Private Equity In Germany Evaluation Of The Value Generation Potential For German Mid Cap Companies

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Private Equity in Germany

Author : Thorsten Gröne
Publisher : ibidem-Verlag / ibidem Press
ISBN 13 : 3838256204
Total Pages : 174 pages
Book Rating : 4.8/5 (382 download)

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Book Synopsis Private Equity in Germany by : Thorsten Gröne

Download or read book Private Equity in Germany written by Thorsten Gröne and published by ibidem-Verlag / ibidem Press. This book was released on 2012-02-13 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study evaluates the value generation potential of private equity for German mid-cap companies. A discussion of the private equity industry and the analysis of the value generation levers serve as a basis to further explore private equity value generation in the German market. First, the special features of German mid-cap companies are examined with a special focus on their financing needs. Second, the German private equity market is introduced and its differentiating features are revealed. The comparison of the findings assesses the general suitability of private equity as a financing option for German mid-cap companies and suggests that many mid-cap companies are not (yet) suited for private equity investments. Finally, the applicability of the identified value generation levers on the German mid-cap segment is analyzed with the help of a conceptual framework in order to evaluate the value generation potential. The results show that the traditional value generation levers are applicable but have to be adjusted with respect to national differences. Private equity associations have to specifically address the strong social considerations in the German business culture and the traditional unity of management, ownership, and supervision in the mid-cap segment in order to realize high rates of return. Anecdotal and recent empirical evidence indicates the relevance of many theoretical conclusions.

Private Equity in Germany

Author : Torsten Gröne
Publisher : Ibidem Press
ISBN 13 : 9783898216203
Total Pages : 151 pages
Book Rating : 4.2/5 (162 download)

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Book Synopsis Private Equity in Germany by : Torsten Gröne

Download or read book Private Equity in Germany written by Torsten Gröne and published by Ibidem Press. This book was released on 2005 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study evaluates the value generation potential of private equity for German mid-cap companies. A discussion of the private equity industry and the analysis of the value generation levers serve as a basis to further explore private equity value generation in the German market. First, the special features of German mid-cap companies are examined with a special focus on their financing needs. Second, the German private equity market is introduced and its differentiating features are revealed. The comparison of the findings assesses the general suitability of private equity as a financing option for German mid-cap companies and suggests that many mid-cap companies are not (yet) suited for private equity investments. Finally, the applicability of the identified value generation levers on the German mid-cap segment is analyzed with the help of a conceptual framework in order to evaluate the value generation potential. The results show that the traditional value generation levers are applicable but have to be adjusted with respect to national differences. Private equity associations have to specifically address the strong social considerations in the German business culture and the traditional unity of management, ownership, and supervision in the mid-cap segment in order to realize high rates of return. Anecdotal and recent empirical evidence indicates the relevance of many theoretical conclusions.

Private Equity in Germany - Evaluation of the Value Generation Potential for German Mid-Cap Companies

Author : Thorsten Gröne
Publisher :
ISBN 13 : 9783867468992
Total Pages : 110 pages
Book Rating : 4.4/5 (689 download)

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Book Synopsis Private Equity in Germany - Evaluation of the Value Generation Potential for German Mid-Cap Companies by : Thorsten Gröne

Download or read book Private Equity in Germany - Evaluation of the Value Generation Potential for German Mid-Cap Companies written by Thorsten Gröne and published by . This book was released on 2005 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The German Private Equity Market. An Analysis of its Development

Author : Ayman A.
Publisher : GRIN Verlag
ISBN 13 : 3346118045
Total Pages : 34 pages
Book Rating : 4.3/5 (461 download)

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Book Synopsis The German Private Equity Market. An Analysis of its Development by : Ayman A.

Download or read book The German Private Equity Market. An Analysis of its Development written by Ayman A. and published by GRIN Verlag. This book was released on 2020-02-21 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2018 in the subject Business economics - Investment and Finance, grade: 1,3, University of applied sciences, Düsseldorf, language: English, abstract: In this work the development of the young Private Equity market in Germany is analysed in order to form the base of comprehensive understanding of the market today. In the last decades, the private equity (PE) market in Germany has witnessed waves of rise and fall. But it surpassed, by the end of 2017, all the records of German PE history. According to Deutsche Beteiligungs (DBAG), the amount of transactions in the mid-sized businesses in the German market dramatically increased and hit €4.4 billion in 2017 which was the highest during the last 15 years. But in contrast, the competition in the German market has been recently high with a steady number of companies which led to high prices and overvalued companies. PE firms target the mid-sized businesses since they are more likely to accept financial investors than bank loans or credit lines. However, this problem can now be countered with the help of PE in the context of alternative corporate financing. It should be noted that PE business has been a concern of German politics and businesses since the 1960s where the financial system was basically based on banks which is not appropriate for the development of PE industry. The government intervention was the base to build a stronger PE industry away from bank-based financial systems. Recently, the stock market segment was a key driver for the dynamic development of PE market. The price falls and the collapse of the overheated and overvalued companies were also clearly felt in the PE segment and generated a great deal over scepticism on the capital markets.

Private Equity

Author : P. Jowett
Publisher : Springer
ISBN 13 : 023030866X
Total Pages : 640 pages
Book Rating : 4.2/5 (33 download)

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Book Synopsis Private Equity by : P. Jowett

Download or read book Private Equity written by P. Jowett and published by Springer. This book was released on 2011-01-26 with total page 640 pages. Available in PDF, EPUB and Kindle. Book excerpt: This tells the story of the development of the private equity industry in Germany. It is the first comprehensive history of the private equity industry for any country, revealing the vicissitudes of private equity investing, warts and all. It is an engaging chronicle for anyone interested in the industry or the modern German economy.

Derivatives

Author :
Publisher : PediaPress
ISBN 13 :
Total Pages : 1295 pages
Book Rating : 4./5 ( download)

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Book Synopsis Derivatives by :

Download or read book Derivatives written by and published by PediaPress. This book was released on with total page 1295 pages. Available in PDF, EPUB and Kindle. Book excerpt:

An Analysis of the Philippine Retail Structure

Author : Timo Priester
Publisher : ibidem-Verlag / ibidem Press
ISBN 13 : 383825693X
Total Pages : 120 pages
Book Rating : 4.8/5 (382 download)

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Book Synopsis An Analysis of the Philippine Retail Structure by : Timo Priester

Download or read book An Analysis of the Philippine Retail Structure written by Timo Priester and published by ibidem-Verlag / ibidem Press. This book was released on 2012-02-20 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: With over 7,000 islands, the Philippines is the world’s largest group of islands. For hundreds of years, the beautiful Southeast Asian archipelago was fairly isolated from its neighbouring as well as western countries. Only since 2000, the Philippines began to open its business markets to foreign investors. In his book, Timo Priester scrutinizes the Philippine retail structure. He offers interesting insights about the organization of Manila’s (the country’s dominant capital) retail trade. The principal focus is on three different business markets: The Mobile, the Home Appliances and the Audio Visual Market.

Private Equity Investment – A theoretical Analysis of Process, Parties and Requirements

Author : Sean Miller
Publisher : GRIN Verlag
ISBN 13 : 3656020124
Total Pages : 41 pages
Book Rating : 4.6/5 (56 download)

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Book Synopsis Private Equity Investment – A theoretical Analysis of Process, Parties and Requirements by : Sean Miller

Download or read book Private Equity Investment – A theoretical Analysis of Process, Parties and Requirements written by Sean Miller and published by GRIN Verlag. This book was released on 2011-10-04 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2011 im Fachbereich BWL - Investition und Finanzierung, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule (-), Veranstaltung: Investment & Controlling, Sprache: Deutsch, Abstract: The majority of companies are in need of investment capital to pursue their growth strategies. Also, a large number of companies only display a low equity ratio and as a result possess bad credit worthiness. In this regard, Private Equity represents a good alternative solution providing investment capital. It allows companies to make investments to solidify or improve their position among the competitors on the market. In times where banks and credit institutions exercise restraints, the interest of companies in Private Equity even increases. Nevertheless, particularly in Germany the growing importance of Private Equity is accompanied by great controversy. One group argues that often the Private Equity investors in their function as majority shareholders neglect the sustainable development of their portfolio companies in favor of their temporary value increase. On the other hand numerous studies indicate that companies benefit from Private Equity investments. According to these studies, companies, which have entered cooperation with Private Equity investors, comparatively, display stronger revenue growth and productivity and also generate more jobs.1 In this respect, the quality of the partnership between the portfolio company and the Private Equity investment association is a decisive success factor and must not be underestimated. Private Equity deals only generate win-win-situations if both parties are professionally engaged. Lack of preparation can either lead to a one-sided relationship – leaving one party at a disadvantage –, or even to a bad overall business, in which both sides incur losses. This paper takes the perspective of each party and points out which specific aspects they have to consider in order having good chances of benefiting from a Private Equity deal. This leads to the analysis of several critical stages within the investment process: investment stages in general, transaction process, due diligence, business valuation and exit. Prior the meaning, history and significance of Private Equity are described.

Private Equity in Germany

Author : Cordelia Friesendorf
Publisher : Springer Nature
ISBN 13 : 3031337085
Total Pages : 116 pages
Book Rating : 4.0/5 (313 download)

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Book Synopsis Private Equity in Germany by : Cordelia Friesendorf

Download or read book Private Equity in Germany written by Cordelia Friesendorf and published by Springer Nature. This book was released on 2023-07-04 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: Start-ups are emerging, non-conventional enterprises that enter established markets with radically different products, displace incumbents, create new markets, and promote economic growth through innovation. Start-ups are often faced with many challenges that may threaten their survival, which can often be overcome by securing steady financial support. Start-ups are high-risk enterprises that are unattractive to conventional financiers, but absolutely suited to private equity (PE) and venture capital (VC) investors who seek rewards and are therefore willing to accept risk. The success stories of global digital platform start-ups have attracted PE investors in particular. When investing in a digital platform start-up in Germany, what criteria do PE and VC investors look for? How should entrepreneurs prepare for VC funding? What strategies should they use? The authors examine these questions in this book and provide a comprehensive analysis of the German start-up, digital platform, PE, and VC ecosystems. The book exposes entrepreneurs, investors, mergers and acquisitions experts, regulators and policy-makers to the market's workings and pain points so that they can help create a German start-up ecosystem that is as functional as the other organized industries.

Private Equity Investment - A theoretical Analysis of Process, Parties and Requirements

Author : Sean Miller
Publisher : GRIN Verlag
ISBN 13 : 3656020736
Total Pages : 81 pages
Book Rating : 4.6/5 (56 download)

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Book Synopsis Private Equity Investment - A theoretical Analysis of Process, Parties and Requirements by : Sean Miller

Download or read book Private Equity Investment - A theoretical Analysis of Process, Parties and Requirements written by Sean Miller and published by GRIN Verlag. This book was released on 2011 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2011 im Fachbereich BWL - Investition und Finanzierung, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule (-), Veranstaltung: Investment & Controlling, Sprache: Deutsch, Abstract: The majority of companies are in need of investment capital to pursue their growth strategies. Also, a large number of companies only display a low equity ratio and as a result possess bad credit worthiness. In this regard, Private Equity represents a good alternative solution providing investment capital. It allows companies to make investments to solidify or improve their position among the competitors on the market. In times where banks and credit institutions exercise restraints, the interest of companies in Private Equity even increases. Nevertheless, particularly in Germany the growing importance of Private Equity is accompanied by great controversy. One group argues that often the Private Equity investors in their function as majority shareholders neglect the sustainable development of their portfolio companies in favor of their temporary value increase. On the other hand numerous studies indicate that companies benefit from Private Equity investments. According to these studies, companies, which have entered cooperation with Private Equity investors, comparatively, display stronger revenue growth and productivity and also generate more jobs.1 In this respect, the quality of the partnership between the portfolio company and the Private Equity investment association is a decisive success factor and must not be underestimated. Private Equity deals only generate win-win-situations if both parties are professionally engaged. Lack of preparation can either lead to a one-sided relationship - leaving one party at a disadvantage -, or even to a bad overall business, in which both sides incur losses. This paper takes the perspective of each party and points out which specific aspects they have to cons

Company-Specific Characteristics of Private Equity Targets. A Comparison between Germany and Great Britain

Author : Maximilian Michl
Publisher : GRIN Verlag
ISBN 13 : 3346982718
Total Pages : 60 pages
Book Rating : 4.3/5 (469 download)

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Book Synopsis Company-Specific Characteristics of Private Equity Targets. A Comparison between Germany and Great Britain by : Maximilian Michl

Download or read book Company-Specific Characteristics of Private Equity Targets. A Comparison between Germany and Great Britain written by Maximilian Michl and published by GRIN Verlag. This book was released on 2023-12-12 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2023 in the subject Business economics - Investment and Finance, Technical University of Munich, language: English, abstract: Managing and developing an investment in PE is quite complex, as there is no other alternative asset class where the performance gap between top- and bottom-quartile PE funds is wider than the PE asset class. In addition to examining the actions undertaken by PE companies during the investment period, the right target has to be selected. To date the academic literature regarding the selection of a promising target company on an empirical basis is scarce. In particular it is not clear how PE companies selection criteria differentiate in a country comparison. The present empirical analysis therefore provides an empirical approach to contribute to the research field of PE target selection with a country comparison by identifying PE target characteristics for Germany and Great Britain.

Tokenization of Private Equity Funds in Germany. Direct and Indirect Participation and Feasibility

Author : Philipp Rothe
Publisher : GRIN Verlag
ISBN 13 : 3346877558
Total Pages : 92 pages
Book Rating : 4.3/5 (468 download)

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Book Synopsis Tokenization of Private Equity Funds in Germany. Direct and Indirect Participation and Feasibility by : Philipp Rothe

Download or read book Tokenization of Private Equity Funds in Germany. Direct and Indirect Participation and Feasibility written by Philipp Rothe and published by GRIN Verlag. This book was released on 2023-05-24 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2023 in the subject Business economics - Investment and Finance, grade: 1,0, International School Of Management, Campus Frankfurt, language: English, abstract: The aim of the master thesis is to examine whether private equity is suitable for tokenization. After analyzing different characteristics of private equity, such as the illiquidity or mechanisms like capital calls, the master thesis concluded that the asset class is suitable. Private equity shares in the form of security tokens can help to reduce illiquidity and cashflows like the capital calls can be automated by the use of smart contracts. For the tokenization, the master thesis recommends to use existing standards, such as the Ethereum blockchain or the ERC-1400 token. Furthermore, different structures for issuing private equity tokens were elaborated. These include a structure for an indirect participation via a special purpose vehicle which issues tokens and simultaneously invests into a fund, but also a direct participation where the fund itself can issue tokens. During the description of possible structures, all relevant laws were included. These include the German Electronic Securities Act (eWpG), German Banking Act (KWG), Security Prospectus Act (WpPG), Capital Investment Act (VermAnlG), Securities Trading Act (WpHG) and the German Investment Code (KAGB). All structures were evaluated from the perspective of private equity funds, institutional investors, private investors or other relevant intermediaries. Also, benefits and challenges for the different structures and participants were discussed. The benefits include an increase in efficiency of several processes, potential cost savings, the possibility for funds to reach more investors or the possibility for investors to diversify their portfolio more. Still, these benefits could only be made use of, if major challenges are mastered by the market participants. These include an insufficient legal framework, different hurdles when implementing a secondary market, or the problem that theoretical approaches might work differently in reality.

The Impact of Private Equity Investments on Portfolio Companies

Author : Stefan Albust
Publisher : GRIN Verlag
ISBN 13 : 3668949387
Total Pages : 75 pages
Book Rating : 4.6/5 (689 download)

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Book Synopsis The Impact of Private Equity Investments on Portfolio Companies by : Stefan Albust

Download or read book The Impact of Private Equity Investments on Portfolio Companies written by Stefan Albust and published by GRIN Verlag. This book was released on 2019-05-28 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2019 in the subject Business economics - Investment and Finance, grade: 1,2, Durham University, language: English, abstract: This dissertation takes up the private equity topic and analyzes its impact on the employees of the portfolio companies. As there has been no detailed research done so far on the German market, this paper focuses on the impact on German companies which were taken over by a private equity house. It is assumed that the investment of a private equity company leads to an increase in the number of employees (H1) as well as their average wages (H2). These hypotheses are based on the performed literature review which shows a rather diverse picture with a slight trend towards the advantages of private equity investments. The private equity industry is growing and therefore its importance is increasing as well. However, the reputation of private equity investors is not always positive and some harmful examples confirm this picture in the broader market. The negative history subsequently led to an increasing regulatory environment. Nevertheless, private equity financing has also many advantages for the portfolio companies such as the solution of succession concerns, additional equity financing and added external know-how. By analyzing five private equity owned companies from different industries in Germany and benchmarking them against their local main competitor as well as testing the results against their statistical significance, interesting results appear. On the one hand, H1 needs to be rejected as in 60% of the analyzed companies the number of staff decreased after the investment of a private equity company. On the other hand, H2 can be confirmed as the average wages of the remaining employees increased in 80% of the observed companies and also evolved better compared to their non-private equity backed peers. Additionally, this dissertation shows that the second year after the takeover (T+2) is rater special and requires further investigation. Due to limitations of this research paper, it is recommended to use all the identified results for a more detailed analysis on the reasons of the observations.

Private Equity in Germany

Author : Gerd Rainer Meiners
Publisher : GRIN Verlag
ISBN 13 : 3638943410
Total Pages : 65 pages
Book Rating : 4.6/5 (389 download)

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Book Synopsis Private Equity in Germany by : Gerd Rainer Meiners

Download or read book Private Equity in Germany written by Gerd Rainer Meiners and published by GRIN Verlag. This book was released on 2008-05 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scientific Essay from the year 2007 in the subject Business economics - Investment and Finance, grade: 1,0, University of Hull, course: Independent Study, 27 entries in the bibliography, language: English, abstract: This paper gives an overview of private equity. Functionality of investing firms, possible applications of private equity, and its influence on portfolio-companies is in the focus of interest. The topic is investigated by analysing the German market and describing private equity as a controversial financial instrument. Thereby also reservations are portrayed that exist in the German society as well as in the German "Mittelstand" (small and medium sized businesses). The paper concludes with presenting the author's individual view on private equity and a positive outlook on development of private equity in Germany.

Private Equity Investments in Family Businesses

Author : Götz Müller
Publisher : V&R unipress GmbH
ISBN 13 : 3847100939
Total Pages : 242 pages
Book Rating : 4.8/5 (471 download)

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Book Synopsis Private Equity Investments in Family Businesses by : Götz Müller

Download or read book Private Equity Investments in Family Businesses written by Götz Müller and published by V&R unipress GmbH. This book was released on 2013 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: English summary: There is only limited academic attention paid to the topic of Private Equity Investments in Family Businesses although the topic is becoming increasingly relevant for both entity types. In order to advance the field, this study focuses on the organizational metamorphosis of Family Businesses as a response to a Private Equity investment. In specific, changes in performance and its potential determinants were researched by means of eight case studies. The results indicate a neutral to beneficial performance development when Private Equity companies acquired a majority stake and a neutral development in case of a minority investment. Analyses further revealed that the positive performance improvement correlated with an organizational context that nurtured higher levels of individual discipline and stretch as well as organizational values that became aligned with market imperatives. German description: Investitionen von Private-Equity-Firmen in Familienunternehmen werden fur beide Parteien zunehmend relevanter. Um diesem Gebiet Rechnung zu tragen, wurde die Veranderung der wirtschaftlichen Leistungsfahigkeit von Familienunternehmen im Zuge einer Private Equity Investition in acht Fallstudien untersucht. Die Resultate zeigen eine neutrale bis positive Veranderung der Leistungsfahigkeit wenn Private-Equity-Hauser eine Mehrheitsbeteiligung in Familienunternehmen erwerben. Bei Minderheitsbeteiligungen konnte keine weitreichende Veranderung festgestellt werden. Weiterhin zeigen die Ergebnisse, dass die untersuchten Mehrheitsbeteiligungen einen Kontext entwickeln, welcher das individuelle Leistungsverhalten des Managements zu einem hoheren Masse fordert. Dies beruht vor allem darauf, dass sich jene Firmen zunehmend Umwelt- und Marktbedingungen offnen und neue Operationsweisen adaptieren.

Critical analysis of Private Equity investments from the investors’ and the target companies’ point of view

Author : Jan Sickinger
Publisher : GRIN Verlag
ISBN 13 : 3640999762
Total Pages : 39 pages
Book Rating : 4.6/5 (49 download)

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Book Synopsis Critical analysis of Private Equity investments from the investors’ and the target companies’ point of view by : Jan Sickinger

Download or read book Critical analysis of Private Equity investments from the investors’ and the target companies’ point of view written by Jan Sickinger and published by GRIN Verlag. This book was released on 2011-09-06 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2010 im Fachbereich BWL - Investition und Finanzierung, Note: 2,7, FOM Essen, Hochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulleitung Essen früher Fachhochschule, Veranstaltung: Investment and Controlling, Sprache: Deutsch, Abstract: This assignment is part of the MBA studies at the University of Applied Science in Essen (FOM, Hochschule für Oekonomie, Essen) and covers the subject “International Finance and Controlling”. The objective of this assignment was a critical analysis of Private Equity (PE) investments both from the perspectives of PE investors and of PE target companies. PE investors expect high returns, but it could be shown by taking independent data into account that it is highly questionable if the returns of PE investments are always higher compared to other forms of investments. Furthermore, there is the risk of a total loss, which is higher for PE investments than other forms of investments, especially due to the information asymmetry between PE investors and PE issuers. Looking at it from the perspective of PE issuers, PE investments inject fresh capital into target companies with often a high percentage of debts. This capital can be used for expansion and innovation. However, PE investors expect high returns and may use assets of the target company to refinance debts which have been taken in order to finance the PE investment. Furthermore, PE companies will gain managerial control within the target company through which decisions are aligned with the objectives of the PE investor. This can also include decisions regarding the future employment situation in the target company. There cannot be an overall statement if PE investments are “good” or “bad” for both sides, because the outcome of an evaluation strongly depends on the statistical method, the observed time span, the choice of statistical data and the personal viewpoint.

Papers on Value Creation in Private Equity

Author : Thomas Wetzer
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (974 download)

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Book Synopsis Papers on Value Creation in Private Equity by : Thomas Wetzer

Download or read book Papers on Value Creation in Private Equity written by Thomas Wetzer and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of four empirical papers on value creation in private equity (hereafter, PE). Creating value is at the core of the PE business model as value enhancing mechanisms positively affect the equity returns to investors. The EBITDA improvement of portfolio companies and the deployment of leverage are considered major operational and financial value creation drivers, respectively. However, in today's more competitive M & A landscape, the contribution to value creation of operational and financial drivers has diminished. It has become harder for PE funds to find target companies with low leverage ratios and opportunities for operational improvements that can eventually be sold with high profits. Nowadays, fund managers need to apply more diverse value creation strategies to generate the expected returns for their investors. To find alternative sources of value creation, fund managers are paying greater attention to new exit strategies and the pricing of investments and exits. Exit strategies and deal pricing are influenced by company-specific valuations, which originate from operational improvements, and market movements. Fund managers can create value by buying for low valuation multiples and selling for high(er) multiples, assuming the portfolio company's EBITDA remains constant (the literature refers to this as the multiple effect). The focus of this thesis rests on the pricing of PE investments and exits and, in this context, investigates the role that the multiple effect plays in the creation of value in PE deals. The four papers are listed as independent chapters in this thesis. The first two chapters examine the pricing of PE investments and exits in comparison to strategic acquisitions. While both chapters acknowledge that transaction pricing has a direct impact on value creation, Chapter 1 investigates the role that synergies play in the valuation of the transactions and Chapter 2 focuses on the contribution o.