Buy and Build Strategies in Management Buyouts

Inhaltsverzeichnis (Table of Contents)

• Executive summary
• Introduction
• Buy and Build Strategies: An Overview
• Post-Acquisition Integration: A Literature Review
• Active Ownership: Understanding the Role of Private Equity Firms
• Research Question and Methodology
• Theoretical Framework
• Active Ownership and Capabilities
• Post-Acquisition Integration: Task and Human Integration
• The Framework for Integration Management
• Case Studies
• Case Study 1: Company A
• Case Study 2: Company B
• Case Study 3: Company C
• Case Study 4: Company D
• Data Analysis and Discussion
• Within-Case Analysis
• Across-Case Comparison
• Discussion of Findings
• Implications for Practice and Future Research
• Implications for Private Equity Firms
• Implications for Portfolio Company Management
• Directions for Future Research

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This Master thesis aims to investigate the role of private equity (PE) firms in post-acquisition integration within buy and build strategies. The study focuses on how PE firms contribute to the integration process, particularly in managing task and affective conflicts, and their approach to exercising management control. It investigates the link between PE firm capabilities and their active ownership role in buy and build strategies.

• Active ownership by PE firms in buy and build strategies
• The role of PE firms in post-acquisition integration
• The relationship between PE firm capabilities and active ownership
• Task and human integration in buy and build strategies
• The impact of integration capabilities on the success of buy and build strategies

Zusammenfassung der Kapitel (Chapter Summaries)

The thesis begins with an introduction that provides an overview of buy and build strategies, reviews the relevant literature on post-acquisition integration, and elaborates on the role of active ownership in private equity. The research question and methodology are then outlined. Building on existing literature, the theoretical framework outlines the concept of active ownership and its relationship to capabilities, discusses the two main types of post-acquisition integration – task and human integration – and presents the Framework for Integration Management.

The next section delves into four case studies, each examining a different company that has undergone a buy and build strategy. The data collected through these case studies are then analyzed, both within each case and across all four cases. The analysis explores the contributions of PE firms to both task and human integration, examining how PE firms manage conflicts and exercise control in the integration process. The results are then discussed in relation to the theoretical framework.

Finally, the thesis explores the implications of the findings for both private equity firms and the management of portfolio companies. It provides guidance on how to prioritize post-acquisition integration efforts, manage expectations related to the integration process, and prevent conflicts. The thesis concludes with directions for future research, encouraging further exploration of the dynamic relationship between PE firms and their portfolio companies in the context of buy and build strategies.

Schlüsselwörter (Keywords)

This Master thesis focuses on key concepts such as buy and build strategies, post-acquisition integration, active ownership, private equity firms, task integration, human integration, capabilities, and management control. It delves into the empirical analysis of PE firm contributions to integration processes and the strategic implications of active ownership in buy and build strategies.