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1、PrivateEquityExits:AnanalysisofdivestmentprocessmanagementinrelationtoleveragedbuyoutsDISSERTATIONoftheUniversityofSt.Gallen,GraduateSchoolofBusinessAdministration,Economics,LawandSocialSciences(HSG)toobtainthetitleofDoctorofBusinessAdministrationsubmittedbyStefanPovaly
2、fromAustriaApprovedontheapplicationofProf.Dr.AndreasGrünbichlerandProf.Dr.MartinHilbDissertationno.3238GutenbergAGTheUniversityofSt.Gallen,GraduateSchoolofBusinessAdministration,Economics,LawandSocialSciences(HSG)herebyconsentstotheprintingofthepresentdissertation,witho
3、utherebyexpressinganyopinionontheviewshereinexpressed.St.Gallen,June12,2006ThePresident:Prof.ErnstMohr,PhDPrefaceInlinewithstronggrowthinEuropeoverthepastyears,privateequityasaformoffinancialintermediationhasbecomeafocusareaforacademicresearch.However,onlyfewscientifics
4、tudiestodateconcentrateonthedivestmentstageofportfoliocompanies,theso-called‘exit’processes.MyinterestinthisfieldhasbeenstimulatedthroughmyprofessionalexperienceasaninvestmentbankeradvisingprivateequityclientsinEurope,recognisingalackofstructuredandpro-activeapproachest
5、owardsdivestmentofportfoliofirms.Iamindebtedtoanumberofpeopleandinstitutionsthatcontributedtothesuccessofthisproject.Firstandforemost,IwouldliketooffermanythankstomyacademicsupervisorProf.Dr.AndreasGrünbichlerforhiscommitmenttothisdissertationprojectaswellashisresponsiv
6、eness,instrumentalguidance,andconstructivefeedback.IwouldalsoliketoexpressgreatappreciationtomysecondacademicsupervisorProf.Dr.MartinHilb,forhissupportandvaluedinputparticularlyintheareaofcorporategovernance.Moreover,IowethankstoProf.Dr.JoshLernerforhisinterestinthispro
7、jectandguidanceofferedduringmyresearchvisitattheHarvardBusinessSchool.Theessentialcoreofthisdissertationreliesupondetailedsurveyandinterviewfeedbackfromalmost60leadingprivateequityfirmsoperatingintheEuropeanbuyoutmarket.Iwouldliketothankallprivateequityprofessionalsandi
8、nstitutionsforhavingparticipatedinthisstudyandfortheirinterestinsupportingacademicresearchinthisfield.Furtherm
