Capital Strategy1 book · 2 highlights
Secondaries: Passing Companies Between PE Funds
Books Teaching This Pattern
Evidence
The Finance Princes - The Story of the Swedish Venture Capitalists
Lotta Engzell-Larsson · 2 highlights
“Leif Östling finds this passing of companies troublesome, even if he doesn’t call them that. “Secondaries,” say industry people when they sell to each other, and this secondary market is getting bigger.”
“Within a year, Findus went from loss to a small profit, and in 2006 EQT finally managed to sell it on to the British private equity firm Capvest. Capvest thought much the same as EQT had, aiming for growth through acquisitions. A larger company is worth more, provided it makes money. They bought and merged Findus with the British Bluecrest, which sells frozen seafood.”
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