The next stage

Article Abstract:

Management buyout deals need to offer a certain level of flexibility to allow for future developments such as refinancings or acquisitions by the new firm. One of the most important areas is that of financial covenants, and setting these at the right level depends largely on the management team producing sensible projections. Many firms now seek a flotation quite soon after the buyout, so refinancing is an issue which should be considered when the buyout is being negotiated. The inclusion of a downward ratchet in the margin can help in planning for a future refinancing.

Contracts

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Europe starts to deliver as LBO takes hold

Article Abstract:

A conference organised by Bankers Trust and periodical Acquisitions Monthly has discussed the subject of European management buyouts. Conference chairman and head of Bankers Trust's UK acquisition finance, Matthew Collins, told the audience that many large deals have involved international companies. Financial engineering has also become more prominent and Europe's management buyout scene remains promising.

Sales Meetings, Conferences, meetings and seminars, Europe, Conferences and conventions

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Hayden takes centre stage at MDC

Article Abstract:

Andrew Hayden has joined Mercury Development Capital (MDC) as an assistant director. He will focus on developing new business, building on his experience in the structured finance division of Royal Bank of Scotland. MDC currently has 450 million pounds sterling of funds under management.

Officials and employees, Appointments, resignations and dismissals, Mutual funds, Hayden, Andrew, Mercury Development Capital

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