The October 2009 Petrobras bond issue (B)

The Qualios case tracks the search, negotiations and ultimate acquisition of an industrial, family-owned SME in Southern Germany. Using a variety of materials, including sophisticated composites, the company produces customized, high-quality braided sleeves primarily for technical applications. The fourth-generation owners were led to sell due to a lack of succession and health issues. A reputable niche business serving automotive, packaging, construction and industrial clients across Germany and internationally, Qualios generated €12 million in revenue and healthy EBITDA and employed around 50 staff. The company faced several issues, such as rising raw material and production costs, difficulty attracting skilled workers to the region and growing demands from customers for sustainability certifications. The potential buyer, Konrad, believed he had a joker up his sleeve with Georg, an experienced operating manager, family confidant and potential co-investor. Negotiations proved complex until the duo was able to bypass the broker and establish direct links to the seller. A deal was ultimately closed, involving not only a significant earnout element from the seller but also 90% leverage offered by local banks, with strenuous covenants. Nonetheless, fundamental questions remained after the deal: Had the buyer paid the right price and established the proper structure to ensure long-term success? Closing was only the first battle: Could Qualios grow fast enough to service the debt, repay the vendor loan and justify the price tag – all while honoring the company legacy that mattered so deeply to the seller?

A scenario based framework showing how banks can build a sustainable finance strategy that balances long term sustainability commitments with strong financial performance.

The fourth industrial revolution (I4.0) is critically relevant to the future of business management. In this study, we theoretically examine I4.0 investment and implementation from a social capital perspective. By explicating the various forms of ...

IMD’s Inside the Transition explores how finance drives the energy transition, with Pictet CSO Marie-Laure Schaufelberger on credibility, capital, and ESG.

IMD’s Salvatore Cantale explores how CFOs can balance CEO ambition and board oversight to strengthen decision-making and ensure long-term business success.

The Gulf’s search for influence beyond oil now runs through Africa. Sovereign wealth fund the Qatar Investment Authority is investing $500 million in Ivanhoe Mines, a Canadian company that produces copper and other key minerals in Africa. The deal...

With even the most seasoned investors growing uneasy, the analysts who foresaw the 2008 market crash share how they view the current state of the financial markets.

Big-name stocks dominate global equity indices, creating hidden risks for investors. Here are strategies to mitigate concentration and volatility.

The shadow banking system is back in the spotlight. Hedge funds and private credit vehicles are huge in size and their ties to banks have deepened to the point that trouble in that market could jolt the wider financial system, regulators are warni...

Family-run companies have unique challenges—balancing family interests with the goals of investors and the company itself. Yet there is not enough clarity on how this affects performance in different countries. We wanted to fill that gap. Our work...