The last time Greg Schooley, the leader of Bain’s Operational Value Creation team, joined us on Dry Powder, we talked about how margin expansion had become something of a lost art. Some investors, however, have managed to defy that trend. A small but growing cohort of tech investors are taking public companies private and dramatically improving profit margins.
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“If you look at who is really pursuing these take-privates in the past few years,” Greg explains, “this isn’t limited to just a handful of private equity funds—Thoma Bravo probably being the poster child. It’s Apollo, it’s Vista, it’s CD&R, it’s KKR, Francisco, H&F, even Veritas and others. So a pretty wide swath of private equity investors have been looking at these publicly traded companies as great investment opportunities.”
Today on Dry Powder, Greg and I will take a closer look at the take-private playbook.
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