This overview of a complex and often misunderstood subject takes the reader through the issues that are faced throughout the life cycle of a private equity investment, from the identification of an opportunity, through the various stages of the transaction and the lifetime of the investment, to the eventual exit by the investor. The analysis of key documentation and legal issues covers company law, employment law, pensions, taxation, debt funding and competition law, taking into account recent legal developments such as the Companies Act 2006, the recent emergence of private equity in the UK and the challenges faced by the industry as a result of the financial crisis.
About the Author
Geoff Yates is a corporate partner with Addleshaw Goddard LLP, where he specialises in private equity. He has acted for many years for both private equity houses and management teams on a range of transactions including MBOs, MBIs and take private transactions. A member of the CBI Companies Committee, he is a regular public speaker on private equity and company law matters.
Mike Hinchliffe is a partner at Addleshaw Goddard LLP, with over 10 years' experience advising private equity firms, banks and investee companies in the UK on MBOs, MBIs, development capital and venture capital transactions. He also advises a number of private equity investors in relation to the ongoing management of their portfolio companies and exit transactions.
Table of Contents
List of figures vi
Preface and acknowledgments ix
Table of cases xi
1 An introduction to private equity 1
2 The deal process and preliminary matters 22
3 Transaction structures and deal documents 47
4 Acquisition issues 69
5 Equity documentation 114
6 Debt funding 170
7 Employment-related issues 203
8 Pensions 229
9 Tax on private equity transactions 266
10 Public-to-private transactions 285
11 Living with the investment 309
12 Secondary buyouts 347
13 Exits 361