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Showing entries from: May 2007 (Show all)
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Private Equity 101 (and one for fun) 22 May 2007
There's a Janet & John guide to private equity starting in the Telegraph today. I doubt anyone reading this blog will need to have EBITDA explained to them, but I feel this is a clear sign that the Torygraph's readership has expanded beyond the pin-striped Bufton Tuftons who also, I'm sure, know all about what an "asset"... Read more
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Support services for PE 21 May 2007
Check out this brief mention of a new service from M&C Saatchi "called Accelerator that will work with private equity companies to assess brands and identify deals," says Marketing Week. Interesting. Brands - particularly underfunded or unrecognised ones - can be a major plus for a PE backed business because they offer massive growth potential. It's also... Read more
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New mid-market PE player 21 May 2007
With all the talk about big PE funds and consortiums bidding for huge companies (Eurotunnel and BT are the latest - and, if you ask me, most hare-brained - possibilities, although BT denies there have been any approaches), it's easy to forget what a powerful force private equity is and can be for mid-market businesses. So three cheers for... Read more
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Friday pick 18 May 2007
Just a quick pointer to a piece on the role of the modern FD written by one of my successor's at Financial Director magazine. It's not that unusual to see feedback from frontline finance people out there these days - hell, that was pretty much our issue plan every month on Real Finance. But it's a quick... Read more
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It's all about the quality of the business 15 May 2007
Over the past few years, as private equity has become more prominant, many FDs and FCs I've met have expressed an interest in joining a PE-backed business. They usually cite either or both of these reasons: they like the idea of being in a high-growth, fast-paced business with freedom to be decisive; and the money. (Actually, they all cited... Read more
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Lambert to the rescue 15 May 2007
Private equity's been getting some pretty rough press lately. If it's not accusations that they're asset-stripping locusts hell-bent on destorying jobs, then it's warnings that they're starting to overpay for assets. What these largely shy and retiring folk need is someone to come out and fight their corner.Enter Richard Lambert, former editor of the... Read more
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Top-class MBO FD steps down 8 May 2007
Just a quick note to mark the departure from Hogg Robinson of FD John Kennerley. He was brought into the firm pretty much out of retirement in 2000 by CEO David Radcliffe (who had to offer him the job twice) in order to make sure the company's MBO succeeded. Kennerley's CV is incredible (Vickers, Grand Met, Tomkins, Merck -... Read more
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Communication (again) 8 May 2007
Whether it's anecdotal evidence or the EquityFC survey of private equity managers, we know that communication is now a critical skill for FCs and FDs. We've tended to focus on the PE-backed finance execs, but there are plenty of cases where this communication issue has surfaced for public companies. Take wobbling plc Sports Direct, which got into trouble... Read more
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FC: the inflation-buster 8 May 2007
"Inflation buster"? Well, in the sense that salaries for financial controllers are among the fastest growing in US business right now (according to Business 2.0). While the cool kids all want to be fluffy marketeers, smarter young execs can see the potential in accounting and financial management as "hard core" business disciplines. Better yet, as financial discipline gets tighter (both in... Read more