PRIVATE EQUITY IN ITALY: EMERGING EVIDENCE FROM LEVERAGED BUYOUT ACTIVITY IN THE SME LANDSCAPE

The thesis examines Leveraged Buyouts (LBOs), with a particular focus on the concept of the "strong LBO candidate" within the context of the Italian entrepreneurial landscape, which is predominantly composed of small and medium-sized enterprises (SMEs). The opening section provides an overview of existing literature, drawing on both academic research and industry reports that explore Private Equity (PE) and, more specifically, LBOs. The central part of the thesis connects the literature review to the case studies, by providing a detailed examination of the prevailing PE market evolution within the Italian entrepreneurial context. The concluding section offers a detailed examination of two significant deals. Through a comprehensive analysis, the thesis evaluates both the successful and unsuccessful transactions, with a view to highlighting the key factors that drive remunerative LBOs. The analysis will focus on the key value drivers, financing sources, LBO structures, and the challenges encountered during each transaction. Particular attention will be given to understanding how value was generated in the medium term, with an emphasis on strategic approaches, execution, and exit strategies.