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The Journal of Private Equity

The Journal of Private Equity

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Primary Article

The Operating Impact of Buyouts in Sweden

A Study of Value Creation

Clas Bergström, Mikael Grubb and Sara Jonsson
The Journal of Private Equity Winter 2007, 11 (1) 22-39; DOI: https://doi.org/10.3905/jpe.2007.699056
Clas Bergström
A professor of finance at the Stockholm School of Economics in Stockholm, Sweden.
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  • For correspondence: clas.bergstrom@hhs.se
Mikael Grubb
An M.S. in business administration and economics from the Stockholm School of Economics in Stockholm, Sweden.
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  • For correspondence: mikael.grubb@gmail.com
Sara Jonsson
An M.S. in business administration and economics from the Stockholm School of Economics in Stockholm, Sweden.
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  • For correspondence: sara.e.jonsson@gmail.com
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Abstract

We analyze the magnitude and determinants of private equity sponsored buyouts' impact on the operating profitability in Swedish buyout companies exited between 1998 and H1 2006. Whereas previous empirical studies have primarily been biased towards reverse LBOs, this article analyzes buyouts irrespective of exit type. We perform an industry adjusted event study to detect abnormal operating performance and impact on the companies' employees. Our analysis suggests that buyouts have a significant positive impact on the companies' operating performance. Further, we find that measurable variables commonly associated with the private equity value creation process, such as wage-level reductions, labor force restructuring, leverage and management ownership, have a low explanatory value for the magnitude of the operating impact.

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The Journal of Private Equity
Vol. 11, Issue 1
Winter 2007
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The Operating Impact of Buyouts in Sweden
Clas Bergström, Mikael Grubb, Sara Jonsson
The Journal of Private Equity Nov 2007, 11 (1) 22-39; DOI: 10.3905/jpe.2007.699056

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The Operating Impact of Buyouts in Sweden
Clas Bergström, Mikael Grubb, Sara Jonsson
The Journal of Private Equity Nov 2007, 11 (1) 22-39; DOI: 10.3905/jpe.2007.699056
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