Private equity came late to Germany and its early prospects seemed poor. The early players were told that only unhealthy German companies would be sold to a private equity house. Fraud was a significant problem, as sellers of struggling companies attempted to cover up their problems with inflated numbers. But as the private equity industry developed, lessons were learnt and converts won to the cause of management buyouts. This is the first comprehensive history of private equity written for any country in the world. Drawing on 125 interviews conducted with senior members of the industry, it reveals the ups and downs of private equity investing, warts and all. Compelling accounts of specific deals -- including discussions of everything that can go right and wrong -- feature alongside the most extensive collations of buyout data ever compiled for Germany. For anyone interested in the private equity industry, irrespective of geography, this will prove an essential work. Those interested in modern Germany will find here the first detailed assessment of the contribution of private equity to determining the contours of German economics and finance.
List of Figures List of Tables Preface Acknowledgements Introduction Minority Participations: 1965-1975 The Failed Venture Capital Experiment: 1976-1991 The Early Shoots: GENES Ventures& Matuschka/TVM The First Phase: From Venture Capital to LBOs The Second Phase: 3i, CVC, Bain, and Matuschka The Third Phase: Trial and Error with LBOs The Schroders' Story of the 1980s The 1984-1991 Experience in Retrospect The Fourth Phase: Frustrating Times 1992-1994 East German Adventures The Fifth Phase: Retrenchment& Spin-offs: 1995-1996 The Sixth Phase: The Tsunami Begins The Seventh Phase: 2001: The Collapse and its Aftermath The Eighth Phase: The Booming Market: 2004-2007 The Ninth Phase: The Fall What did Private Equity Ever do for Germany? A Note on Sources
