{"id":89582,"date":"2020-10-07T13:29:31","date_gmt":"2020-10-07T11:29:31","guid":{"rendered":"https:\/\/www.KGM Strategy.com\/?p=89582"},"modified":"2024-12-09T18:29:10","modified_gmt":"2024-12-09T17:29:10","slug":"smi-06-private-equity-desk-research","status":"publish","type":"post","link":"https:\/\/www.KGM Strategy.com\/en\/insights\/smi-06\/pe-desk-research\/","title":{"rendered":"SMI 06 | Private Equity Desk Research"},"content":{"rendered":"    <aside class=\"related-articles\" style=border-color:#dfb01b>\n        <span class=\"related-articles-button\" style=border-color:#dfb01b> Further articles <\/span>\n        <h3 class=\"related-articles-title\"> Further articles <\/h3>\n        <div class=\"related-articles-content\">\n            <div class=\"row horizontal-gap\">\n                                    <div class=\"article-box col-6 col-sm-4 col-md-12\">\n                        <a href=\"https:\/\/www.KGM Strategy.com\/en\/insights\/smi-06\/\" class=\"article\" target=\"_blank\">\n                            <img decoding=\"async\" src=\"https:\/\/www.KGM Strategy.com\/wp-content\/uploads\/2022\/03\/titelstory-en-325x450.png\" class=\"img-fluid\" loading=\"lazy\" \/>\n                            <div class=\"overlay\"><\/div>\n                        <\/a>\n                    <\/div>\n                                    <div class=\"article-box col-6 col-sm-4 col-md-12\">\n                        <a href=\"https:\/\/www.KGM Strategy.com\/en\/insights\/smi-06\/working-capital-management\/\" class=\"article\" target=\"_blank\">\n                            <img decoding=\"async\" src=\"https:\/\/www.KGM Strategy.com\/wp-content\/uploads\/2022\/03\/icon-kompass-2-325x450.png\" class=\"img-fluid\" loading=\"lazy\" \/>\n                            <div class=\"overlay\"><\/div>\n                        <\/a>\n                    <\/div>\n                            <\/div>\n        <\/div>\n    <\/aside>\n\n\n<p><div class='container  py-3'><div class=\"row \"><div class=\"col-lg-12\"><p><span style=\"color: #000000;\"><strong>Desk-Research Results<\/strong><\/span><\/p>\n<h2><span style=\"color: #dfb01b;\">A \u2018swarm of locusts\u2019<\/span> <span style=\"color: #000000;\">or nothing of the sort?<\/span><\/h2>\n<p><span style=\"color: #dfb01b;\">Private equity firms have long been seen as ruthless profit-seekers who are rarely interested in developing their portfolio of companies in the long-term. They may be derided as profit-seekers, but it seems that these financiers still create opportunities. Our desk research into the performance of portfolio companies proves that they significantly outperform their competitors without private equity involvement.<\/span><\/p><\/div><\/div><\/div><div class='container  py-3'><div class=\"row \"><div class=\"col-lg-6\"><p><span style=\"color: #000000;\">German politician Franz M\u00fcntefering of the Social Democratic Party lamented in an interview in April 2005 that: \u201cSome financial investors never think about the people whose workplaces they destroy \u2013 they remain anonymous, faceless, descend like swarms of locusts on companies, strip them bare and then move on again.\u201d<\/span><\/p>\n<p><span style=\"color: #000000;\">They still have their critics, even today \u2013 for example, in the study published in January by the Hans B\u00f6ckler Foundation on how companies owned by private equity firms develop in Germany, which focused on the negative trend of equity capital ratios and number of employees at multiple companies across all industries that had been bought by private equity firms since 2013.<\/span><\/p>\n<p><span style=\"color: #000000;\">We have found that these results do not apply to portfolio companies in the industrial goods or process industries, as they experienced a significant increase in value in the first five years after being acquired. Portfolio companies achieve more than twice the EBITDA and revenue growth compared to companies from these industries without PE participation.<\/span><\/p><\/div><div class=\"col-lg-6\"><p><span style=\"color: #000000;\">This observation applies across the full five years and the gap widens from year to year. For example, the sales of portfolio companies grow by an average of 28 percent during the period under review, while companies without PE participation achieve 13 percent. The difference for operating profit (EBITDA) is even graver, with portfolio companies achieving 42% growth and other companies having to settle for 9%.<\/span><\/p>\n<p><span style=\"color: #000000;\">If we compare the number of employees, here, too, the portfolio companies are ahead: their headcount is growing faster than that of their sector peer group, at 12 percent compared with nine percent. The only time we saw staffing levels fall was when we restricted the analysis parameters to portfolio companies where the focus was purely on restructuring.<\/span><\/p><\/div><\/div><\/div><div class='container  py-3'><div class=\"row \"><div class=\"col-lg-12\">    <div class=\"container py-4 quote-section type-minimalistic-text  \">\n        <div class=\"row\">\n            <div class=\"col-md-8 text\">\n                                    <div class=\"text-container\">\n                        <p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-64629\" src=\"https:\/\/www.KGM Strategy.com\/wp-content\/uploads\/2022\/03\/pe-01-800x625.png\" alt=\"\" width=\"800\" height=\"625\" srcset=\"https:\/\/www.KGM Strategy.com\/wp-content\/uploads\/2022\/03\/pe-01-800x625.png 800w, https:\/\/www.KGM Strategy.com\/wp-content\/uploads\/2022\/03\/pe-01-807x630.png 807w, https:\/\/www.KGM Strategy.com\/wp-content\/uploads\/2022\/03\/pe-01-768x600.png 768w, https:\/\/www.KGM Strategy.com\/wp-content\/uploads\/2022\/03\/pe-01.png 1012w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>\n                        <div class=\"text-collapsed\">\n                            <\/p>\n\n                        <\/div>\n                    <\/div>\n                    <button class=\"btn btn-link text-decoration-none text-uppercase float-none\">\n                        <i class=\"icon icon-plus-rounded fs-65 lh-0 mt-n2 me-2\"><\/i>\n                        Read more\n                    <\/button>\n                            <\/div>\n            <div class=\"col-md-4\">\n                <div class=\"quote fadeIn\">\n                    <i class=\"icon icon-quote fs-1\"><\/i>\n                    <div class=\"text\" style=\"color: #004d91\">\n                        <p>Portfolio companies experienced a significant increase in value in the first five years after being acquired.<\/p>\n\n                    <\/div>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n\n<h2><span style=\"color: #000000;\"><strong>Costs down, profit up<\/strong><\/span><\/h2>\n<p><span style=\"color: #000000;\">The disproportionate growth in EBITDA relative to revenue identified at portfolio companies \u2013 42 versus 28 percent \u2013 demonstrates that gains are being achieved not only through accelerated revenue growth, but also through improved cost efficiency. In contrast, profitability in companies without a private equity stake falls as sales rise: while the rise in sales is 13%, the growth in EBITDA is just 9%.<\/span><\/p>\n<p><span style=\"color: #000000;\">A closer look at costs reveals that private equity firms start optimizing costs soon after they acquire a company. The focus here is specifically on other operating expenses, relating to indirect demands such as facility management, IT and marketing expenditure, and so on. A significant reduction in other operating expenses is already visible from the second year (T2) after the acquisition of a portfolio company. Within five years, other operating expenses fall by an average of nine percent. This optimization is a significant factor in the disproportionate growth in EBITDA.<\/span><\/p>\n<p>&nbsp;<\/p>\n<div class=\"container  \" id=\"ac1\" is=\"accordion\">\n    <div class=\"row accordion\">\n        \n                    <div class=\"accordion col-12 col-md-6\">\n                <div class=\"accordion-header\" id=\"heading-ac1-0\" style=\"background-color:#a0d60a;color:#000000;\">\n                    <button class=\"accordion-button collapsed lightBackground\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapse-ac1-0\" aria-controls=\"collapse-ac1-0\" aria-expanded=\"false\" style=\"background-color:#a0d60a;color:#000000;\">\n                        <span class=\"accordion-button-label\">\n                             <span>Shifting the focus<\/span>\n                        <\/span>\n                    <\/button>\n                <\/div>\n                <div id=\"collapse-ac1-0\" class=\"accordion-collapse collapse\" aria-labelledby=\"heading-ac1-0\" data-bs-parent=\"#ac1\">\n                    <div class=\"accordion-body\">\n                        <p>from short-term supplier savings to holistic strategies for the various product categories<\/p>\n\n                    <\/div>\n                <\/div>\n            <\/div>\n                    <div class=\"accordion col-12 col-md-6\">\n                <div class=\"accordion-header\" id=\"heading-ac1-1\" style=\"background-color:#a0d60a;color:#000000;\">\n                    <button class=\"accordion-button collapsed lightBackground\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapse-ac1-1\" aria-controls=\"collapse-ac1-1\" aria-expanded=\"false\" style=\"background-color:#a0d60a;color:#000000;\">\n                        <span class=\"accordion-button-label\">\n                             <span>Consolidating suppliers<\/span>\n                        <\/span>\n                    <\/button>\n                <\/div>\n                <div id=\"collapse-ac1-1\" class=\"accordion-collapse collapse\" aria-labelledby=\"heading-ac1-1\" data-bs-parent=\"#ac1\">\n                    <div class=\"accordion-body\">\n                        <p>and bundling global demand across locations<\/p>\n\n                    <\/div>\n                <\/div>\n            <\/div>\n                    <div class=\"accordion col-12 col-md-6\">\n                <div class=\"accordion-header\" id=\"heading-ac1-2\" style=\"background-color:#a0d60a;color:#000000;\">\n                    <button class=\"accordion-button collapsed lightBackground\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapse-ac1-2\" aria-controls=\"collapse-ac1-2\" aria-expanded=\"false\" style=\"background-color:#a0d60a;color:#000000;\">\n                        <span class=\"accordion-button-label\">\n                             <span>Standardizing<\/span>\n                        <\/span>\n                    <\/button>\n                <\/div>\n                <div id=\"collapse-ac1-2\" class=\"accordion-collapse collapse\" aria-labelledby=\"heading-ac1-2\" data-bs-parent=\"#ac1\">\n                    <div class=\"accordion-body\">\n                        <p>or re-specifying requirements<\/p>\n\n                    <\/div>\n                <\/div>\n            <\/div>\n                    <div class=\"accordion col-12 col-md-6\">\n                <div class=\"accordion-header\" id=\"heading-ac1-3\" style=\"background-color:#a0d60a;color:#000000;\">\n                    <button class=\"accordion-button collapsed lightBackground\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapse-ac1-3\" aria-controls=\"collapse-ac1-3\" aria-expanded=\"false\" style=\"background-color:#a0d60a;color:#000000;\">\n                        <span class=\"accordion-button-label\">\n                             <span>Actively monitoring raw materials<\/span>\n                        <\/span>\n                    <\/button>\n                <\/div>\n                <div id=\"collapse-ac1-3\" class=\"accordion-collapse collapse\" aria-labelledby=\"heading-ac1-3\" data-bs-parent=\"#ac1\">\n                    <div class=\"accordion-body\">\n                        <p>at product level to continuously track price trends<\/p>\n\n                    <\/div>\n                <\/div>\n            <\/div>\n                    <div class=\"accordion col-12 col-md-6\">\n                <div class=\"accordion-header\" id=\"heading-ac1-4\" style=\"background-color:#a0d60a;color:#000000;\">\n                    <button class=\"accordion-button collapsed lightBackground\" type=\"button\" data-bs-toggle=\"collapse\" data-bs-target=\"#collapse-ac1-4\" aria-controls=\"collapse-ac1-4\" aria-expanded=\"false\" style=\"background-color:#a0d60a;color:#000000;\">\n                        <span class=\"accordion-button-label\">\n                             <span>Using index-based monitoring<\/span>\n                        <\/span>\n                    <\/button>\n                <\/div>\n                <div id=\"collapse-ac1-4\" class=\"accordion-collapse collapse\" aria-labelledby=\"heading-ac1-4\" data-bs-parent=\"#ac1\">\n                    <div class=\"accordion-body\">\n                        <p>for products with a high proportion of raw materials<\/p>\n\n                    <\/div>\n                <\/div>\n            <\/div>\n            <\/div>\n<\/div>\n\n\n\n<p>&nbsp;<\/p>\n<h2><span style=\"color: #000000;\">The most successful almost double their operating profit<\/span><\/h2>\n<p><span style=\"color: #000000;\">We can see notable differences within portfolio companies when it comes to material costs. On average, the material costs per unit produced remain stable, while the most successful portfolio companies achieve a growth in EBITDA of 94% by also reducing their material costs on an ongoing basis \u2013 by up to 8% within five years.<\/span><\/p>\n<p><span style=\"color: #000000;\">Private equity firms drive cost optimization to create a sustained increase in value across their portfolio companies. The most successful ones take innovative and complex approaches to Procurement, while also investing in digital solutions such as spend analytics tools and process automation.<\/span><\/p>\n<p>&nbsp;<\/p>\n<div class=\"icon-boxes  \" data-moduleID=\"64633\" is=\"summary-box\">\n    <div class=\"summary-box-padding overflow-visible\">\n        <div class=\"icon-box has-icon  fadeIn\" style=\"border-color: rgb(255, 212, 148);\" data-animated-icon=\"true\">\n            \n                <div class=\"icon\">\n                    <div class=\"inner\">\n\n                                                                                    <svg id=\"animatedIcon-4f02bf749dd2f1222a18e56b0a2de59e\" data-id=\"4f02bf749dd2f1222a18e56b0a2de59e\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" viewBox=\"0 0 64 64\" xml:space=\"preserve\" width=\"75\" height=\"75\">\n                                    <path fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" d=\"M43,16.4c-3.2-3.1-7.4-4.6-11.8-4.4C23,12.4,16.3,19.2,16,27.4c-0.2,5.1,2.1,10,6.1,13.2C24,42,25,44.1,25,46.2V47h6V34.5l-5.5-3.7c-0.5-0.3-0.6-0.9-0.3-1.4c0.3-0.5,0.9-0.6,1.4-0.3l5.4,3.6l5.5-3.6c0.5-0.3,1.1-0.2,1.4,0.3c0.3,0.5,0.2,1.1-0.3,1.4L33,34.5V47h6v-0.8c0-2.2,1-4.2,2.9-5.7C45.8,37.5,48,32.9,48,28C48,23.6,46.2,19.5,43,16.4z\"\/>\n                                    <path d=\"M27,49h-2v5c0,0.5,0.5,1,1,1h1.1h9.8H38c0.5,0,1-0.5,1-1v-5h-2H27z\" fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\"\/>\n                                    <path d=\"M32,60c3,0,4-2,4-3h-8C28,58,29,60,32,60z\" fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" \/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"9.9\" y1=\"10.5\" x2=\"16.4\" y2=\"15.6\"\/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"47.9\" y1=\"36.6\" x2=\"54.4\" y2=\"41.7\"\/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"9.5\" y1=\"41.4\" x2=\"15.8\" y2=\"36.1\"\/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"48.2\" y1=\"15.7\" x2=\"54.5\" y2=\"10.4\"\/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"32\" y1=\"1.8\" x2=\"31.9\" y2=\"10\"\/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"14.1\" y1=\"26\" x2=\"5.8\" y2=\"26\"\/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"58.1\" y1=\"26\" x2=\"49.9\" y2=\"26\"\/>\n                                <\/svg>\n                            \n                        \n                    <\/div>\n                <\/div>\n\n            \n            \n                <h3 class=\"title\" style=\"color: rgb(255, 212, 148)\">\n                    Conclusion: Generating profit in the long run\n                <\/h3>\n\n                <div class=\"content\">\n                    <p><span style=\"color: #000000;\">Looking at the industrial goods and process industries, our long-term analysis indicates that mistrust in private equity firms is largely unfounded. As our figures show, many private equity firms tend to take a long-term approach and are focused on sustainable business success.<\/span><\/p>\n<p><span style=\"color: #000000;\">The challenges of the coronavirus pandemic have hit companies hard, so they are on the lookout for investors. At the same time, private equity firms have significant amounts of capital at their disposal (referred to as dry powder), creating promising opportunities for both sides.<\/span><\/p>\n\n                <\/div>\n\n            \n        <\/div>\n    <\/div>\n<\/div>\n\n\n\n<div class=\"icon-boxes  \" data-moduleID=\"64634\" is=\"summary-box\">\n    <div class=\"summary-box-padding overflow-visible\">\n        <div class=\"icon-box has-icon  fadeIn\" style=\"border-color: rgb(254, 231, 185);\" data-animated-icon=\"true\">\n            \n                <div class=\"icon\">\n                    <div class=\"inner\">\n\n                                                                                    <svg id=\"animatedIcon-d170f4b9a7f74c1726227b84bb380017\" data-id=\"d170f4b9a7f74c1726227b84bb380017\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" viewBox=\"0 0 64 64\" xml:space=\"preserve\" width=\"75\" height=\"75\">\n                                    <path fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" d=\"M43,16.4c-3.2-3.1-7.4-4.6-11.8-4.4C23,12.4,16.3,19.2,16,27.4c-0.2,5.1,2.1,10,6.1,13.2C24,42,25,44.1,25,46.2V47h6V34.5l-5.5-3.7c-0.5-0.3-0.6-0.9-0.3-1.4c0.3-0.5,0.9-0.6,1.4-0.3l5.4,3.6l5.5-3.6c0.5-0.3,1.1-0.2,1.4,0.3c0.3,0.5,0.2,1.1-0.3,1.4L33,34.5V47h6v-0.8c0-2.2,1-4.2,2.9-5.7C45.8,37.5,48,32.9,48,28C48,23.6,46.2,19.5,43,16.4z\"\/>\n                                    <path d=\"M27,49h-2v5c0,0.5,0.5,1,1,1h1.1h9.8H38c0.5,0,1-0.5,1-1v-5h-2H27z\" fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\"\/>\n                                    <path d=\"M32,60c3,0,4-2,4-3h-8C28,58,29,60,32,60z\" fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" \/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"9.9\" y1=\"10.5\" x2=\"16.4\" y2=\"15.6\"\/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"47.9\" y1=\"36.6\" x2=\"54.4\" y2=\"41.7\"\/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"9.5\" y1=\"41.4\" x2=\"15.8\" y2=\"36.1\"\/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"48.2\" y1=\"15.7\" x2=\"54.5\" y2=\"10.4\"\/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"32\" y1=\"1.8\" x2=\"31.9\" y2=\"10\"\/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"14.1\" y1=\"26\" x2=\"5.8\" y2=\"26\"\/>\n                                    <line fill=\"none\" stroke-width=\"2\" stroke=\"#a0d60a\" stroke-miterlimit=\"10\" class=\"st0\" x1=\"58.1\" y1=\"26\" x2=\"49.9\" y2=\"26\"\/>\n                                <\/svg>\n                            \n                        \n                    <\/div>\n                <\/div>\n\n            \n            \n                <h3 class=\"title\" style=\"color: rgb(254, 231, 185)\">\n                    Study Design\n                <\/h3>\n\n                <div class=\"content\">\n                    <p><span style=\"color: #000000;\">For our analysis, we examined annual reports of 67 portfolio companies from 2013 to 2019. We compared the trends in companies from the industrial goods and process industries with those of companies from these industries that were not owned by private equity firms.<\/span><\/p>\n<p><span style=\"color: #000000;\">Most portfolio companies are based in Europe (a total of 89%), with the majority in Germany, France, and the United Kingdom (45% combined). We also looked at companies in Canada and the USA (11%). The peer group data comes from public and private statistics providers. Of the portfolio companies we examined, 56 percent are pursuing a growth course, while 44 percent are implementing a restructuring program.<\/span><\/p>\n\n                <\/div>\n\n            \n        <\/div>\n    <\/div>\n<\/div>\n\n<\/div><\/div><\/div><\/p>\n<div class='container  py-3'><div class=\"row \"><div class=\"col-lg-6\"><h3>By subscribing to our newsletter, you will receive the current issue of our customer magazine Supply Management Insights three times a year:<\/h3>\n<p><script charset=\"utf-8\" type=\"text\/javascript\" src=\"\/\/js-eu1.hsforms.net\/forms\/embed\/v2.js\"><\/script><br \/>\n<script>\n  hbspt.forms.create({\n    region: \"eu1\",\n    portalId: \"143321638\",\n    formId: \"df71e96e-8cfd-4765-b2a2-caeb009369b4\"\n  });\n<\/script><br \/><\/div>\n<div class=\"col-lg-6\"><p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-56565\" src=\"https:\/\/www.KGM Strategy.com\/wp-content\/uploads\/2021\/10\/Magazine-neu-freigestellt-1-684x630.png\" alt=\"\" width=\"684\" height=\"630\" srcset=\"https:\/\/www.KGM Strategy.com\/wp-content\/uploads\/2021\/10\/Magazine-neu-freigestellt-1-684x630.png 684w, https:\/\/www.KGM Strategy.com\/wp-content\/uploads\/2021\/10\/Magazine-neu-freigestellt-1-768x708.png 768w, https:\/\/www.KGM Strategy.com\/wp-content\/uploads\/2021\/10\/Magazine-neu-freigestellt-1-1536x1416.png 1536w, https:\/\/www.KGM Strategy.com\/wp-content\/uploads\/2021\/10\/Magazine-neu-freigestellt-1-2048x1887.png 2048w\" sizes=\"auto, (max-width: 684px) 100vw, 684px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":10,"featured_media":63848,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Private Equity Desk Research | KGM Strategy, A BCG Company","_seopress_titles_desc":"In the first five years after acquisition, portfolio companies witnessed a substantial increase in value.\u25b6 KGM Strategy, A BCG Company","_seopress_robots_index":"","footnotes":""},"categories":[700,702,734,394],"tags":[],"class_list":["post-89582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article","category-magazine","category-private-equity","category-general-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.KGM Strategy.com\/en\/wp-json\/wp\/v2\/posts\/89582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.KGM Strategy.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.KGM Strategy.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.KGM Strategy.com\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.KGM Strategy.com\/en\/wp-json\/wp\/v2\/comments?post=89582"}],"version-history":[{"count":1,"href":"https:\/\/www.KGM Strategy.com\/en\/wp-json\/wp\/v2\/posts\/89582\/revisions"}],"predecessor-version":[{"id":107257,"href":"https:\/\/www.KGM Strategy.com\/en\/wp-json\/wp\/v2\/posts\/89582\/revisions\/107257"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.KGM Strategy.com\/en\/wp-json\/wp\/v2\/media\/63848"}],"wp:attachment":[{"href":"https:\/\/www.KGM Strategy.com\/en\/wp-json\/wp\/v2\/media?parent=89582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.KGM Strategy.com\/en\/wp-json\/wp\/v2\/categories?post=89582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.KGM Strategy.com\/en\/wp-json\/wp\/v2\/tags?post=89582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}