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The purpose of this paper is to identify specific drivers of value creation in secondary buyouts. While this type of private equity deal has risen in importance in recent years, it is not yet well understood. Through an in-depth analysis of the acquisition of Brenntag by BC Partners, we develop propositions on the value creation profile of secondary buyouts.

We use a single case study design to explore the information-rich context of a secondary buyout. The Brenntag case epitomizes the development of a company from forming part of a large conglomerate to being private-equity owned after the primary and secondary buyout, to its final disposition of public listing. Our analysis is based on ten semi-structured interviews with key protagonists and observers, as well as analysis of primary company data and additional secondary data sources.

We propose that even if the investment management and monitoring skills of the primary and secondary private equity group are similar, there is still potential to realize operational improvements in a secondary buyout, due to either early exit of the primary private equity group or measures that further enhance management incentives. In addition, the Brenntag case shows that low information asymmetries can lead to higher leverage and that opportunities for multiple expansions are limited in secondary buyouts.

While a secondary buyout has become a common exit route in recent years, we are the first to undertake an in-depth case analysis of a secondary buyout. Our study helps researchers and practitioners enhance their understanding of drivers behind the value creation profile of secondary buyouts.

The purpose of this paper is to present a case study of UK fashion retailer New Look and focuses on the impact of private equity on corporate governance, employment and leverage after the public‐to‐private conversion in 2003.

This study follows a case study approach to offer in‐depth insights into the role of different parties in the deal and their perceptions. The case study is based on semi‐structured interviews with key management of New Look, partners of the private equity firms and other members of the New Look board. In addition, complements the analysis with secondary sources (e.g. analyst reports, published articles and financial data of New Look) in order to triangulate our findings.

The case presents an example of a company that pursued a public‐to‐private transaction with the support of private equity firms. The envisioned transformation process post‐transaction turned out to be highly successful with increasing efficiencies and profits as well as an increase of over 3,500 employees over four years. This paper analyses key success drivers and the role of the private equity firms in achieving this success.

The paper is the first in‐depth case study of a European public‐to‐private transaction with support of private equity that offers rich evidence on the impact of private equity on corporate governance, employment and leverage.

The purpose of this paper is to investigate the relationship between the success of the 50 EURO STOXX companies as measured by the earnings before taxes (EBT) and the percentage of female members on their supervisory boards.

The paper relies on data extracted from the annual reports of the 50 EURO STOXX companies in 2015 and from financial websites.

The paper provides the existence of a weak correlation between companies’ performance as measured by EBT and the percentage of women on supervisory boards.

This study has two main limitations: first, a single key performance indicator was used to measure firms’ success; and second, the study offers insights related only to the year 2015. The analysis could be extended over a larger time span while some other variables could be considered in a more holistic approach.

The paper raises awareness that there is much to be done with regard to the presence of women on boards, and readers, investors and business owners gain an insight on the business environment and women active on European corporate boards.

By concentrating on the companies of the EURO STOXX 50 Index, the study offers a good image of the European business environment.