贝恩：通过一体化尽职调查实现可持续价值创造（12页）（英文版）.pdf

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1、Strategy, operations and commercial excellence are highly interdependent. So why dont PE fi rms approach them that way? By Miles Cook, Emilio Domingo, Saleel Kulkarni and Alexander De Mol Integrating Due Diligence to Build Lasting Value Miles Cook is a Bain analysis based on 427 deals for which oper

2、ational data is available Source: CEPRES PE.Analyzer Enterprise value at entry 1.0 Revenue growth 0.4 Margin expansion 0.2 Multiple expansion 0.6 Enterprise value at exit 2.2 Average value creation for US and Western Europe buyouts invested since 2010 (indexed, enterprise value at entry = 1) Back to

3、 the future The PE fi rms that get it right use an integrated approach. They design the diligence process from the outset to build a 360-degree view of the companys potential, considering key interdependencies between strategy and operations and quantifying their impact. Instead of evaluating potent

4、ial opera- tional changes in a vacuum, for instance, integrated due diligence considers those moves in the con- text of the companys market opportunity, competitive realities and management bandwidth. This leads to a different set of questions. Rather than simply asking, “What level of cost savings

5、can we underwrite?” the inquiry becomes, “If we cut over here, will it compromise an opportunity to expand a business over there? Is that opportunity really worth the investment, or is there more value in cutting costs? Whats the potential margin impact of either decision?” For old hands in the priv

6、ate equity industry, a holistic approach like this will sound familiar. In the early 1990s, most fi rms analyzed companies this way, deploying small teams with an integrated agenda. Consider Berkshire Partners buyout of Carters in 2001. A leading manufacturer of baby wear and kids pajamas, Carters h