Michel Chevallier and Dominique Langlois viewers are engaged, but critical thinking, private equity, as they are fund managers of private equity funds. They published an original book about the world of private equity in France by Editions Economica "Private Equity and Corporate Management": i) they focus on the relationship of private equity firms and companies they buy and their management in every sense of the term, ii) they describe the world of private equity in France, which they trace the different stages, with different actors: the private equity firms, investment bankers and the bankers financing, mezzanine providers, management and its own advisors, lawyers, auditors ... iii) they have based their work on a multitude of interviews and testimonials that give flesh to the material, making this book as a portrait gallery. A feature of the French private equity market is that it is very active, is most active in Europe after the United Kingdom, and one of the world's largest. And unlike other European markets, and it very striking, it is dominated by French actors, present in different market segments: PAI and Eurazeo for big deals, AXA Private Equity, LBO France, Sagard Astorg Central BPE or 21 for the class below etc ... Large international funds (CVC, Permira, KKR ...) are thus much less active and less present elsewhere in Europe. The string of private equity players, France, is very professional, banks are very active, with pioneers in the trade that were Maurice Tchenio (Apax), IDI or Banexi.
Another observation: management plays a key role and it is very treated well: "The management packages in France were the best in Europe" is found there. This explains a tendency to LBO secondary, "tertiary". Managers who have tasted the financial benefits of an LBO, but also the independence and focus of management which result are not very tempted to join and Industrial Group to (re) become more or less distant Division .
A fascinating read, highly recommended to all those who, directly or indirectly interested in this universe.
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