Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Computing
Conference & Expo
November 2-4, 2009 NYC
Register Today and SAVE !..

2008 West
DIAMOND SPONSOR:
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
PLATINUM SPONSORS:
Red Hat
The Opening of Virtualization
GOLD SPONSORS:
Appsense
User Environment Management – The Third Layer of the Desktop
Cordys
Cloud Computing for Business Agility
EMC
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Intel
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Sensedia
Return on Assests: Bringing Visibility to your SOA Strategy
Symantec
Managing Hybrid Endpoint Environments
VMWare
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
PLATINUM SPONSORS:
Appcelerator
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
GOLD SPONSORS:
ICEsoft
How Can AJAX Improve Homeland Security?
Isomorphic
Beyond Widgets: What a RIA Platform Should Offer
Oracle
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
SYS-CON.TV
Secondary Buyouts Produce Strong Returns, Bucking the Conventional Wisdom
Drawing on a Unique Database of Private-Equity Deals, BCG and Research Partner HHL Leipzig Graduate School of Management Show That Owners of Secondary Buyouts Create Substantial Value

MUNICH, GERMANY -- (Marketwire) -- 02/07/13 -- Secondary buyouts (secondaries) produce returns that match or even exceed returns on primary buyouts (primaries) sold to private-equity (PE) acquirers -- while carrying substantially less risk, according to a new report by The Boston Consulting Group (BCG) and HHL Leipzig Graduate School of Management. The report, titled "Take a Second Look at Secondaries: Owners That Raise Their Value-Creation Game Can Excel," is being released today.

The report's findings are a strong challenge to critics who claim that secondaries -- companies whose ownership passes from one PE buyer to another -- are second-rate assets, because they have little potential for value creation. Drawing on one of the largest samples of primary and secondary buyout transactions ever compiled, the report reveals that the median annual return on the secondaries in the database was 24 percent, compared with 20 percent on primaries sold to PE acquirers. Another key finding suggests strongly that merger and acquisition (M&A) activity, not leverage, is the surest route to improved returns on secondaries. The median annual return on secondaries that did add-on M&A was 25 percent, compared with a median return of 15 percent on those that did not.

"The competitive returns of secondaries that engaged in add-on dealmaking were driven by the synergies and operational improvements that the deals generated," said Dr. Jens Kengelbach, a BCG partner and coauthor of the report. "So it is puzzling that less than 30 percent of secondaries in our sample engaged in M&A -- even though private-equity executives generally regard M&A as their primary value-creation lever, ahead of alternatives like geographic expansion and outsourcing."

Tertiary Buyouts Are a Viable Exit Strategy

Many PE professionals regard tertiary buyouts (tertiaries) as the exit of last resort -- to be engaged in only if the market's IPO window is closed or strategic buyers show little interest in the asset. But the evidence does not support this view. Returns on secondaries sold to a tertiary buyer were within striking distance of the returns on trade sales. The median annual return on the tertiaries was 21.5 percent, compared with 25.8 percent on the trade sales.

Secondaries that were exited through a sale to a tertiary buyer also held up well compared with those exited through a trade sale on operational-performance metrics such as sales and earnings growth. With little evidence that the IPO market will revive in the near future, investors in secondaries should know that tertiaries remain a viable option.

Secondary Buyouts Are Here to Stay

The report is especially timely, because secondary buyouts have become an increasingly prominent feature of the PE landscape. Secondary and later-stage deal volume in the first nine months of 2012 was roughly $56 billion, according to statistics compiled by Preqin, a clearinghouse for information on alternative investments. Activity in secondary and later-stage transactions is likely to remain high for the foreseeable future, owing to steep declines in public-to-private deals, the moribund state of the market for initial public offerings, continuing efforts by PE firms to deploy capital accumulated during the buyout boom, and pressure from investors for the return of some of their funds.

Better Value Creation Drives Better Performance

The tactics that in the past produced strong returns for secondaries -- M&A and efficiency improvements -- will continue to create value in the years to come. In addition, secondary owners will need to focus more strongly on organic growth. In the future, the PE firms that outperform with secondaries will be those with the skills to pursue organic top-line growth activities while continuing to engage in M&A and realize operational improvements. In short, to maximize returns on their holdings, PE sponsors need to be prepared to use the complete value-creation toolkit.

A copy of the report can be downloaded at www.bcgperspectives.com.

To arrange an interview with one of the authors, please contact Eric Gregoire at +1 617 850 3783 or gregoire.eric@bcg.com.

About The Boston Consulting Group
The Boston Consulting Group (BCG) is a global management consulting firm and the world's leading advisor on business strategy. We partner with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 78 offices in 43 countries. For more information, please visit bcg.com.

About bcgperspectives.com
Bcgperspectives.com features the latest thinking from BCG experts as well as from CEOs, academics, and other leaders. It covers issues at the top of senior management's agenda. It also provides unprecedented access to BCG's extensive archive of thought leadership stretching back almost 50 years to the days of Bruce Henderson, the firm's founder and one of the architects of modern management consulting. All of our content -- including videos, podcasts, commentaries, and reports -- can be accessed via PC, mobile, iPad, Facebook, Twitter, and LinkedIn.

The Boston Consulting Group
Eric Gregoire
Global Media Relations Manager
Tel +1 617 850 3783
Fax +1 617 850 3701
gregoire.eric@bcg.com

About Marketwired .
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

SOA World Latest Stories
IT systems will need to adapt, and evolving — or simply adding on to the existing relational database management system architecture — isn’t going to cut it. What does this mean, if not Hadoop or in-memory as the end-all, be-all? TechTarget writer Nicole Laskowski sums it up nicely: Ar...
14th International Cloud Expo, held on June 10–12, 2014 at the Javits Center in New York City, featured three content-packed days with a rich array of sessions about the business and technical value of cloud computing, Internet of Things, Big Data, and DevOps led by exceptional speaker...
As more applications and services move "to the cloud" (public or on-premise) cloud environments are increasingly adopting and building out traditional enterprise features. This in turn is enabling and encouraging cloud adoption from enterprise users. In many ways the definition is blur...
Internet of @ThingsExpo Silicon Valley announced on Friday its first 18 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debute...
Until recently, many organizations required specialized departments to perform mapping and geospatial analysis, and they used Esri on-premise solutions for that work. In his session at 15th Cloud Expo, Dave Peters, author of the Esri Press book Building a GIS, System Architecture Des...
Back when we were doing DB2 at IBM, there was an important older product called IMS which brought significant revenue. With another database product coming (based on relational technology), IBM did not want any cannibalization of the existing revenue stream. Hence we coined the phrase ...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021


SYS-CON Featured Whitepapers
ADS BY GOOGLE