A secondary buyout (SBO) involves the sale of a group (the target) by a private equity fund and the target’s management team to a company (newco) funded by a new private equity investor in conjunction with the management. The SBO has become a popular exit route for private equity funds.
This article first appeared in the August issue of the PLC Magazine and is reproduced with the kind permission of the publishers. Subscription enquiries via www.practicallaw.com.
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