Analysis of value creation in a leveraged buyout (LBO) operation in Brazil

Detalhes bibliográficos
Autor(a) principal: Mitre Filho, Marcelo
Data de Publicação: 2017
Outros Autores: Albuquerque, Andrei Aparecido de, Paixão, Michel Augusto Santana da
Tipo de documento: Artigo
Idioma: por
Título da fonte: Contextus (Fortaleza. Online)
Texto Completo: http://periodicos.ufc.br/contextus/article/view/32288
Resumo: Using a business model based on the acquisition of companies with growth potential, private equity funds have developed acquisition tools that optimize the value of investments for their shareholders through leveraged buyouts (LBOs). This paper aims to verify if there was value creation or destruction in an LBO operation in the Brazilian market. To study this issue, a business acquisition operation using LBO was observed.  The completed operation—from acquisition to divestment—occurred between 2009 and 2013. Economic Value Added (EVA®) was used as the value creation measure. The findings provided inconclusive evidence regarding the destruction of value in a national LBO operation, indicating that other elements may be responsible for the negative EVA® indicator.
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spelling Analysis of value creation in a leveraged buyout (LBO) operation in BrazilAnálisis de la creación de valor en una operación de leveraged buyout (LBO) en BrasilAnálise da criação de valor em uma operação de leveraged buyout (LBO) No BrasilValue Creation. Leveraged Buyout. LBO. Private Equity. Economic Value Added.Creación de Valor. Leveraged Buyout. LBO. Private Equity. Economic Value Added.Geração de Valor. Leveraged Buyout. LBO. Private Equity. Economic Value Added.Using a business model based on the acquisition of companies with growth potential, private equity funds have developed acquisition tools that optimize the value of investments for their shareholders through leveraged buyouts (LBOs). This paper aims to verify if there was value creation or destruction in an LBO operation in the Brazilian market. To study this issue, a business acquisition operation using LBO was observed.  The completed operation—from acquisition to divestment—occurred between 2009 and 2013. Economic Value Added (EVA®) was used as the value creation measure. The findings provided inconclusive evidence regarding the destruction of value in a national LBO operation, indicating that other elements may be responsible for the negative EVA® indicator.Utilizando un modelo de negocio basado en la adquisición de empresas con potencial de crecimiento, los fondos de capital privado han desarrollado herramientas de adquisición que optimizan el valor de inversiones para sus accionistas a través de compras apalancadas (LBO). Esta investigación tuvo como objetivo verificar la creación o la destrucción de valor en una operación de LBO en el mercado brasileño. Para estudiar este problema, se ha observado un caso de una operación de adquisición de empresa con LBO. La operación completa – desde la adquisición hasta su liquidación – ocurrió entre 2009 y 2013. El Economic Value Added (EVA®) fue utilizado como la medida de creación de valor. Los resultados encontrados indican evidencias no concluyentes de acuerdo a la destrucción del valor en una operación de LBO nacional, indicando que otros elementos pueden ser responsables del indicador EVA® negativo.Fazendo uso de um modelo de negócio baseado na aquisição de empresas com potencial de crescimento, os private equities desenvolveram as leveraged buyouts (LBOs). Para a aquisição da empresa-alvo, utiliza-se a dívida como pagamento de parte significativa do valor da aquisição. Um dos principais objetivos das LBOs é possibilitar que entidades financeiras realizem um volume considerável de aquisições sem comprometer substancialmente o patrimônio e o capital próprio, mitigando o risco do investimento e maximizando o retorno. Este artigo visa analisar a criação de valor em uma operação de LBO no mercado brasileiro, através do uso do Economic Value Added (EVA®). O método de pesquisa empregado foi o ex post facto, baseado em uma pesquisa qualitativa. O resultado encontrado indica evidências inconclusivas quanto a destruição do valor em uma operação de LBO nacional, considerando outros possíveis elementos responsáveis pelo indicador EVA® negativo.FEAAC/UFC2017-10-02info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPesquisa Bibliográfica; Estudo de Caso.application/pdfapplication/ziphttp://periodicos.ufc.br/contextus/article/view/3228810.19094/contextus.v15i1.932Contextus - Contemporary Journal of Economics and Management; Vol 15 No 1: jan/abr 2017; 149-171Contextus – Revista Contemporánea de Economía y Gestión; Vol. 15 Núm. 1: jan/abr 2017; 149-171Contextus – Revista Contemporânea de Economia e Gestão; v. 15 n. 1: jan/abr 2017; 149-1712178-92581678-2089reponame:Contextus (Fortaleza. Online)instname:Universidade Federal do Ceará (UFC)instacron:UFCporhttp://periodicos.ufc.br/contextus/article/view/32288/pdfhttp://periodicos.ufc.br/contextus/article/view/32288/165766http://periodicos.ufc.br/contextus/article/view/32288/165767http://periodicos.ufc.br/contextus/article/view/32288/165768http://periodicos.ufc.br/contextus/article/view/32288/165769Copyright (c) 2017 Revista: apenas para a 1a. publicaçãohttps://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessMitre Filho, MarceloAlbuquerque, Andrei Aparecido dePaixão, Michel Augusto Santana da2021-11-22T12:08:10Zoai:periodicos.ufc:article/32288Revistahttp://periodicos.ufc.br/contextusPUBhttp://periodicos.ufc.br/contextus/oairevistacontextus@ufc.br2178-92581678-2089opendoar:2021-11-22T12:08:10Contextus (Fortaleza. Online) - Universidade Federal do Ceará (UFC)false
dc.title.none.fl_str_mv Analysis of value creation in a leveraged buyout (LBO) operation in Brazil
Análisis de la creación de valor en una operación de leveraged buyout (LBO) en Brasil
Análise da criação de valor em uma operação de leveraged buyout (LBO) No Brasil
title Analysis of value creation in a leveraged buyout (LBO) operation in Brazil
spellingShingle Analysis of value creation in a leveraged buyout (LBO) operation in Brazil
Mitre Filho, Marcelo
Value Creation. Leveraged Buyout. LBO. Private Equity. Economic Value Added.
Creación de Valor. Leveraged Buyout. LBO. Private Equity. Economic Value Added.
Geração de Valor. Leveraged Buyout. LBO. Private Equity. Economic Value Added.
title_short Analysis of value creation in a leveraged buyout (LBO) operation in Brazil
title_full Analysis of value creation in a leveraged buyout (LBO) operation in Brazil
title_fullStr Analysis of value creation in a leveraged buyout (LBO) operation in Brazil
title_full_unstemmed Analysis of value creation in a leveraged buyout (LBO) operation in Brazil
title_sort Analysis of value creation in a leveraged buyout (LBO) operation in Brazil
author Mitre Filho, Marcelo
author_facet Mitre Filho, Marcelo
Albuquerque, Andrei Aparecido de
Paixão, Michel Augusto Santana da
author_role author
author2 Albuquerque, Andrei Aparecido de
Paixão, Michel Augusto Santana da
author2_role author
author
dc.contributor.author.fl_str_mv Mitre Filho, Marcelo
Albuquerque, Andrei Aparecido de
Paixão, Michel Augusto Santana da
dc.subject.por.fl_str_mv Value Creation. Leveraged Buyout. LBO. Private Equity. Economic Value Added.
Creación de Valor. Leveraged Buyout. LBO. Private Equity. Economic Value Added.
Geração de Valor. Leveraged Buyout. LBO. Private Equity. Economic Value Added.
topic Value Creation. Leveraged Buyout. LBO. Private Equity. Economic Value Added.
Creación de Valor. Leveraged Buyout. LBO. Private Equity. Economic Value Added.
Geração de Valor. Leveraged Buyout. LBO. Private Equity. Economic Value Added.
description Using a business model based on the acquisition of companies with growth potential, private equity funds have developed acquisition tools that optimize the value of investments for their shareholders through leveraged buyouts (LBOs). This paper aims to verify if there was value creation or destruction in an LBO operation in the Brazilian market. To study this issue, a business acquisition operation using LBO was observed.  The completed operation—from acquisition to divestment—occurred between 2009 and 2013. Economic Value Added (EVA®) was used as the value creation measure. The findings provided inconclusive evidence regarding the destruction of value in a national LBO operation, indicating that other elements may be responsible for the negative EVA® indicator.
publishDate 2017
dc.date.none.fl_str_mv 2017-10-02
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Pesquisa Bibliográfica; Estudo de Caso.
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://periodicos.ufc.br/contextus/article/view/32288
10.19094/contextus.v15i1.932
url http://periodicos.ufc.br/contextus/article/view/32288
identifier_str_mv 10.19094/contextus.v15i1.932
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv http://periodicos.ufc.br/contextus/article/view/32288/pdf
http://periodicos.ufc.br/contextus/article/view/32288/165766
http://periodicos.ufc.br/contextus/article/view/32288/165767
http://periodicos.ufc.br/contextus/article/view/32288/165768
http://periodicos.ufc.br/contextus/article/view/32288/165769
dc.rights.driver.fl_str_mv Copyright (c) 2017 Revista: apenas para a 1a. publicação
https://creativecommons.org/licenses/by-nc/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2017 Revista: apenas para a 1a. publicação
https://creativecommons.org/licenses/by-nc/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/zip
dc.publisher.none.fl_str_mv FEAAC/UFC
publisher.none.fl_str_mv FEAAC/UFC
dc.source.none.fl_str_mv Contextus - Contemporary Journal of Economics and Management; Vol 15 No 1: jan/abr 2017; 149-171
Contextus – Revista Contemporánea de Economía y Gestión; Vol. 15 Núm. 1: jan/abr 2017; 149-171
Contextus – Revista Contemporânea de Economia e Gestão; v. 15 n. 1: jan/abr 2017; 149-171
2178-9258
1678-2089
reponame:Contextus (Fortaleza. Online)
instname:Universidade Federal do Ceará (UFC)
instacron:UFC
instname_str Universidade Federal do Ceará (UFC)
instacron_str UFC
institution UFC
reponame_str Contextus (Fortaleza. Online)
collection Contextus (Fortaleza. Online)
repository.name.fl_str_mv Contextus (Fortaleza. Online) - Universidade Federal do Ceará (UFC)
repository.mail.fl_str_mv revistacontextus@ufc.br
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