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Wer kommt, wenn Private Equity geht? Langfristige Wirkungen auf die Eigentümerstruktur deutscher Unternehmen

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  • Scheuplein, Christoph

Abstract

Private Equity erwirbt Unternehmen auf Zeit und verkauft sie wieder. Die Studie untersucht die veränderten Eigentümerstrukturen nach dem Ausstieg der Private-Equity-Gesellschaft für 423 Unternehmen in Deutschland. Nur eine Minderheit der Unternehmen (37 %) erhielt mit dem Ausstieg einen dauerhaften Eigentümer. 43 % der Unternehmen wurden an eine weitere Private-Equity-Gesellschaft veräußert; für sie wiederholt sich der Zyklus der Neuausrichtung und Eigentümersuche. 20 % der Unternehmen gerieten in finanzielle Notlagen. Dies betraf vor allem Insolvenzen sowie einige Betriebsschließungen bzw. Eigentümerwechsel durch Zahlungsverzug. Bevor die Unternehmen zum ersten Mal an eine Private-Equity-Gesellschaft verkauft wurden, hatten ihre Eigentümer weit überwiegend ihren Sitz in Deutschland. Mit dem Ausstieg setzt ein Internationalisierungsschub ein. Es befanden sich noch ein Viertel der Eigentümer in Deutschland, die Hälfte in anderen europäischen Ländern und den USA (48%) sowie ein Fünftel in Asien (20%) - und hier vor allem in China.

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  • Scheuplein, Christoph, 2020. "Wer kommt, wenn Private Equity geht? Langfristige Wirkungen auf die Eigentümerstruktur deutscher Unternehmen," Forschung Aktuell 10/2020, Institut Arbeit und Technik (IAT), Westfälische Hochschule, University of Applied Sciences.
    • Handle: RePEc:zbw:iatfor:102020
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    1. Scheuplein, Christoph, 2021. "Private Equity Monitor: Die Aktivität von Private-Equity-Gesellschaften in Deutschland von 2012 bis 2018 in der Gesamtschau," Study / edition der Hans-Böckler-Stiftung, Hans-Böckler-Stiftung, Düsseldorf, volume 127, number 467, March.
    2. Scheuplein, Christoph, 2022. "Private equity in Germany: An assessment of transaction, structures and players," Study / edition der Hans-Böckler-Stiftung, Hans-Böckler-Stiftung, Düsseldorf, volume 127, number 470, March.

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