This case aims at illustrating the main steps and issues that arise during the process of a successful management buyout (MBO) from the point of view of a capital advisory team. In 2013, the Capitalisation Advisory team of NIBC was hired in order to help the management team of Dutch cheese Company Uniekaas to obtain the necessary amount of capital and to build a suitable capital structure in order for them to buy out their majority stakeholder. Despite being contacted only after that the first steps of the transaction were made, NIBC performed all the steps that their standard procedure requires when management buyout cases are treated. Therefore, this field case offers a good illustration of the rationale behind a Management Buy Out, how the value of a company is assessed and how a suitable capital structure is built.

Citation Note

Based on field research; 15 pages.

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1. Situate and comprehend the rationale behind the process that a management buyout situation encounters. 2. To not only apply several valuation techniques on a real life case but also to understand the features and limitations that these valuation techniques have. 3. Using the different forms of debt and equity to create a capital structure and also evaluate the consequences of this capital structure on the financial gearing.

Case Study