Alex de Werra at TCFG - The kermel mandate
In April 2002 Alex de Werra, director at TCFG, was contacted by a fellow alumnus of IMD for advice on a possible management buyout of Kermel, a French textile company. Although De Werra handled this kind of transaction routinely, this mandate was very challenging. The vendor was in a rush to sell and De Werra had less than two weeks to convince a private equity (P/E) investor to submit a competitive bid. This case illustrates the key role played by M&A advisory firms in engineering P/E transactions. It also addresses the major dilemma they face in purchase mandates wherein they have to protect the interests of the management team but are often compensated by the P/E firm. This case is interrelated with two other cases that focus on the other actors of the deal: Venkatesh Tulluri, who took the decision to engineer the MBO and would become Kermel’s CEO, and Argos Soditic, the PE investor.
April 2002
Cranfield University
Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]
Harvard Business School Publishing
60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]
NUCB Business School
1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]
IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.
Research Information & Knowledge Hub for additional information on IMD publications
The payment processing industry in Europe had operated in largely the same way for decades. A standard system of financial processing and clearing ...
In this study, we analyze three decades of return data from listed private equity (LPE) companies, focusing on the return averages and volatilitie...
Fatbergs and grease waste from industrial kitchens are hardly the most enticing topics for a business school case study. Yet ZhanaSolutions, the st...
Forecasting Bitcoin’s returns continues to be a challenging endeavor for both scholars and practitioners. In this paper, we train a random forest m...
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
in I by IMD Magazine June 2024, no. 14, pp. 33-35
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Case reference: IMD-7-2520 ©2024
Research Information & Knowledge Hub for additional information on IMD publications
in Journal of Financial Transformation June 2024, no. 6, pp. 126-133
Research Information & Knowledge Hub for additional information on IMD publications
in I by IMD 31 May 2024
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
in Digital Finance 1 May 2024, ePub before print, https://doi.org/10.1007/s42521-024-00110-7
Research Information & Knowledge Hub for additional information on IMD publications