Exit, Stage Left: Multi-Process Exit Transactions in Private Equity

When a private equity fund or other owner of a private business undertakes an exit transaction, it does so after much planning and preparation. An exit transaction is a dramatic event in the life of a business, and the controlling shareholder(s), the board, and management should carefully consider their alternatives in terms of expected value and ease of execution. In many cases, fund sponsors anxious to get payments out to limited partners go a step further and work in earnest on multiple types of exit transactions simultaneously in an effort to preserve their optionality and maximize their ability to react to changes in the market. This practice note outlines certain important aspects of multi-process transactions that may bear on the specific strategy that an investment manager looking to exit a portfolio investment might ultimately decide to pursue.

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• Corporate Governance Considerations in Private Equity-Backed IPOs
  Consult this review of corporate governance considerations when preparing for an initial public offering by a private equity portfolio company.

• Preparing a Portfolio Company for Sale
  Review this practice note that offers guidance on the timing and scheduling of steps in preparation for sale, and advice to practitioners regarding coordination of the sale process.

• Leveraged Dividend Recapitalizations
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