Year
2012
Abstract
At the end of 2009, a LBO operation is under negotiation for the acquisition of HSH AM (Home Sweet Home Asset Management), a group specialized in asset management in the French real estate market. The SILVER PENNY FUND (SPF), which acquired the company in 2005 under a first LBO, wishes to sell it to a new investment Fund called the GOLDEN PENNY FUND (GPF). The first LBO was financed with equity and with an issue of bonds redeemable in shares (French ORAs, Obligations Remboursables en Actions). The follow-on LBO will amount to EUR 70 million and will be financed with equity and with convertible bonds (‘in fine’ loan) issued by the NEWCO .The operation will be arranged by BANQUE PALATINE.
BUISSON, V. (2012). The Home Sweet Home case: LBO, exit values and irr in the french real estate asset management market. ESSEC Business School.