CARLYLE GROUP AND THE AZ-EM BUYOUT (A) Case Solution

“It was late morning January 21, 2004 and Dr. Robert Easton was enjoying the beautiful sunshine and fresh mountain air on the slopes of Davos, Switzerland, when his cell phone rang. Was a call from Ken Greatbatch, former CFO Vantico with interesting news .. Clariant attempt to auction its operations division, AZ Electronic Materials (AZ-EM) was not now a greater possibility of an exclusive agreement to acquire Carlyle Clariant needed to make the deal happen and fast, promised shareholders and analysts during the summer of 2003 that it would reduce its debt level by about 800 million? had been six months and the company had very little to show for its efforts to sell its. ., Clariant had originally designed an auction between the closest competitors of AZ-EM, but had failed to find a suitable buyer. Facing the auction failed, increasing shareholder pressure and a clear need to raise money quickly Clariant use the next best thing – a qualified negotiated the sale of private equity buyer. The Carlyle Group immediately expressed interest and offered to expedite the due diligence if a deal could be negotiated quickly. Speed ​​was now of the essence of the senior management of the company Clariant, we were interested in understanding how Easton and his team were able to move quickly. Training objectives. Buyout, due diligence, transition management, performance management, leverage, incentives, restructuring ”
by
Benoit Leleux,
Bala Chakravarthy,
Jonathan Lachowitz
Source: IMD
16 pages.
Release: September 10, 2009. Prod #: IMD484-PDF-ENG
Carlyle Group AND EXCLUSIVE AZ-EM (A) Case Solution

CARLYLE GROUP AND THE AZ-EM BUYOUT (A) Case Solution
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