO tment companies LBO ) , . 61 1. . 1.

, ( - ), , , , , , . , , , , . 62 1. . 1.

, , , , , . , , , . , , , , , (, ) 63 1. . 1. , , ,

, , , , 64 1. . 1. ( , , ), , , ,

- , - , 65 1. . 1. , , , - , - ( ) , , 4-5% ,

, ( ), , 66 1. . 1. , - , , , , , , - ,

67 1. . 1. - , , , , , , , , , . 68

1. . 1. - , . - , , -, - , ( , ) 69 1. . 1. - ,

. , , . . - . , , 70 1. . 1.

- , . - , BV. BV : , 5%- . . ( ) , . , , , 71 1. . 1.

, , : . , , . , 1% , 72 1. . 1.

. , , ( ) 25%, , , 50% ( ) , 73 1. . 1.

(Unrel, private equityated Bus LBO ines LBO s LBO Taxabl, private equitye Income - UBTI). , UBTI , -, , UBTI ( ) UBTI: , UBTI 74 1. . 1.

. , . (Controlled) Foreign Corporation CFC). 50%, VFV , , VFV, . 75 1. . 1.

, , : . , , . , 1% , 76 1. . 1. . : -

- ( 75% ) . 2,5% ( ). ( ). 1,5-2% , , , (, ) , , , 77 1. . 1.

. , , , , . , 25% , , , 78 1. . 1.

- , , : , , : , 79 1. . 1. / .

, 75% . , (. . , ), 75% , 80 1. . 1. . , , , 1%

, , , . . , , ( - , -) 81 1. . 1. . - ,

, , ? , , , : , , , ( ) 82 1. . 1.

: - ; ; 83 1. . 1. - , , , , , , : ) ; ) ( , ); ) ( , )

, - 84 1. . 1. , 20% . , , (hurdle) ) , , . ,

, : , 85 1. . 1. 10%, . . , 10% . . , (). , , 10% 15%, 15% 20%

: , . , : 20% , . 80 : 20 86 1. . 1. , 50% ( - 75%) , . (, ;

. .). 87 1. . 1. , , . , . , ,

88 1. . 2. , , EVVA 1997 . (s LBO eed) (s LBO tart-up) (7,4% 22,8% ). , (), . ( )

(35% 51,9% ). , . , , , , . -, , 89 1. . 2. - - (50,1% 19,3% ). . - (64,7% 33,9% ), . (7,6% 6% ). , - ( ). ,

, , , . , , ( , , ) , 90 1. . 2. :

91 1. . 2. : - - ; , , ( ) , , 92 1. . 2. : ( (), ) , . ,

, . - . : , , . , (IRR ) , ( EVVA , ). , 80- , , , , , 93 1. . 2. :

, . , , , . , ( , , ). , , , . : ( ) , - , . . , 94 1. . 2. :

80- , , . , . , , , ( ) - , , , , , , .. 2,5% 20% , , . - , ( ) ,

95 1. . 2. : , . ( 50%, 12%) - ( , ), , ( , ) - ( )

, . : ) : ) , () 96 1. . 2. : , ( ), 25%, , - - , , . ,

, , . , , , , , , ( , - ) 97 1. . 2. : , , , .

, , , . 98 1. . 2. : - . , , ( , ) , , , ,

, - , , - . , , . . , 99 1. . 2. : , ( , )

, 80- . -, , , , (, ) ( , ). , , , , , , - 100 1. . 2. : , ,

, , /, , , , , - - 101 1. . 2. :

, , , : , , , , ; - , , , 102 1. . 2. : , , , 1:100

- . , -, . , - . due dil, private equityigence, - 103 1. . 2. : , ,

. , : / ; ( ); - ; , , . 104 1. . 2. : - , ,

- , ( ); - - 105 1. . 2. : , , , , , . ( , , ..), , ,

, 25 ( ) . : , 106 1. . 2. : , . , , , , , , .

, (s LBO mart) . ; , , . , . 107 1. . 2. : Due d)iligence . ,

- . ( ), , 108 1. . 2. : Due d)iligence , ,

, , , , , . . 109 1. . 2. : Due d)iligence Due dil, private equityigence , , : -, ; -, ,

- , , , - , , (, , ) 110 1. . 2. : Due d)iligence : ,

, , , , , , , 111 1. . 2. : Due d)iligence , :

, , , - 112 1. . 2. : Due d)iligence , . ,

, : ; ( - ); , 113 1. . 2. : ,

, , -, ( ) . . . ., , . ; , / 114 1. . 2. :

, , , , . . , , , , ( ) . . . ., , 115 1. . 2. :

. ; , / . , . , , , . . . 116 1. .

2. : : , / , , /. , , ( ). 117

1. . 2. : , , , 50%- (. . -, ) 50%- IRR , 50%- ( ). , , - , , , 118

1. . 2. : - - , . , , , , , 119

1. . 2. : , , . - , , , . .

120 1. . 2. : , , , , -, ,

, , , , . 121 1. . 2. : . , , , , .

IPO , 4, : 122 1. . 2. : . ; , , . , , , ; , 100%

(, , ), ; - - ; 123 1. . 2. : , ( ) , . , ; ( , ,

) (, ) , - ; , 15% ( EVVA 1997 .) ( ), , 124 1. . 2. :

, . , , . , , 125 1. . 2. : , , - , , , , ,

126 1. . 2. : ( , , ), EVCA : , , . . , , 25-40% . BVVA () 1996 . ,

, 127 1. . 2. : , , , .. , ( , ), , , .. 128

1. . 2. : 3-6% , , , , . , , . , , , , , . 129 1. .

2. : , , , , , , , . , , , , 130 1. . 2. :

, 84% (51%), . , , . , 67% ; 43% - , ; 41% - ; 40% - ; 30% - . - . . 131 1. . 2. :

, - . , , , , , , . . , . 100 42% 35%, 132 1. . 2.

: 1996 . , , 80 , 5 7,5 . , 100 , 15% , 100 1% . , , , 5-6% , 133 1. . 2.

: : 70- ( ), . : ; , ( ); ; ; , ; , , , . . . . , , ,

134 1. . 2. : , 100 . , , , : , , , ; -, , , . . : ,

, , 135 1. . 2. : - , , . 2.500 ( ) , . , 9% , 3%

: () . , - . , , 136 . 1. . 2. : :

() , - . , , 137 1. . 2. , . , , . , , .

. ( ) , 1980 . , , , , , 138 1. . 2. ,

, , , , , , , 139 1. . 2. 90- , ,

, , , , : : ; ; . 140 1. . 2.

, , . , , , , 141 1. . 2.

, : 142 1. . 2. . . , 30%. 20-25%, , 15-20% . ,

. , , , , . . , . , , , 143 1. . 2. . , . , , ,

. . , . , , , . , , , , , 144 1. . 2. , :

145 1. . 2. . , . , , . , . , , EVVA

. , . , , , 146 1. . 2. - , - , , . ,

, , , , 147 1. . 2. : 148 1. . 2.

. . , , , , 1970 . ( : USD 250 USD 3,5 ) , . USD 20 . , ( ) 149 1. . 2.

. , , . , , , . , , , , , 150 1. . 2.

. , , , , , , , . , , 151 1. . 2.

. , , . , . , . . - , . , , , , 1 . , , . , , , , 152 1. . 2.

, : (endow), , , ments LBO ) (foundations LBO ) (gatekeepers LBO ), 153 1. . 2. : 15 1 . ., 5 . . , , , 1994 . 12% .

- , , . , 154 1. . 2. . , , , , . ,

, 44% - , - . , , , . 155 1. . 2. , , . , ,

, : 156 1. . 2. , , , , , , , ( ) ,

, , . , 157 1. . 2. , , , . , , , .

(, NASDAQ ), , . , , - . , 158 1. . 2. , . , . , , , - .

, , 159 1. . 2. , . , , . 160

1. . 2. -, (, ) , . , , , , ( ). , - 80- - , 161 1. .

2. ; . , , . , , , , . , . , , , - 162

1. . 2. , , , , . : , , 163 1. .

2. - . , 51% ; , , , , , , . , 164 1. . 2.

. , . , , (team s LBO pirit), , , , , . , , , 165 1. . 2.

, , . , , , , : , 500 . . USD 100 , , - 50 USD 10 . , 166 1. . 2.

, , , , , : , , , , , , 167 1. . 2.

- , . , , , , , , - - , , : ; . , 168

1. . 2. . , , , - . , , , , , 169 1. . 2.

. - , , , , - , . 170 1. . 2.

, , , , - , , , , - 171 1. . 2.

, , , : , , . (IRR ) . , 172 1. . 2.

, EVCA , . 42, 29 17%. . . , . , , , , 173 1. . 2.

. . , EVCA , , , . , . , . , , 174 1. . 2.

, , . , . , , , , . , 175 1. . 2. ,

. - , , , : - , - ( , ) 176 1. . 2. , , . ,

, : ( ) (, ), , 177 1. . 2. , , , , ,

, , , , , , , 178 1. . 2. , - . ,

, , . , , : 179 1. . 2.

. , . , , , , , , , , , 180 1. . 2. , , ,

, , , ( , ). , $10 . , , , 10% . , - 100 . . 181 1. . 2.

, , , , , , - . 182 1. . 2. . ,

, , - . - , , , , ; 183 1. . 2. . ( ) 80- 2,5%

90- , . , , , , , 184 1. . 2. (, 5- ),

. : - , , , . , , , 185 1. . 2.

, , . - 1,5% , , , , 2,5% 186 1. . 2. .

: 80% , 20% 187 1. . 2. . , , , , . , , (preferred return, ) ,

8-12% 188 1. . 2. -, , (

). - (), , . . . , 25% , 189 1. . 2. . - , ,

, , , . , : , , 190 1. . 2. . 80- . , , . ,

, , 191 1. . 2. . , , 192 1. . 2.

. . , , , . , : , , . , , 193 1. . 2. , .

. , : , , , . , , , . , , , , , 194 1. . 2.

, , , , , -. 195 1. . 2.

, , , . : . 196 1. . 2.

, . , , , , , . , , 197 1. .

2. , : - - - - - - 198 1. . 2.

. , , ! - 199 1. . 2.

: , , - . , , , , , , 200 1. . 2.

, . , . , , . , 201 1. . 2. , , , ,

. , , , 202 1. . 2. . (pl, private equityacement agents LBO ) . , .

, , . , 203 1. . 2. ( 2% ), . , , , , ,

204 1. . 2. , . - , , . ( , ), , ,

, , , , 205 1. . 2. , . , , , , , , ,

, 206 1. . 2. . , &, 150 , . 45 . , - , , . , ,

207 1. . 2. . , . , . , , ,

. 208 1. . 2. , . - ( , ) , .

, , , , . , 209 1. . 2. , : , 210 1. . 2.

. , , . - , . , , . , . , , 211 1. . 2.

. , , . , , . , : , , . , , 212 1. . 2. .

. , , , . , , , 213 1. . 2. . . , , , . , ,

, 214 1. . 2. (d)eal flow)) - , - , . - , . , , ,

. - , : ? 215 1. . 2. (d)eal flow)) : , ( ), , , , . , ,

(b2b) 216 1. . 2. (d)eal flow)) , , , , , . , , . , , , , - . - , . , , .. . , ( , , ),

: ? 217 1. . 2. (d)eal flow)) , , , . , , , , , , , , - , , . ,

218 1. . 2. (d)eal flow)) (David Sil, private equityver) , 1981 . " " , , 24- , , $7,5 . $3 . , , 5% $1 . , ""

, , , 219 1. . 2. (d)eal flow)) , , , , , , ,

220 1. . 2. (d)eal flow)) , : , , ,

221 1. . 2. (d)eal flow)) . . , , , (, , , ), - . , , , 31 . - .

, , 222 1. . 2. (d)eal flow)) . , , . , , , . , , .

, , . , , , , 223 1. . 2. (d)eal flow)) . , , . , , , , .. . , MTI Managers LBO (hands LBO on s LBO upport) -

, 224 1. . 2. (d)eal flow)) ( ) , , 225 1. . 2. (d)eal flow)) . , ,

, , - , . , Inves LBO tor Vhronicl, private equitye Monthl, private equityy Buyout Monitor - , , - . , 226 1. . 2. (d)eal flow)) . , , , ,

- . , . , . - , , , - . (s LBO ucces LBO s LBO s LBO tory) , - . , 227 1. . 2. (d)eal flow)) 80- (Super Vl, private equityub n.v.)

. , . , , , 228 1. . 2. (d)eal flow)) . - ,

(pres LBO s LBO rel, private equityeas LBO es LBO ). - , ( ) , . , , , , , . , . . 229 1. . 2. (d)eal flow)) , : , , . .

(events LBO ), , , , , . 230 1. . 2. (d)eal flow)) . , , ,

, , , , , , - - , 231 1. . 2. (d)eal flow)) . , - . , ,

, , , , , , , , , - - 232 1. . 2. (d)eal flow))

, , (w), , , ining & dining) - , 233 1. . 2. (d)eal flow)) :

(uns LBO ol, private equityicited) (referred deal, private equitys LBO ) (s LBO yndication) (earl, private equityy s LBO tage funds LBO ) 234 1. . 2. (d)eal flow)) (uns LBO ol, private equityicited) . EVVA , . - 50 , . , 235

1. . 2. (d)eal flow)) . , , , , . . , , , . , , - . , : , , , , . (s LBO urfing).

236 1. . 2. (d)eal flow)) . (/ ) 15-20 , . . , , , - 237 1. . 2. (d)eal flow))

(referred deal, private equitys LBO ). - , - , 25% , 95% - . , (referral, private equitys LBO ). , , , - ( , , ) . , - , , - . , 238 1. .

2. (d)eal flow)) , , , , , , 239 1. . 2. (d)eal flow))

(s LBO yndication). - (co-inves LBO t) . 34% , 9% - . : / , , , - : , , , , 240 1. . 2. (d)eal flow)) , , ,

, , - , - . - . 241 1. . 2. (d)eal flow)) (earl, private equityy s LBO tage funds LBO ). co-inves LBO tment (-) -

, , , . 100 000 , (Vapricorn Venture Partners LBO ), . , . , (firs LBO t refus LBO al, private equity) 242 1. . 2. (d)eal flow)) , ,

, , , , -. , , , , . 243 1. . 2. (d)eal flow)) - ,

. , , , . , (term s LBO heet), , , , 244 1. . 2. (d)eal flow)) . - ,

, 245 1. . 2. (d)eal flow)) . , , . , . , ,

/ . . , 246 1. . 2. (d)eal flow)) . , , - , -. - , , ,

, , , , . , . 20-25% 247 1. . 2. (d)eal flow)) . . , . , ,

. , , , , , (publ, private equityic domain) 248 1. . 2. (d)eal flow)) . 95% . . : 1. , . , . , . , ,

2. . , , . , , . , , 249 1. . 2. (d)eal flow)) 3. . , , , , . 4. . ,

. , , . . , , , , - 250 1. . 2. (d)eal flow)) 5. . , , , , . - , . , , , 6. -. - .

, , -, . , 251 1. . 2. (d)eal flow)) . , . . , , . , ,

. 252 1. . 3. - ; ; ; ; LBO s LBO ;

, (turnarounds LBO ); (PO s LBO and IPO ). 253 1. . 3. - (start-up) , .. ,

, .. , , (s LBO eed) 254 1. . 3. -, , , 2-3 , , (break even) , -

- 10% , - 255 1. . 3. , , , ,

, 1-2 (break even) , , , 256 1. . 3. .

, , (break even) ( ) , 257 1. . 3.

, (15% - 6 ) IPO (Initial, private equity Private O ffering) 258 1. . 3. LBOs (Leveraged) Buy-out)

- , , , , , , , , , , , 259

1. . 3. , (turnarounds LBO ) , . , , (

) 20, , 260 1. . 3. (POs and) IPO)

, 261 1. 3. (POs and) IPO) IPO - IPO (incorporation), IPO (Private Pl, private equityacement),

IPO . 262 1. 3. (POs and) IPO) (Private placement) (private pl, private equityacement) , ,

( ), , , . , , (, , ), , . , () . 263 1. 3. (POs and) IPO) (Private placement)

, . () , ( - , ) . , , , - , 264 1. 3. (POs and) IPO) (initial, private equity publ, private equityic offering - IPO ) .

, , . , , . , . , , (, , , , ), , , . 265 1. 3.

(POs and) IPO) IPO , , 15-20% , .. , IPO , . IPO , , , IPO (Templ, private equityeton , . ) (anchor pre-IPO inves LBO tors LBO , UBS Warburg) 266 1. 3. (POs and) IPO)

, , , , . : ,

(, , , Pioneer , , -); , (private offerings LBO ) , (initial, private equity publ, private equityic offering), , , () , , , ADR GDR . 267 1. 3. (POs and) IPO) ( ), . , .

, (val, private equityuation), . , , , . , , 268 1. 3. (POs and) IPO) , : -, , . -, , ,

. -, . : - . - story s LBO tory - . 269 1. 3. (POs and) IPO) , , " ". 1996 1998 , .

, , , - . 270 1. . 4. , , , , (high technol, private equityogy products LBO ) (2 - ), (2 - )

, , , 271 1. . 4. , , , , ,

, , , , 20% , LBO s LBO 272 1. . 5. , , 4 , : -

. , 15-20% , $20-30 . 273 1. . 5. , , , , , ,

, 274 1. . 5. , ,

, , , , , , , 275 1. . 5. , ,

, 5 10 , 276 1. . 5. , - , , LBO s LBO ,

, 277 1. . 6. ; , , .. ; -; ; , .

278 1. . 6. : , , . , . 2%,

279 1. . 6.

, , .. 80- - , M&A (merges LBO and acquis LBO itions LBO ) - , 280 1. .

6. baby-boom 1960 90 281

1. . 6. - , .. , , , , 10% ( 15%) , , 30-50% 282

1. . 6. , , .. , , , , .. , 283

1. . 6. , , , : , 4- ,

, , 30% , 10-15% .. , , , 284 1. . 6.1.

- , - -, , , - - , - , , , - , , 285 1. .

6.1. 4- exit, .. , : , -, , , , , , 286 1. 6.1. , , , , .

, , , , , ( , ), . , , , . 287 1. 6.1.

, , , , , 14-15% . , , (emerging markets LBO ) , . , , : ; , , , ( ) , .

288 1. 6.1. , : , ; , , ( ) -

( , , ) 289 1. 6.1. , , ,

, , . , , , , , - - 290 1.

6.1. , '' , , . , . , , , , . , , , , .

291 1. 6.1. , : . , , , . , , . , , ( , ) , . , , . , , ,

292 1. 6.1. , , , , , ( , , ). : ( , , , , , ): ; ( ); - . , , (commitment) 1.5 . 2-3

293 1. 6.1. , , , , , , ( .. -) , , , . , , , 294 1. 6.1. ( , ,

) , , , . , . , , , , , , 295 1. 6.1. , , , ; ,

- , , 296 1. 6.1. :

, : ; , , ; , , . , , , , 297 1. 6.1. ,

. , , , 7-10 . . , 35-45% , , 2-3 , , ( , , ) , , (chief financial, private equity officer) . . , ( 4 8 ) 298 1. 6.1.

, . , , , . , , . , . , , , , , , , , , , . (, , ) 299

1. 6.1. - , , - , - , : - ( ) - - , , : - , , - , - , - , - - ( ) - 300 1. 1.1. - 3

- , , ( ), 1.5-3% 50% IRR - - , : 5+5 , 10% - 30% -

301 1. 6.1. - - - cas LBO h-flow), , , - - - ( , , ) - - - , , - , 302 1.

6.1. , .. , ) , , , ( ), , , , . , , , . - , , , ' , , . , , ,

, 303 1. 6.1. . "" (val, private equityuation) , , , , . . , , , , , .

, , , , (mergers LBO and acquis LBO itions LBO M&A) . (s LBO w), , , ap) , 304 1. 6.1. - : val, private equityuation ( , )

Val, private equityuation 305 2. . 7. , 4 ; ; ; 306 2. . 7. ,

, , 51% , , , , , , (repres LBO entation)

307 2. . 7. , -, , , 6-8%, 12-15% -, , , -, , -,

308 2. . 7. , , (debenture), , , (covenants LBO ) 309 2. . 7. ,

, (w), , , arrants LBO ) , , 310 2. . 8. : ,

, , , , , 311 2. . 8. , , ,

, , , , , , , , , , , 312 2. . 8.

, , - , , , , , , , , ,

313 2. . 9. , , , .. , , , , , : , , , (s LBO hort l, private equityis LBO t) :

, , , .. 314 2. . 9. , , .., , , , (reference) .. , - - 315

2. . 9. , : , 316 2. . 9. , - , , , , 10- , , , ,

, . , , , , 30% 317 2. . 9. , - , , , , (due dil, private equityigence)

10 , (s LBO hort l, private equityis LBO t) 318 2. . 9. , , , , , , , .. - 319 2. .

9. , , , , , , , , - , . . , 320

2. . 9. , , , (reputabl, private equitye) : , , , 321 2. . 9. ,

, : ? ? , ? , ? , ? , ? , , ? , , ? , ? ? ? 322 2. . 9.1. , , (

(l, private equityegal, private equity cl, private equityos LBO ing) (fund dis LBO burs LBO ement) , .. 4-5 6 . 6-8 323 2. . 9.1. , : , , , (term s LBO heet), (s LBO harehol, private equityder agreement, s LBO hare purchas LBO e agreement, amendments LBO to charter) (due dil, private equityigence) (commitment) , . , ,

(l, private equityegal, private equity due dil, private equityigence) 324 2. . 9.2. , : 1 , 2 , - 3 4 5 6 , 7 , 325 2. . 9.2.

1 , 50% , , . -, , , -, ( 25-30%) , 326

2. . 9.2. 2 , - , , -, , , 327

2. . 9.2. 3 , 10 20 , , 4-5 , , , , , , - , ,

, 328 2. . 9.2. 4 , , , , ,

, , , , , , , , , , , , - , ( ) 329 2. . 9.2. 5 , ,

6-8 - ( , , ) 50 100 10 10 , , 2-3 , .. , 100

, , - 330 2. . 9.2. 6 , , , , , , ,

( .. , ), , 331 2. . 9.2. 7 , , - , -

, - - : , , 332 3. . 10. . (Summary Pres LBO entation) . , , (opportunity) ,

, (s LBO el, private equityl, private equitying orientation), (pol, private equityis LBO hed) - (mes LBO s LBO age), , , , -, (achiever) , - (Pros LBO pectus LBO ) SEV , , 333 3. . 10. . (Summary Pres LBO entation) : :

, , , 334 3. . 10. . (Summary Pres LBO entation)

: (Vompany Summary) / (Funds LBO Reques LBO ted) (Vol, private equityl, private equityateral, private equity) (Us LBO e of Proceeds LBO ) (Exit)

, 335 3. . 10. . (Summary Pres LBO entation) : , ,

336 3. . 10. . (Summary Pres LBO entation) : , , , .. 337

3. . 10. . (Summary Pres LBO entation) : - , 10-15 , , - (s LBO tart-up) (turnround) , 338

3. . 10. . (Summary Pres LBO entation) : (Company Summary) 339 3.

. 10. . (Summary Pres LBO entation) : , / , - (background)

, 340 3. . 10. . (Summary Pres LBO entation) : / , , ,

341 3. . 10. . (Summary Pres LBO entation) : (Fund)s Requested)) (, ) ,

(debentures LBO ) / , , 342 3. . 10. . (Summary Pres LBO entation) : (Collateral) , ,

343 3. . 10. . (Summary Pres LBO entation) : (Use of Proceed)s) ( ), , , , .. , ,

344 3. . 10. . (Summary Pres LBO entation) : , (P&L) (Bal, private equityance Sheet), : (Revenues LBO ) EBITDA/IBITDA (Net Income) (As LBO s LBO ets LBO ) (Liabil, private equityities LBO ) (Net Worth) 345 3.

. 10. . (Summary Pres LBO entation) : , 3-4 , 5 5 / , (P&L) (Bal, private equityance Sheet), : (Revenues LBO ) EBITDA/IBITDA (Net Income) (As LBO s LBO ets LBO ) (Liabil, private equityities LBO ) (Net Worth) 346 3. . 10. .

(Summary Pres LBO entation) : (Exit) , (get capital, private equity gain) (val, private equityue) ( , 3-4 ) , 2-3 IPO , s LBO trategic s LBO al, private equitye, MBO - IPO - , - MBO

347 3. . 10. . (Summary Pres LBO entation) : ,

( ) 348 3. . 10. . (Summary Pres LBO entation) , ,

- - - 349 3. . 10. . (Summary Pres LBO entation) (Non-Disclosure Agreement NDA) , , - ,

, , , , , , 350 3. . 10. . (Summary Pres LBO entation)

, .. 351 3. . 11. . (Propos LBO al, private equity) -, , , - , , , , , , , -

( ) - 50% 352 3. . 11. . (Propos LBO al, private equity)

, - , , , . , 2-3 353 3. . 11. . (Propos LBO al, private equity)

(financial, private equity brokers LBO ) (package) , , . (fee) , , , .. , , , , , 354 3. . 11. .

(Propos LBO al, private equity) , , , .. , , , , , , . , - 30 (

) , 50 - 355 3. . 11. . (Propos LBO al, private equity) (compl, private equityete) , , , , , ,

, 356 3. . 11. . (Propos LBO al, private equity)

( ) (Exit) , . , 357 3. . 11. . (Propos LBO al, private equity) :

, , , 358 3. . 11. . (Propos LBO al, private equity) :

( )

359 3. . 11. . (Propos LBO al, private equity) :

(backl, private equityog) 360 3. . 11. . (Propos LBO al, private equity) :

, , 361 3. . 11. . (Propos LBO al, private equity) : , 362 3. . 11. . (Propos LBO al, private equity)

: , , - ( ) 363 3. . 11. . (Propos LBO al, private equity) :

( 5 ) , , -

364 3. . 11. . (Propos LBO al, private equity) : , . , , , , .. -, ,

(s LBO trengths LBO ) , (key s LBO ucces LBO s LBO factors LBO ) , 365 3. . 11. . (Propos LBO al, private equity) :

, , , , (margins LBO ) 366 3. . 11. . (Propos LBO al, private equity) :

, , ( - ) (3-5) , , 367 3. . 11. . (Propos LBO al, private equity) :

: , , val, private equityue chain , : , , 368

3. . 11. . (Propos LBO al, private equity) : : , , , , (, ) , . , ,

, , , , 369 3. . 11. . (Propos LBO al, private equity) : , , , ,

, ( ) 370 3. . 11. . (Propos LBO al, private equity) : ,

, 371 3. . 11. . (Propos LBO al, private equity) : ( , , , , ) (val, private equityue added) val, private equityue chain ,

, 372 3. . 11. . (Propos LBO al, private equity) : ( ) ( (bl, private equityue col, private equityl, private equityar), (w), , , hite col, private equityl, private equityar) ) , ,

, , , , , , 373 3. . 11. . (Propos LBO al, private equity) : , ,

3-5 , , 374 3. . 11. . (Propos LBO al, private equity) :

3-5 , , 375 3. . 11. . (Propos LBO al, private equity) : , , , (,

) , , 376 3. . 11. . (Propos LBO al, private equity)

: , (s LBO ervitutes LBO ) 377 3. . 11. .

(Propos LBO al, private equity) : (trade marks LBO , brands LBO ), 378 3. . 11. . (Propos LBO al, private equity) :

, , , , 379 3. . 11. . (Propos LBO al, private equity) :

, ( ), , , , , - 380 3. . 11. . (Propos LBO al, private equity) : , ,

, , , , - , , , 381 3. . 11. . (Propos LBO al, private equity) :

, , , . 382 3. . 11. . (Propos LBO al, private equity) : (backlog) , , ()

3-5 383 3. . 11. . (Propos LBO al, private equity) : , , , , , , , , ..,

, , .. 384 3. . 11. . (Propos LBO al, private equity) : , 385 3. . 11. . (Propos LBO al, private equity) :

, ( ), - -, ( ) 386 3. . 11. . (Propos LBO al, private equity)

: 387 3. . 11. . (Propos LBO al, private equity) :

, 3- 6 (fidel, private equityity) , , , . 388

3. . 11. . (Propos LBO al, private equity) : ..., 389 3. . 11. . (Propos LBO al, private equity) : 3-4 ,

, (achievers LBO ), .. , 390 3. . 11. . (Propos LBO al, private equity) : (fid)elity) , , , , , -

. (mes LBO s LBO age), 391 3. . 11. . (Propos LBO al, private equity) : , : ..., , , , , , , ..

392 3. . 11. . (Propos LBO al, private equity) : , ..., , , , 393 3. . 11. . (Propos LBO al, private equity)

: , (key performance indicators LBO ), , , .. (s LBO hare appreciation rights LBO SAR), 394 3. . 11. . (Propos LBO al, private equity) : ( ) , , , , 395

3. . 11. . (Propos LBO al, private equity) : , , .. , , 396 3.

. 11. . (Propos LBO al, private equity) : , 397 3. . 11. . (Propos LBO al, private equity) : , , , .

/ -, , , . , , , 398 3. . 11. . (Propos LBO al, private equity) : ,

(val, private equityue) (dil, private equityution) , 399 3. . 11. . (Propos LBO al, private equity)

: , (, , ), 400 3. . 11. . (Propos LBO al, private equity) :

, , , (, LIBO R ) 401 3. . 11. . (Propos LBO al, private equity) :

, , , , 402 3. . 11. . (Propos LBO al, private equity) :

, , (redemption), , , , , (res LBO triction), 403 3. . 11. . (Propos LBO al, private equity) : (, , , ) (redemption)

(regis LBO tration rights LBO ) (res LBO triction) 404 3. . 11. . (Propos LBO al, private equity) : , , 405 3. . 11. . (Propos LBO al, private equity) :

, (s LBO ubordinated debt) (s LBO enior debt) 406 3. . 11. . (Propos LBO al, private equity) : ,

, (financial, private equity s LBO tatement) 407 3. . 11. . (Propos LBO al, private equity) : , , ..: , , M&A, , tag-al, private equityong & drag al, private equityong rights LBO , (change of control, private equity)

, , IPO , 408 3. . 11. . (Propos LBO al, private equity) : ,

( ) 409 3. . 11. . (Propos LBO al, private equity) : , , , (, , ..)

410 3. . 11. . (Propos LBO al, private equity) : 411 3. . 11. . (Propos LBO al, private equity) : (value) (d)ilution) ,

(mil, private equityes LBO tones LBO ), (, , ) 412 3. . 11. . (Propos LBO al, private equity) : , ,

, , . , 413 3. . 11. . (Propos LBO al, private equity) : , , ,

, , , , 414 3. . 11. . (Propos LBO al, private equity) : ,

, , , 415 3. . 11. . (Propos LBO al, private equity) :

(w), , , hat coul, private equityd go w), , , rong) 416 3. . 11. . (Propos LBO al, private equity) : ,

417 3. . 11. . (Propos LBO al, private equity) : , - , , , 418

3. . 11. . (Propos LBO al, private equity) : 419 3. . 11. . (Propos LBO al, private equity) :

, .. 420 3. . 11. . (Propos LBO al, private equity) : ,

421 3. . 11. . (Propos LBO al, private equity) : 422 3. . 11. . (Propos LBO al, private equity) :

(, , ) , , : ? 423 3. . 11. . (Propos LBO al, private equity) :

(w)hat could) go w)rong) , : ? , , , 424 3. . 11. . (Propos LBO al, private equity) :

, , , , , .., 425 3. . 11. . (Propos LBO al, private equity) : (Exit) , , (cas LBO h) :

IPO 426 3. . 11. . (Propos LBO al, private equity) : (Exit) (Initial Public Offering IPO) IPO IPO

IPO , , (mul, private equitytipl, private equityes LBO ) (EV/Sal, private equityes LBO , EV/EBITDA, EV/NI) (RO I, IRR) IPO 427 3. . 11. . (Propos LBO al, private equity) : (Exit) ( , .. )

, , , , , , 428 3. . 11. . (Propos LBO al, private equity) : (Exit) M&A

M&A, , (mul, private equitytipl, private equityes LBO ) (EV/Sal, private equityes LBO , EV/EBITDA, EV/NI) (RO I, IRR) IPO 429 3. . 11. . (Propos LBO al, private equity) : (Exit) (buyback, buyout)

, (RO I, IRR) IPO 430 3. . 11. . (Propos LBO al, private equity) : (Exit) (IRR & RO I)

( M&A ) 431 3. . 11. . (Propos LBO al, private equity) : ,

432 3. . 11. . (Propos LBO al, private equity) : 3-5 3-5

, (P&L), (Bal, private equityance Sheet) (cas LBO hflow), , , s LBO tatement), : - (Revenues LBO ) (Vos LBO t of Sal, private equityes LBO ) (O perating Expens LBO es LBO ) (Interes LBO ts LBO ) (Taxes LBO ) EBITDA/IBITDA (Net Income) (Vurrent As LBO s LBO ets LBO ) 433 3. . 11. . (Propos LBO al, private equity) :

3-5 3-5 - (Machinery and Equipment) - (Land and buil, private equitydings LBO ) - (O ther as LBO s LBO ets LBO ) - (Vurrent Liabil, private equityities LBO ) - (Long-tern Debt) - (Equity) - (Net Worth) - (Vas LBO h inflow), , , s LBO ) - (Vas LBO h outflow), , , s LBO ) - (Net Vas LBO h) (management accounting) 434 3. . 11. . (Propos LBO al, private equity) :

(ratios LBO and margins LBO ) 3-5 3-5 435 3. . 11. . (Propos LBO al, private equity) : , , 436

3. . 11. . (Propos LBO al, private equity) : , 437 3. . 11. . (Propos LBO al, private equity) : , ,

, 438 3. . 11. . (Propos LBO al, private equity) : , 3-5 , , (P&L, BS, VFS)

(footnotes LBO ) 439 3. . 11. . (Propos LBO al, private equity) : , 3-5 , (P&L, BS, VFS)

(footnotes LBO ) , , Excel, private equity (, VD) 440 3. . 11. . (Propos LBO al, private equity) : , ,

, , , 441 3. . 11. . (Propos LBO al, private equity) ,

(material, private equity) ( 2, 10, - ..) . , 442 3. . 11. . (Propos LBO al, private equity) , . 4- ,

: (Exit) 443 3. . 11. . (Propos LBO al, private equity) , ,

: - , , ( ), 444 3. . 11. . (Propos LBO al, private equity)

: , 445 3. . 11. . (Propos LBO al, private equity) : - ( , 30 45, .. ) - , (, 45 )

- (background) (track record). , , , 446 3. . 11. . (Propos LBO al, private equity) , , , ,

, 447 3. . 11. . (Propos LBO al, private equity) , , . , .. ,

448 3. . 11. . (Propos LBO al, private equity) (Exit) , IPO , (exit path), , , , . (IPO , s LBO al, private equitye off, buyback)

. , 449 3. . 11. . (Propos LBO al, private equity) - 3 , , . , - -, , ,

- , 450 3. . 11. . (Propos LBO al, private equity) , ..

, , , , , , , 3 , 451 3. . 11. . (Propos LBO al, private equity) , ,

, , , , - . , , , 452 3. . 11. .

(Propos LBO al, private equity) , - , (.. ) , .. 5-7 , , , -

, - . , , 453 3. . 11. . (Propos LBO al, private equity) , , , , , . ,

, , , 454 3. . 11. . (Propos LBO al, private equity) , , , ..

, , , , , (s LBO oft commitment) , 455 3. . 11. . (Propos LBO al, private equity)

2% 3% , . , 5-10% , , , , , .. 456

3. . 12. . , , , , , , , - , . ,

457 3. . 12. . : (Exit)

458 3. . 12. . : , (can w), , , e trus LBO t him). (background), , , , (achiever), ,

(good guys LBO ) (impres LBO s LBO ive). , , 459 3. . 12. . : (s LBO ol, private equityid) , , .. 10% , .. , , , 10%

, , , , , 460 3. . 12. . : , , , ,

. , , . 50-100%, 25% - , 461 3. . 12. . : (Exit) , ,

(val, private equityue appreciation) (cas LBO h) , 462 3. . 12. . , -, 463

3. . 12. . -, ,

464 3. . 12. .

( ) (backl, private equityog) 465

3. . 12. . , , -, , 466 3. . 12. . , ,

, , , , , - , 467 3. . 12. . , , , .. ,

: -? -? - ? (mil, private equityes LBO tones LBO ), , 468 3. . 12. .

(mil, private equityes LBO tones LBO ) , , ? 469 3. . 12. .

, ? , ? - , , - 470 3. . 12. . , . : ?,

?, ? , (commodity) , : (maturity) , , ? ? , , ? 471 3. . 12. . , ?

, , , , , , ( -) 472

3. . 12. . , . : ? , ? ? ? ? , (high-end or l, private equityow), , , -end)? 473 3. . 12. .

/ 10 20 , , , (backl, private equityog), , , ,

474 3. . 12. . : ? ? ?. , , ? ? 475 3. . 12. .

(entry barriers LBO ) , ? ? ? , , , ? 476 3. . 12. . , , . : , .. , , .., ?

, , , , , , - ? 477 3. . 12. . - (s LBO ubs LBO titutes LBO ), , ? , ? , , 478

3. . 12. . : , ? ? ? 479 3.

. 12. . ? ? ? (market penetration)? , ? , , , ? 480 3. . 12. . ?

? , , ? , ? 481 3. . 12. . , . : ? ? (bottl, private equityeneck)? , ? ? 482 3.

. 12. . ? , , ? - , ? 483 3. . 12. .

, : ? , ? , , ? (val, private equityue added) ? 484 3. . 12. . ( ) , , , . :

, ( (bl, private equityue col, private equityl, private equityar), (w), , , hite col, private equityl, private equityar), , (s LBO al, private equityes LBO force), , , , ? , , ? 485 3. . 12. . ( ) , , ? , ? , ? , ? , ? 486

3. . 12. . , , . : , , , ? , , ? - , , ? 487 3. . 12. .

, , 488 3. . 12. .

: , ? ? ? 489 3. . 12. . , : ? ? ? ,

, ? , ? 490 3. . 12. . ? , 5 ? ? - ? , , , ? 491 3. .

12. . , . : ?. , , ?. ? ? ? 492 3. . 12. .

, . : , , , ? , , , ? , ? ? 493 3. . 12. . ( ) , . : ?

, ? ? , , 3-5 , , ? , 494 3. . 12. . , . : ?

, ( , , ) ? ? , , 495 3. . 12. . , . : , ? ?

496 3. . 12. . : , , , . : , ? -, ? (pol, private equityicy & procedures LBO ) ? 497 3. . 12. .

(backlog) . : , , ? ? ? ? ? 498 3. . 12. . , , , , ,

.. : ? , ? 499 3. . 12. . , . : , ? ? , , , ? ?

500 3. . 12. . : , , ? , ? , - ? 501 3. . 12. .

, . , , , . . : (fidel, private equityity) , , , .

502 3. . 12. . , , , ? , .. ?

, 503 3. . 12. . . , , , , , .. . : ? , ,

, ? ? 504 3. . 12. . - (dedicated) , , ? - , , , ? - , ? ? 505 3. . 12. .

(fid)elity) , - , , ,

due dil, private equityigence 506 3. . 12. . (fid)elity) (references LBO ), , , . , , , ,

507 3. . 12. . , , , ? 508 3. . 12. .

. , . , . : ? 509 3. . 12. .

(deferred) , 510 3. . 12. . , , , , 5% 511

3. . 12. . , , , 512 3. . 12. .

, , .. 513 3. . 12. . , , , . ,

514 3. . 12. . ( ) , , :

(val, private equityue) (dil, private equityution) , 515 3. . 12. . : -

516 3. . 12. . : , , ? , ? ? ? ? , ?

? ? 517 3. . 12. . : , (, , ) , ? , ? , , ? , , ? , ?

518 3. . 12. . : , , (, , ) , , , ? ? ? , ? (regis LBO tration rights LBO ) , , , .. ? 519 3.

. 12. . : ? ? ? ? 520 3. . 12. .

, ( account payabl, private equitye), 521 3. . 12. . , , ,

522 3. . 12. . ,

523 3. . 12. . , , (, EBITDA ) , , (dis LBO burs LBO ement)

, 524 3. . 12. . , (, ) ( )

, , , ? , , ? 525 3. . 12. . , ? , ?

526 3. . 12. . , , .. ,

, , .., , (incentive) 527 3. . 12. . (value) (d)ilution) (val, private equityue) : ? , ,

( ), , - (s LBO tart-up) , 528 3. . 12. . , ,

, , 529 3. . 12. . , , . , ( , , , , tag-al, private equityong & drag al, private equityong

, ..) , (, , ..) 530 3. . 12. . , , . , ,

: (w), , , hat coul, private equityd go w), , , rong) 531 3. .

12. . : , , , , ? , ? ? - ? 532 3. . 12. .

: , ? , ? , ? 533 3. . 12. . : - ? , 10 ? ? 534

3. . 12. . : ?. , .. , ? ? 535 3. . 12. .

. , , . : - , ? 536 3. . 12. . . , , ,

. : , ? , , , ? 537 3. . 12. . : , ? , ? 538 3.

. 12. . (w)hat could) go w)rong) , , : ? 539 3. . 12. .

, , : ? , ? 540 3. . 12. . (exit) , - , :

. : IPO 541 3. . 12. . (exit) IPO

: IPO , , (Sal, private equityes LBO , EBITDA, EV) ? IPO , , (mul, private equitytipl, private equityes LBO ) EV/Sal, private equityes LBO , EV/EBITDA, EV/NI IPO , ? , , IPO , , , ? , ? 542 3. . 12. . (exit)

, , ? (, ), , , ? , , , ? , ? 543 3. . 12. . (exit) , , ? ,

? 544 3. . 12. . (exit) , (RO I & IRR)

545 3. . 12. . ,

546 3. . 12. . 547 3. . 12. .

(ratios LBO & margins LBO ) , (incons LBO is LBO tency) , , 548 3. . 12. .

( , ) , , , .. 549 3. . 12. .

, ( ) , goodw), , , il, private equityl, private equity , , goodw), , , il, private equityl, private equity , 550 3. . 12. .

, , , .. 551 3. . 12. . , , 9 , ) 552 3.

. 12. . , , . . , , ,

, , 553 3. . 12. . , . , - , , , ..: - - - , , , - ,

- , 554 3. . 12. . - , - , , - - , , - - - - - , 555 3. . 13. .

- ( ), , , - , (conference room) 556

3. . 13. . , , , . , ,

(s LBO uit) , (, , ) , (bus LBO ines LBO s LBO cas LBO ual, private equity). 557 3. . 13. . : - ( ) - - , ,

, 558 3. . 13. . , , - (, , , ), - , , ,

, . (, ) 559 3. . 13. . .. , .. , , , (w), , , il, private equityl, private equity), (creativity), (l, private equityeaders LBO hip)

, , . (unhappines LBO s LBO ), . 560 3. . 13. . , (achievers LBO ) . -, - , ,

/ ( ) . , .. , , 561 3. . 13. . 7

(, ): (intel, private equityl, private equityigence) (creativity) 562 3. . 13. . , , , .. , ,

, , , , , 563 3. . 13. . , ,

: - , , (integrity) (fidel, private equityity) (l, private equityoyal, private equityty) (equitabil, private equityity) , , , (credibil, private equityity) 564 3. . 13. .

, , , - , , , , , 565 3.

. 13. . - , , , . , (drive), , .

, , , 566 3. . 13. . (intelligence) , , , , ,

, , , , 567 3. . 13. . , ,

, -, , 568 3. . 13. . -, , ,

, : , , , 569 3. . 13. . : , ,

, , 570 3. . 13. . (creativity) : , , 571

3. . 13. . , . , : 572 3. . 13. .

- , , , , M&A, , .. , , , 573 3. . 13. .

, - (, , ..), , , , , , - 574 3. . 13. . : ,

, , , - (cons LBO tructive deception), , , . , , .. , , , , , . 575 3. . 13. . , , , : ,

576 3. . 13. . , , , , - . , , , , 577

3. . 13. . , , . , (w), , , hat can go w), , , rong?) , . , 578 3. . 13. .

, , , , , , , 579 3. . 13. . ,

, , , : , , ? , ( ) 580 3. . 13. .

, , , , , , , , , , , -, , -

581 3. . 13. . . , , . , - , .. . , , , . -

, 582 3. . 13. . , , : , (ups LBO ide potential, private equity) (dow), , , ns LBO ide ris LBO k) (additional, private equity funds LBO ) (exit vehicl, private equitye) 583 3.

. 13. . , , : , (ups LBO ide potential, private equity) (dow), , , ns LBO ide ris LBO k) (additional, private equity funds LBO ) (exit vehicl, private equitye) 584 3. . 13. . ,

, . , , , , , , , , , , , 585 3. . 13. .

, , , - , , 586 3. . 13. .

(upsid)e potential) (RO I or IRR), . 5 . , 5 15% IRR, - 25% IRR, 4 30% IRR, 5 38% IRR, 7 48% IRR, 10 58% IRR. , IRR , , , . , (- 50%+, - 40-60% IRR, 30-40% IRR, 20-30%, (turnarounds LBO ) 50% IRR, 30-50% IRR)

, 20% IRR, , ( - %) 587 3. . 13. . (upsid)e potential) , . 50%, , . 20% , . . 7

, 588 3. . 13. . (d)ow)nsid)e risk) - . , . .. ,

. 7 . , 589 3. . 13. . (ad)d)itional fund)s)

, , : , IPO ( ) - , (mil, private equityes LBO tones LBO ) , cas LBO h-flow), , , 590 3. . 13. .

(exit vehicle) IPO , , , IPO , , , ( ), (firs LBO t refus LBO al, private equity right) , , 9 ), , , , . , 591

3. . 13. . , , , .. , , , , , , . , - , commitment l, private equityetter, term s LBO heet or inves LBO tment memorandum 592

3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) - , , , , / , ,

, 593 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , : 1. , , ( ) , . 2. ( ) 594 3. . 14. .

(Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , , - ( ) , , , , , , , , . . , , . (- ), , . - , . 595

3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , , . , , , , , , , . , .

596 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) ( ) . , , - . ( ) , . , , , / 597 3.

. 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , , . : 1. , , ( . . ) 2. , , , , , , . , , 598

3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) . - , , , , , - , , -, , , - . , .

, . , , , , 599 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) - , , () . ,

, , - , . , , , 600 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , , . , , , .

, , , , , , , , , , . , , , 601 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum)

, , , , . , , , , , , . . - ( ) , 602

3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , , . - , , , , . - , - , ( ) , , , , 603

3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , , , , , . , , . , , , . , ,

604 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) - , . , - , , , , ( , ) . , , ,

. , 605 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , ( , ). (, , , ).

. , , , . 1997 . 25% 606 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum)

: , , . , . . , , (Harper Mal, private equitycol, private equitym Smal, private equityl, private equity Bus LBO ines LBO s LBO in the Third Worl, private equityd. 1984). 607 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , , , ""

, , , , , , . 608 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) - ,

. , , , , , , , , , ( -, , ) , 609 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum)

, , , NASDAQ. / , , ESDAQ. , , , 610 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment

Memorandum) - , . , , . , , , . -, , , - 611

3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) . , , , , , - , . -

, , 612 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , , , , , , , , , , . , ,

. 613 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) : , , - , , , , , : . ,

, . , , , 614 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) : - , , . , - , . - . : , -

, - , 615 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) : , , - , (earn-back) : ) ,

) (). , , , , . , , 616 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) : , caveat emptor ( !)

, - - , , . , , , , , 617 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) :

, - (s LBO et as LBO ide), , , , , , , , , 618 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) : - , - ,

- , , . ( ) , , , 619 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) :

, , , , , , . , , , 620 3. . 14. .

(Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , , , . , , , ; - , , , , 621 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum)

, , , , . - , , . , : , 622 3.

. 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , ( , , . .), , , , , , , , , . , .

, , , , 623 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , ( ), , . , , , - . , ,

. / , , 624 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , - , , ,

, , , , , 625 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) , , , (commitment l, private equityetter), (term s LBO heet) (inves LBO tment memorandum).

, , (binding) . , / - , (commitment l, private equityetter), (term s LBO heet) (inves LBO tment memorandum) (commitment l, private equityetter), (term s LBO heet) (inves LBO tment memorandum) , , , , (binding) 626 3. .

14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) Commitment Letter, Term Sheet, Investment Memorand)um Vommitment Letter, Term Sheet, Inves LBO tment Memorandum, , , , . , , , .. , , , , , 1 2% . , , ,

, , Vommitment Letter, Term Sheet, Inves LBO tment Memorandum 627 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) Commitment Letter, Term Sheet, Investment Memorand)um Vommitment Letter, Term Sheet, Inves LBO tment Memorandum , , , , : (terms LBO of inves LBO tments LBO ) (col, private equityl, private equityateral, private equity or s LBO ecurity) (conditions LBO ) (repres LBO entations LBO ) (conditions LBO of commitment) 628

3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) Commitment Letter, Term Sheet, Investment Memorand)um (terms of investments) , () (, , ) (, ), , ( ..) 629 3. . 14. .

(Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) Commitment Letter, Term Sheet, Investment Memorand)um (collateral or security) , , ( .. ) , , ..) 630 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) Commitment Letter, Term Sheet, Investment Memorand)um (cond)itions) , , :

- , , - - , , - - , , , .. - - ( ), - - - - , .. 631 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) Commitment Letter, Term Sheet, Investment Memorand)um (representations) Vommitment Letter, Term Sheet, Inves LBO tment Memorandum ( ,

): - , - , - , - - - - , - .. 632 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) Commitment Letter, Term Sheet, Investment Memorand)um (cond)itions of commitment) ( 2% )

, (due dil, private equityigence) 633 3. . 14. . (Vommitment Letter, Term Sheet, Inves LBO tment Memorandum) Commitment Letter, Term Sheet, Investment Memorand)um Vommitment Letter, Term Sheet, Inves LBO tment Memorandum ,

, , , , , , , , Vommitment Letter, Term Sheet, Inves LBO tment Memorandum / , 634

3. . 15. . (Due Dil, private equityigence) (due dil, private equityigence, - ) , , , . , , , , ( , - ) - , 635 3.

. 15. . (Due Dil, private equityigence) : , , , , ~ , . , , , ,

636 3. . 15. . (Due Dil, private equityigence) . , , , , , , ( ) - (SWO T). . , .,

, , . , , , 637 3. . 15. . (Due Dil, private equityigence) Vommitment Letter, Term Sheet, Inves LBO tment Memorandum Vommitment Letter , Due Dil, private equityigence Due Dil, private equityigence, : /

- (repres LBO entations LBO ), 638 3. . 15. . (Due Dil, private equityigence) / / : - , - , , , , , - , , , , ..

- - , , 639 3. . 15. . (Due Dil, private equityigence) / , / , / ( ) , , , / -

, , , , , , 6-8 , 1-2 . , - 640 3. . 15. . (Due Dil, private equityigence) (business references)

( , ) , : - 641 3. . 15. . (Due Dil, private equityigence)

(business references) . : ? , , ? ? , ? ? ( ) 642 3. . 15. . (Due Dil, private equityigence) (business references) ,

. : ? , , ? ? , ? 643 3. . 15. . (Due Dil, private equityigence) (business references) , , , , 644 3. .

15. . (Due Dil, private equityigence) (business references) , , , , , , IPO 645 3. . 15. . (Due Dil, private equityigence)

(business references) , , , , , 646 3. . 15. . (Due Dil, private equityigence) (business references)

, , 647 3. . 15. . (Due Dil, private equityigence) (business references) , ,

(management l, private equityetter) , , 648 3. . 15. . (Due Dil, private equityigence) (business references) , ( )

( ), 649 3. . 15. . (Due Dil, private equityigence) (business references) 3-5 650 3. .

15. . (Due Dil, private equityigence) (business references) , , ,

651 3. . 15. . (Due Dil, private equityigence) (business references) , 652 3. . 15. . (Due Dil, private equityigence) (business references)

, . , 653 3. . 15. . (Due Dil, private equityigence) (business references) - ,

654 3. . 15. . (Due Dil, private equityigence) due dil, private equityigence , -, . - , . , ( ), ,

, , , -. , .. Vommitment Letter, Term Sheet, Inves LBO tment Memorandum 655 3. . 15. . (Due Dil, private equityigence) ( , ) , , : ? ? ? ? ?

? , ( , ) , ( ) 656 3. . 15. . (Due Dil, private equityigence) , , , , , ,

( .. ) 657 3. . 15. . (Due Dil, private equityigence) Due Dil, private equityigence , , .

, , -, , , , ( ) , , , 658 3. . 15. . (Due Dil, private equityigence) - ,

, , 659 3. . 15. . (Due Dil, private equityigence) , : , , , , (, ) .. 660

3. . 15. . (Due Dil, private equityigence) , , , , , , 661 3. . 15. . (Due Dil, private equityigence) 7 , (, , , (intel, private equityl, private equityigence), , , (creativity))

, , , , , , , , , .. , , , , , (background check) , -. - . 662 3. . 15. . (Due Dil, private equityigence)

Due Dil, private equityigence - , - - , , , , . , , , , , .. , , ,

663 3. . 15. . (Due Dil, private equityigence) Due Dil, private equityigence. Due Dil, private equityigence , , Due Dil, private equityigence , (binding)

664 3. . 15. . (Due Dil, private equityigence) Due Diligence () , , , , , , . , , - . - ,

665 3. . 15. . (Due Dil, private equityigence) Due Diligence () - : 1. : , , , , 2. 3. , , 4. , , , 5. 666 3. . 15. . (Due Dil, private equityigence) Due Diligence ()

6. , , 7. , , , 8. , , , . -, 667 3. . 15. . (Due Dil, private equityigence) Due Diligence () . . ? , ? - ,

? ? ? , , , ? ? ? ? , , ? ( ) ? ? ( ) , , ? 668 3. .

15. . (Due Dil, private equityigence) Due Diligence () , , (, , . .) ()? , ? ? , ? , , : ()

? ? , , - 669 3. . 15. . (Due Dil, private equityigence) Due Diligence () , . . ( !) - . , , , , , . : " - "

. /, , . . , , . , , , . ? 670 3. . 15. . (Due Dil, private equityigence) Due Diligence () , , . . ( ) , , . .

, ( , . .) , . (captive) . : - , - , 671 3. . 15. . (Due Dil, private equityigence) Due Diligence () , , . . . , 30% ?

? ( ) ? , , . , , ( ). , ? ? ( ) ? 672 3. . 15. . (Due Dil, private equityigence) Due Diligence () , , . . , , ,

, 30% ? ? ? - - ? ? - ? (, . .), ( ), (, , ), (, , ) (, , ) 673 3. . 15. . (Due Dil, private equityigence) Due Diligence () , , ,

, , - , . , - , , . , - , , . , . , : , , , , , , 674 3. . 15. . (Due Dil, private equityigence)

Due Diligence () , , , , , . - ? , ? ? ? ( ) ? ? - , 675 3. . 15. . (Due Dil, private equityigence) Due Diligence ()

, , , , . , ? , ? ? ? , ? ( ) ? , ? - ? ? , ? 676 3. . 15. . (Due Dil, private equityigence) Due Diligence () , , ,

? - ? ? - ? ( , )? ? ? . ? ? , , ? 677 3. .

15. . (Due Dil, private equityigence) Due Diligence () . , , . DO S , , , . - , . , , ? ? 678

3. . 15. . (Due Dil, private equityigence) Due Diligence () ? , , , , . .? , ? ? ? ? ? ? ? ? ? - ? ? 679 3.

. 15. . (Due Dil, private equityigence) Due Diligence () ? ? ? ? ? ? 680 3. . 15. .

(Due Dil, private equityigence) Due Diligence () - , , , , ( ) -. , . , , . . , , , , . , . - , , 681 3.

. 15. . (Due Dil, private equityigence) Due Diligence () . , () , . , , , , . , , , ? - ? ? 100% ? , ? ; ; ? 682

3. . 15. . (Due Dil, private equityigence) Due Diligence () , , ? , , . , ( , ) , (, , . .)? (non-compete)? . , , ? ?

? ? ( , )? , ? 683 3. . 15. . (Due Dil, private equityigence) Due Diligence () ? ? (, , , ) ? , , .

, ( ), ( , ) 684 3. . 15. . (Due Dil, private equityigence) Due Diligence () , , , - , , - ,

, ( ) . , . ( ) , . , . . , , . ( - , ). , -? 685 3. . 15. . (Due Dil, private equityigence) Due Diligence () , , ,

(w), , , ork in progres LBO s LBO ), . , : , . , , , , - . . ? ( ). ? , ? ? - . 1% , , 1% - . , 686

3. . 15. . (Due Dil, private equityigence) Due Diligence () , , , () . - , ? ? , ? ? - ? , ,

, , . ( ) , , 687 3. . 15. . (Due Dil, private equityigence) Due Diligence () , , , , , , ( , , ), , . ? ? ? , ?

, ? ? ? ? ? - ? - ? ( , , )? ? 688 3. . 15. . (Due Dil, private equityigence) , , .

. , , . . , , (fact s LBO heets LBO ), () , () , . , ( , ) , ( ) , , 689 3. . 15. .

(Due Dil, private equityigence) (project propos LBO al, private equity). . , , , . , . . (inves LBO tment propos LBO al, private equity). , . ., ,

. , , , 690 3. . 15. . (Due Dil, private equityigence) : 1. - 2. 3. 4. 5. , , . ,

691 3. . 15. . (Due Dil, private equityigence) - : , , , , . -, ,

692 3. . 15. . (Due Dil, private equityigence) - , - , ( ) , : 5, 10, 20% 5% () . . 693 3. . 15. .

(Due Dil, private equityigence) - -, , , , . , -, ( ), . , , ...? . , , , , 694

3. . 15. . (Due Dil, private equityigence) , - . . , , - , . - , , , , -

, , . , 695 3. . 15. . (Due Dil, private equityigence) , , , , , , , ? ,

, - . . , ? , ( )? , ? ? 696 3. . 15. . (Due Dil, private equityigence) , , , , , , , . .

. , . 697 3. . 15. . (Due Dil, private equityigence)

, , . , , , ( ?) , , , . . , - 698 3. . 15. .

(Due Dil, private equityigence) , , , ; , , , , , - . , , , : , 699

3. . 15. . (Due Dil, private equityigence) . , - , , , , - (s LBO tart-up) , , , , -, , , , , ,

. , 700 3. . 15. . (Due Dil, private equityigence) . , , , , , , , ,

. . , () , 701 3. . 15. . (Due Dil, private equityigence) , . , ,

. - , , , , , , 702 3. . 15. . (Due Dil, private equityigence) , : , , . . , , . . , , .

. , , , , , . () . , 703 3. . 15. . (Due Dil, private equityigence) , , , .

: - X , ...?. , , , , , . - ?; , , ?. , ! , ? , ? ( ? ? ? 704 3. . 15. . (Due Dil, private equityigence)

, , , , , 705 3. . 16. . (Vl, private equityos LBO ing) , Due Dil, private equityigence , (binding) , Vommitment Letter, Term Sheet, Inves LBO tment Memorandum

. , ( ) , , , . , . , 706 3. . 16. . (Vl, private equityos LBO ing) :

(l, private equityoan agreement) , (note), , (s LBO tock purchas LBO e option), (w), , , arrant), (s LBO hare s LBO al, private equitye and purchas LBO e agreement) (s LBO harehol, private equityder agreement) 707 3. . 16. . (Vl, private equityos LBO ing) , , Vommitment Letter, Term Sheet, Inves LBO tment Memorandum, ,

, . . 708 3. . 16. . (Vl, private equityos LBO ing) 3 -10 (4 - - ), , , ( , ..)

, . . $1500 709 3. . 17. , . : ?

: (hands LBO on) (hands LBO off). ( ) , ( ). : , 710 3. . 17. , , . , , . , , , ,

. ( ) , . 711 3. . 17. - . , , , : "

?" , . ; ; ; - . : , , ? ? ? 712 3. . 17. , : ) ) )

, , , 3 10 713 3. . 17. , , , , ,

. . (s LBO tory)

714 3. . 17. , , . , (adding val, private equityue to inves LBO tment) , , , , .

, 715 3. . 17. . , , , . ,

. , , , . , ( ) 716 3. . 17. , , . , . , . , . , . , . ,

, , . " " "" " " - , 717 3. . 17. ( } ( ) . , . . , , , . ,

, , . , ( , ). ( ), 718 3. . 17. , .

719 3. . 17. "" . , . , , , . , , - , . , , , ( ) . ,

720 3. . 17. . : , ? . , , . , . " ", 721

3. . 17. 1993-1994 . / . , 50-60% , 20% , 40% / , . . 29% , . . 40% / , ; 40% , , 20% - 722

3. . 17. : / , / . , / / . 40% , 723 3. . 17.

, / , - , - / , . , , , , , /. ? , "" - . , , 724 3. .

17. . , , . : , ( ) , , , , . - . , , , , . - 725

3. . 17. , , "", "". , . , , . 726 3. . 17.

. , , , , . , . , , . , , , , , , . 727 3. . 17. . ,

. , , . ., ? ? ? , . , , . "-" , . , . 728 3. . 17. , ( ) . . .

" ", , - . : " , ?"; " , ?, " ?" , , . , , , . , . 729 3. . 17. ,

. , , . : , - . , . / , . . , - , . , , "" 730 3. . 17. , , . - , ,

. . - . . , (IAS), , (US GAAP) 731 3. . 17. , , . , , , , , . ,

. , ; , , , , . 732 3. . 17. , . ,

. , . -, , , . -, 733 3. . 17. (Board) , , , . - , - ,

. . . , 734 3. . 17. (Supervis LBO ory Board), . . () , , , ();

. , . , , . , , , 735 3. . 17. , , . , , , ,

. , , . , , / , . , . , , , 736 3. . 17. ( ) .

, . ? : , . . , . ( , ) , . 737 3. . 17.

, . , , , : 738 3. . 17.

- , , . , . , 739 3. . 17. :

, 740 3. . 17. , , , , 741 3. . 17.

, , , , , , , , 742 3. . 17. , ..

, , , , , , , ( , ), 743 3. . 17. ,

, , 744 3. . 17. ,

745 3. . 17. , , , , , , , , , , , , , ,

746 3. . 17. ( ) 747 3. . 17. ,

, , . , , 748 3. . 17.

, .., , , , , , , . - , , , .., , , .. 749

3. . 17. , , : (confidence buil, private equityding) 750 3. . 17.

, .

751 3. . 17. , . , : , , , . - , , , , . , , , 752

3. . 17. , , : - . . , , . , : ,

. . ( ). 753 3. . 17. . - (-) - . , . ,

754 3. . 17. (management accounts and) reports) . . , , , . , . , , , , / . . .

. 755 3. . 17. (management accounts and) reports) , ; , , . ( ) , , , . . , . . ,

756 3. . 17. , . , . , , , . , , . , . , - ,

. , , . , 757 3. . 17. , . , .

. , , , , . , , . , , , . . , , () . . , 758 3. . 17.

7-9 , .. 1-2 . 1-2 . (- ), , , , . (

, ) , , , .. 759 3. . 17. , , ( , , , , ). , -

(, , (bus LBO ines LBO s LBO devel, private equityopment) .., , , , , , , .. - , 760 3. . 17. , , 2

. , . , : , , , , , .. , , , , , , , , , 761 3. . 17.

, , , , , 9 ) 762 3. . 17. (confid)ence build)ing)

, , , - , . e-mail, private equity 763 3. . 17. (confid)ence build)ing) ,

, , : M&A , - , 764 3. . 17. (ad)d)ing value) () .

, / . ? , . . . -, , , , , 765

3. . 17. (ad)d)ing value) , . , - , . . . , . . - , . , , , . , 766

3. . 17. , , , , , , :

767 3. . 17. (debentures LBO ) (cas LBO hflow), , , s LBO ), , , , , , , 768 3. .

17. . , , , , , , 769 3. . 17.

, - 770 3. . 17. , , - , 771 3. .

17. (accounts LBO payabl, private equitye) (accounts LBO receivabl, private equitye) (inventories LBO ), / 772 3. . 17.

, e-mail, private equity, 773 3. . 17. , , , ,

, .. , , , , , 774 3. . 17. ( , , ..) , , 775

3. . 17. . : . , . , ,

776 3. . 17. , . , , . , , -, . - , 777

3. . 17. , ? . . . , , : 778 3. . 17.

- , . , , , (management information s LBO ys LBO tem IMS or enterpris LBO e res LBO ource pl, private equityanning s LBO ys LBO tem ERP s LBO ys LBO tem), .. , , . , 779

3. . 17. - , , (rais LBO e) ,

780 3. . 17. , : (probl, private equityem s LBO ol, private equityver) (abl, private equitye to grow), , , pers LBO onal, private equityl, private equityy) (internal, private equity goal, private equitys LBO ) (dow), , , ns LBO ide ris LBO k) (rehears LBO coming actions LBO ) 781 3. . 17.

(problem solver) , , , , 782 3. . 17. (able to grow) personally)

, , , , , 783 3. . 17.

(internal goals) , , . , , .. , , , , 784 3.

. 17. (d)ow)nsid)e risk) . , , , , , 785 3.

. 17. (rehears coming actions) , , - , , , 786 3.

. 17. , , , , , , , , . , , ..

787 3. . 17. , , , . , , (principal, private equity) . , , ,

788 3. . 17. , 789 3. . 17.

, : - , , , , , . , ( ) , . , . - , (bricks LBO and mortars LBO ) . , , - , , .. (intangibl, private equitye) , , 790 3. . 17. ,

, - , -, , , , ..

791 3. . 17. , , ( ) 792 3. . 17.

, , , .. 793 3. . 17. ,

, , 794 3. . 17. , , , 795

3. . 18. (Exit) , , , , , , , : (IPO , PO ) 796

3. . 18. (Exit) (IPO, PO) , + , , , , ( ) 797 3.

. 18. (Exit) (IPO, PO) IPO - IPO , ( ), .. - $1 . 30% - , ,

, IPO . , 2-10%, (underw), , , riter) IPO , ADR GDR 798 3. . 18. (Exit) (IPO, PO) IPO , (private pl, private equityacement)

, , , , , - - , , 799 3. . 18. (Exit) (IPO, PO) IPO

. , , , , , , , . IPO - ,

, , .. 800 3. . 18. (Exit) (IPO, PO) IPO - , , , 5-10% IPO . 8%, 12% , , 5-6% . IPO ,

: , 801 3. . 18. (Exit) (IPO, PO) ,

, , , , .. 802 3. . 18. (Exit) :

, . , , 803 3. . 18. (Exit) , , , . , ,

, , .. , - 804 3. . 18. (Exit) . : (price-earning, price s LBO al, private equitye, price cas LBO h-flow), , , mul, private equitytipl, private equityes LBO ) (book val, private equityue) (apprais LBO ed val, private equityue) (dis LBO counted cas LBO h-flow), , , ) (pre-arranged price) 805

3. . 18. (Exit) (price-earning, price sale, price cash-flow) multiples) . , M&A (market capital, private equityization - MV) (equity val, private equityue) (enterpris LBO e val, private equityue - EV), + , . : EV/Sal, private equityes LBO pr EV/Revenues LBO EV/FVF EV/EBITDA or IBITDA EV/NI or EV/Earnings LBO 806

3. . 18. (Exit) (price-earning, price sale, price cash-flow) multiples) EV/Sales pr EV/Revenues (, FM ), .. M&A 807 3. . 18. (Exit) (price-earning, price sale, price cash-flow) multiples) EV/FCF

, , 808 3. . 18. (Exit) (price-earning, price sale, price cash-flow) multiples) EV/EBITDA or IBITDA , , EV/EBITDA IBITDA , , . , , EV/NI or EV/Earnings LBO 809 3.

. 18. (Exit) (price-earning, price sale, price cash-flow) multiples) EV/NI or EV/Earnings 810 3. . 18. (Exit) (book value) , ..

(bricks LBO and mortars LBO ) , , 811 3. . 18. (Exit) (appraised) value) , , , , , , ,

812 3. . 18. (Exit) (d)iscounted) cash-flow)) , , , , , , .. , . \ 813 3. . 18. (Exit) (pre-arranged) price) , , , , ..

, , 814 3. . 18. (Exit) , ( ). , , : (s LBO tocks LBO ) (as LBO s LBO ets LBO )

3 , , : - (cas LBO h) - (s LBO tocks LBO ) - (notes LBO ) 815 3. . 18. (Exit) (cash) 816 3. . 18. (Exit) (notes)

, , , .. (, , , ) , , , , : . , , 817

3. . 18. (Exit) (stocks) , , 818 3. . 18. (Exit)

. : , , ( ) 819 3. . 18. (Exit) .

, . , . , , , , 820 3. . 18. (Exit)

, , 821 3. . 18. (Exit) , : earn-out bas LBO is LBO W2 , .

, , (W2 ) .. , 822 3. . 18. (Exit) . : - , - , (ins LBO titutional, private equity qual, private equityified inves LBO tors LBO ) - , - , , ,

823 3. . 18. (Exit) , , .. , , , , .. . ,

, .. , 824 3. . 18. (Exit) , (institutional qualified) investors) , (ins LBO titutional, private equity qual, private equityified inves LBO tors LBO ) , , IPO , , (private pl, private equityacement, PP) -IPO (anchor pre-IPO inves LBO tors LBO ) , 3%% , .

-IPO , , -, , .. 825 3. . 18. (Exit) , , , , - .., , , , , , , ..

, , , , , , 826 3. . 18. (Exit) , , . , , 10-14% , ,

, 827 3. . 18. (Exit) , , , , .. 50% , , , . . , , , 828

3. . 18. (Exit) . , , , , , ; . , : ? ? ! ! ( , -) ? , ? , ? 829 3. . 18. (Exit)

, , , . : / /? ? - ( )? 830 3. . 18. (Exit) , , -

. , , , , 831 3. . 18. (Exit) , , , , . ,

(ratchet) - , , . , , . , , , - , . , , 832 3. . 18. (Exit) . , . ,

. , , , , , , , 833 3. . 18. (Exit) ?

, . , , , ( - ) , 834 3. . 18. (Exit) ? , , .

: Betons LBO on, , . 1996 . . , , , , . Van Nieuw), , , port Beheer BV, , . , , . , 835 3. . 18. (Exit) ,

, - . . , - * , . , , , - , , . 836 3. . 18. (Exit) , , : ,

, , . , , (.. ), 837 3. . 18. (Exit) . ,

, . , , , , ., 838 3. . 18. (Exit)

. , , , , , . , , . , , 839 3. . 18. (Exit) , (, , ) .

, , .. , , , , , 840 3. . 18. (Exit) (deferred cons LBO ideration

, ) , , , , . " " , (indemnity - , ) , ( , ) 841 3. . 18. (Exit)

. , , , (es LBO crow), , , account) . , , , , , , 842 3. . 18. (Exit) :

843 3. . 18. (Exit) , . . Price Waterhous LBO e , : , " ", ,

844 3. . 18. (Exit) , , . 1995 . 25,1 . . 8 , 3-6 . , ( 50 . ) , , EVCA , , .

-1994 ., ( ) , , 845 3. . 18. (Exit) . 100 . EVCA . :

846 3. . 18. (Exit) . , 847 3. . 18. (Exit)

. , , , (cas LBO h returns LBO ) 848 3. . 18. (Exit) . , ,

, , . , , , 849 3. . 18. (Exit) 70% . : ,

850 3. . 18. (Exit) , . , . , ( ), , . ,

851 3. . 18. (Exit) , , , . , . ,

, "" , "" - 852 3. . 18. (Exit) - ? , , . , : , . , - . - , . , - . ,

853 3. . 18. (Exit) ? : ? , 854

3. . 18. (Exit) ? : , ! Lock up 100% , , ,

855 3. . 18. (Exit) ? : " , , " - , . , , ,

: " 10-20% ( ) , " 856 3. . 18. (Exit) ? (Lock up Agreement), , , , , - , , , .

, , . , . , 857 3. . 18. (Exit) ? : , , 100% , - , , . . , , 858

3. . 18. (Exit) ? : ,

859 3. . 18. (Exit) ? , - . , , , , ; , . , - , , . , ,

: 860 3. . 18. (Exit) ? - : . , ? 861 3.

. 18. (Exit) ? - : - , . , , . , . , : , -. , : , , . 862 3. .

18. (Exit) ? : . . ( ). , . , , , . . . 863 3. . 18. (Exit) ?

, . , , . , , : , . , 1987 . 75 . . 1994 ., 131 . , 90 . 864 3. . 18. (Exit) ?

. , , , , . , . : X, ( ), , . . ( ). , 22% ( ) 865 3. . 18. (Exit)

, , - , ; , , , . , , 866 3. .

18. (Exit) , - , - . 867 3. . 18. (Exit)

. ? - ( ) ? , : : , , . , , . , - : - ! 868 3. . 18. (Exit) . ?

, . , . , . , . - - , , . , 869 3. . 18. (Exit) , , , , :

. . , , . , : , , , . , , ! 870 3. . 18. (Exit) , , , , ,

, , , . , , , , , , , : . . , . , , 871 3. . 18. (Exit) , , . , .

: , ". " : , . . , , . ; ; - , . , 872 3. . 18. (Exit) , , :

, . , , - - , . , - . , , , . , . - , . . . , , , , 873 3. . 18. (Exit)

, . , , , , . - . , , , : , , . , , , , , 874 3. . 18. (Exit)

, . , , , , . - . , , , : , , . , , , , , 875 3. . 18. (Exit)

- - , , : - , (8 & , , , , , , , , , , 876 3. . 18. (Exit) () :

, , , , 877 3. . 18. (Exit) :

878 3. . 18. (Exit) , ; , , , : ( ). 879 3. .

18. (Exit) , , : - , , , - , : -, - , 880 3. . 18. (Exit)

. , . , , , , . , ; . : ()

. , 881 3. . 18. (Exit) , . , , . , , : 882 3.

. 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Financial, private equity Brokers LBO ) (accountants LBO & auditors LBO ) (inves LBO tments LBO bankers LBO ) 883 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Financial Brokers)

, .. , . , . . , . - , ,

884 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Accountants & Aud)itors) (), , , , . , , , , ..

, , 885 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Investment Bankers) , .. , . , .

, , , , , , , 886 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Law)yers) , , , , , , -,

, - , , , , .. , . , - 887 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO )

(Ind)epend)ent Financial Brokers) , , , , , , , .. , , , .. , , , 888

3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers) , , , , , .. , , , , -

, - 889 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers) , .. . 890

3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers) , , 891 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers)

, , ( , . 892 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers)

, , , , , 1-2 893 3. . 19. (Us LBO ing

Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers) , , , , : ? . , , , 894 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers)

, , , , , , , 895 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers) .

896 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO )

(Ind)epend)ent Financial Brokers) , , 897 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers) , ,

- 898 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers) ,

899 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers) 900 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO )

(Ind)epend)ent Financial Brokers) (out-of-pocket expens LBO es LBO ) , , , 901 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers)

, , 902 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers) , , .. 903

3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers) , - , 904 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers)

, , , , , , 905 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers) , ,

, , , , . , 906 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers)

(s LBO ucces LBO s LBO fee) . (retainer), - $50-150 $2000-5000 , . 1-2% . 3-5%, 10% 907 3. . 19. (Us LBO ing Brokers LBO and Vons LBO ul, private equitytants LBO ) (Ind)epend)ent Financial Brokers)

- ---- - - , .. , , 8% - , . , , 908 3.

. 20. , , , - (, , , ) - . , , , . , , , 909

3. . 20. , - . , , , , . , , , , ( ) , ,

910 3. . 20. "". . 350 , , fidentia, . : !. , , , , . .

911 3. . 20. 80- (EVCA) EVCA , . ,

912 3. . 20. , .. , , , : . : , -, 913 3.

. 20. , . , : - 914 3. .

20. , , ( ) ? , . ? - ? . , . , , , . , ,

915 3. . 20. , , ? - , ( ) ( ) (good money after bad money)? ? , - ,

916 3. . 20. ? : ? ? ? : ()? , . , , 917

3. . 20. . , , , -. . , , . - , . . , . 918

3. . 20. , ; /, , (, buy s LBO ide / s LBO el, private equityl, private equity s LBO ide). , : ? , ( ). . - . , caveat emptor ( ). , .

919 3. . 20. (nepotis LBO m) - , (crony) - . ( ), ; - , / ,

920 3. . 20. , , , 18 , , ? , , ? , , . ? , , , : , . - 3% , .

, , , , 921 3. . 20. , : ? , ? , . . , , ,

, , , , 922 3. . 20. : - , . - , , . - , . - : -

, . - / ( ) - . 923 3. . 20. , , , - ? , , . , , ,

: , , . , , 924 3. . 20. , , , . , , . ,

, . , , . - . , , , 925 3. . 20. , , . , , , . , . :

. - . , , . , , , 926 3. . 20. , , , , . , / . ? 927

3. . 20. , , ? , , . , , ( ); , - (), 928 3. . 20. , . ,

, ( - ) , - , , . , , 929 3. . 20. , ,

, , . , , , 930 3. . 20. , , , , ? ?

: ) ( ) ) ) ? , - , 931 3. . 20. : , - ( , , ) , , ,

, ( - ) , , . , , , . , . , - , 932 3. . 20. : . , , - , , - ,

, - , , 933 3. . 20. , / ? ?

. , , , . , , , , . . . , , . 934 3. . 20. , . , ,

( , ). , , , . , 935 3. . 20. - , , , , ( )

. , - , . , , . . . , ? , , ? , ? 936 1. . - -: , Phare, EVVA, 2003 2. Private Equity Guidebook. - Phare, EVVA, 2001. 3. . - http://w), , , w), , , w), , , .cfin.ru/inves LBO tor/venture.s LBO html, private equity 4. Gl, private equityads LBO tone D. Venture Vapital, private equity Handbook. - Prentice hal, private equityl, private equity: Engl, private equityew), , , oods LBO Vl, private equityiffs LBO , New), , , Jers LBO ey, 1988 5. Bartl, private equityett Jos LBO eph W. Fundamental, private equitys LBO of Venture Vapital, private equity. - Madis LBO on Books LBO ; (Augus LBO t 1999) ISBN: 1568331266 6. Lerner Jos LBO h Venture Vapital, private equity and Private Equity : A Vas LBO ebook. - Wil, private equityey Text Books LBO ; (2000) ISBN: 0471322865 7. .. - , 2005. - http://w), , , w), , , w), , , .xion.ru/s LBO tudy.

937 1. , ( ) "" http://w), , , w), , , w), , , .s LBO bras LBO .ns LBO c.ru/np/vyp2002/kon01.htm 2. .. . http://inves LBO t.rin.ru/cgi-bin/method/s LBO earch_method.pl, private equity?num=480&action=ful, private equityl, private equity&PageIn=1&p_n=9 3. . - http://w), , , w), , , w), , , .techbus LBO ines LBO s LBO .ru/tb/archiv/number1/page02.htm 4. . : . - .: : , , 1999 . - 248 . ISBN 5-900286-06-1 http://w), , , w), , , w), , , .s LBO bn.finance.ru/obzori/obzori_1.htm 5. . - http://bus LBO ines LBO s LBO .rin.ru/cgi-bin/s LBO earch.pl, private equity?razdel, private equity=40&action=aticl, private equitye 6. P - , -, 2000. - - http://w), , , w), , , w), , , .s LBO bras LBO .ns LBO c.ru/np/vyp2002/kon01.htm 938 7. , . : / . , N.3 2003. - .74-80. 8. .. () : - http://w), , , w), , , w), , , .cfin.ru/pres LBO s LBO /management/1998-2/06.s LBO html, private equity 9. , ,

// " " - http://innovbus LBO ines LBO s LBO .ru/content/doc-393.html, private equity 10. , , - - http://innovbus LBO ines LBO s LBO .ru/content/doc-105.html, private equity 11. .. : " " http://w), , , w), , , w), , , .humanities LBO .edu.ru/db/ms LBO g/33589 12. AVVAL Standard VVLP Deed - http://w), , , w), , , w), , , .avcal, private equity.com.au/ftp/res LBO ource/VVLP_200307.doc 13. AVVAL Val, private equityuation Guidel, private equityines LBO - AVVAL http://w), , , w), , , w), , , .avcal, private equity.com.au/ftp/res LBO ource/AVVAL_Val, private equityuation_Guidel, private equityines LBO _2003.pdf 14. Benchmarking European Tax and Legal, private equity Environments LBO . - EVVA, 2002 http://w), , , w), , , w), , , .evca.com/images LBO /attachments LBO /tmpl, private equity_9_art_60_att_321.pdf 939 15. Better Exits LBO . - EVVA, 1997 http://w), , , w), , , w), , , .evca.com/images LBO /attachments LBO /tmpl, private equity_9_art_14_att_19.pdf 16. Vamp Jus LBO tin J. Venture Vapital, private equity Due Dil, private equityigence: A Guide to Making Smart Inves LBO tment Vhoices LBO and Increas LBO ing Your Portfol, private equityio Returns LBO . - John Wil, private equityey & Sons LBO ; 1 edition (January 18, 2002) ISBN: 0471126500 17. European Buyout Succes LBO s LBO Stories LBO . - EVVA, O ct 2001 http://w), , , w), , , w), , , .evca.com/images LBO /attachments LBO /tmpl, private equity_9_art_27_att_10.pdf 18. European Technol, private equityogy Succes LBO s LBO Stories LBO . - EVVA, 2002 Free of charge http://w), , , w), , , w), , , .evca.com/images LBO /attachments LBO /tmpl, private equity_9_art_25_att_9.pdf 19. EVVA Val, private equityuations LBO Guidel, private equityines LBO . - EVVA http://w), , , w), , , w), , , .evca.com/pdf/EVVA%20Guidel, private equityines LBO /Guidel, private equityines LBO _val, private equityuation.pdf 20. Foreign direct inves LBO tment in the real, private equity and financial, private equity s LBO ector of indus LBO trial, private equity countries LBO / Ed. by Herrmann H., Lips LBO ey R. - Berl, private equityin: Springer-Verl, private equityag, 2003. - 366 c. 21. Foreign direct inves LBO tment: res LBO earch is LBO s LBO ues LBO / ed. by Bora B. - London: Routl, private equityedge, 2002. - 354 c. 940

22. Management buy-outs LBO and venture capital, private equity : into the next mil, private equityl, private equityennium / . ; Wright, M.; Robbie, K. - Vhel, private equitytenham: Edw), , , ard El, private equitygar , 2000. - 354 . 23. MVNALLY, K. Vorporate venture capital, private equity : bridging the equity gap in the s LBO mal, private equityl, private equity bus LBO ines LBO s LBO s LBO ector / McNal, private equityl, private equityy, K. - London: Routl, private equityedge , 1997. - 256 . 24. O SNABRUGGE VAN, M. Angel, private equity inves LBO ting : matching s LBO tart-up funds LBO w), , , ith s LBO tart-up companies LBO : the guide for entrepreneurs LBO , individual, private equity inves LBO tors LBO , and venture capital, private equityis LBO ts LBO / O s LBO nabrugge van, M.; Robins LBO on, R.J. - San Francis LBO co : Jos LBO s LBO ey-Bas LBO s LBO Publ, private equityis LBO hers LBO , 2000. - 422 . 25. SHARP, G. European private equity : a practical, private equity guide for vendors LBO , managers LBO and entrepreneurs LBO / Sharp, G. - London: Euromoney; ING Barings LBO , 2001. - 111 . 26. The Economic and Social, private equity Impact of Buyouts LBO and Buyins LBO in Europe. - EVVA, January 2001 http://w), , , w), , , w), , , .evca.com/images LBO /attachments LBO /tmpl, private equity_9_art_11_att_334.pdf 27. The Economic and Social, private equity Impact of Venture Vapital, private equity in Europe. - EVVA, June 2002 http://w), , , w), , , w), , , .evca.com/images LBO /attachments LBO /tmpl, private equity_9_art_37_att_333.pdf 941 28. TIMMO NS, J.A. New), , , Venture Vreation : Entrepreneurs LBO hip for the 21s LBO t Ventury / Timmons LBO , J.A. - Bos LBO ton: Irw), , , in/McGraw), , , -Hil, private equityl, private equity, 1994. - 796 . 29. Venture Vapital, private equity Incentives LBO in Europe. - EVVA, O ctober 1997 - http://w), , , w), , , w), , , .evca.com/images LBO / attachments LBO /tmpl, private equity_9_art_60_att_321.pdf 30. Why and how), , , to inves LBO t in private equity. AVVAL, 01 O ctober 2002 http://w), , , w), , , w), , , .avcal, private equity.com.au 31. Why & How), , , to Inves LBO t in Private Equity. - EVVA, original, private equityl, private equityy publ, private equityis LBO hed in 2002 - February 2004 update - http://w), , , w), , , w), , , .evca.com/images LBO /attachments LBO /tmpl, private equity_9_art_34_att_104.pdf

32. Wil, private equitymerding Al, private equityex Deal, private equity Terms LBO - The Finer Points LBO of Venture Vapital, private equity Deal, private equity Structures LBO , Val, private equityuations LBO , Term Sheets LBO , Stock O ptions LBO and Getting Deal, private equitys LBO Done. - As LBO patore Books LBO ; (January 1, 2003) ISBN: 1587622084. 33. Wil, private equitymerding Al, private equityex Sheets LBO & Val, private equityuations LBO - A Line by Line Look at the Intricacies LBO of Venture Vapital, private equity Term Sheets LBO & Val, private equityuations LBO . - As LBO patore Books LBO ; (January 1, 2003) 34. WRIGHT, M. Venture capital, private equity in Europe / Wright, M.; Robbie, K.; Al, private equitybrighton, M.; e.a. - London: The Stationery O ffice, 1998. - 173 . 942 35. Bl, private equityake J, SJ Berw), , , in & Vo., Structuring Venture Vapital, private equity Funds LBO for Inves LBO tments LBO in Ventral, private equity and Eas LBO tern Europe" 36. Danny M., Northern Venture Managers LBO Ltd., Bus LBO ines LBO s LBO Ethics LBO a very Tricky Subject 37. Brooks LBO Janet, EVI Ventures LBO , Fund Rais LBO ing and Inves LBO tment Rel, private equityations LBO 38. Heining Diederik W. Gil, private equityde Inves LBO tment Management, Due Dil, private equityigence 39. Peeters J.B. Capricorn Venture Partners b.v., Deal Generation 40. Hartford D.N. Pioneer Inves LBO tment Pol, private equityand, Deal, private equity Structuring and Pricing in Ventral, private equity and Eas LBO tern Europe 41. Harper Mal, private equitycol, private equitym Smal, private equityl, private equity Bus LBO ines LBO s LBO in the Third Worl, private equityd. 1984 42. Nachtegaal, private equity Toon, Hol, private equityl, private equityand Venture Beheermij B.V., Pos LBO t Inves LBO tment Venture Management 43. Wal, private equityl, private equity John, Smith Jul, private equityian, Price Waterhous LBO e Vorporate Finance, Better Exits LBO 943

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