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Private Equity Bidding Wars: When Capital-rich Funds Compete, Intangibles Win the Deal
Published: April 26, 2007 in Knowledge@Wharton
With so much money pouring into private equity funds, competitors for deals are able to match one another easily when it comes to price. Clearly, valuation remains the most important part of any transaction, but in today's capital-soaked private equity environment, bidders must also come up with other, less tangible ways to set themselves apart. According to private equity experts, timing, sound strategy, operational expertise and a track record of successful deals are the new currency in a market where money is no object.
"Capital is now a commodity, so sellers are looking for anything else that the bidder is going to add," says Robert Chalfin, a Wharton management lecturer and president of The Chalfin Group, a Metuchen, N.J., advisory firm specializing in closely held companies. "Price is not the only determinant, especially if the sellers are keeping some equity." |
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