1;Preface;5 2;Table of contents;7 3;1 Introduction;12 3.1;1.1 Framework and intent of the work;13 3.2;1.2 Research approach;18 3.3;1.3 Structure outline;23 4;2 Background;25 4.1;2.1 Private equity;25 4.2;2.2 Leveraged buyouts;92 4.3;2.3 Divestments of portfolio companies;127 5;3 Theoretical foundation and literature review;137 5.1;3.1 Agency theory as an overall framework for private equity exits;138 5.2;3.2 Underlying theoretical approaches - timing of exits;142 5.3;3.3 Underlying theoretical approaches - choice of exit route;148 5.4;3.4 Existing studies on portfolio company exits;151 5.5;3.5 Tabular summary of existing studies;180 6;4 The exit process: Reducing exposure to a portfolio company;191 6.1;4.1 Exit process overview;192 6.2;4.2 Process initiation and design;196 6.3;4.3 Comparative characteristics of exit options;219 6.4;4.4 Relative importance of exit options;272 6.5;4.5 Evaluation of exit options;277 6.6;4.6 The importance of executive management in the exit process;286 7;5 Empirical analysis: Exit behaviour and efficiency;289 7.1;5.1 Research objectives;289 7.2;5.2 Research methods rationale;290 7.3;5.3 Data description;293 7.4;5.4 Timing of portfolio company exits;305 7.5;5.5 Choice of exit route;316 7.6;5.6 Investor characteristics, exit preferences and process management styles;328 7.7;5.7 'Multi-track' exit processes;348 7.8;5.8 Changes in the private equity environment and exit behaviour;363 7.9;5.9 Exit trends in the context of recent buyout funds performance;371 7.10;5.10 Limitations of analysis;375 7.11;5.11 Summary and discussion;376 8;6 Conclusion;380 9;Appendices;386 9.1;List of exhibits;386 9.2;List of abbreviations;392 9.3;Survey questionnaire;394 9.4;List of interview partners;398 9.5;List of buyout firms participating in survey;399 10;Bibliography;400 11;Abstract;421 12;Biography;422