Private equity firms their role in the formation of strategic alliances

Private Equity Firms Private Equity Firms Their Role in the Formation of Strategic Alliances Kirsten Burkhardt First published 2018 in Great Britain and the United States by ISTE Ltd and John Wiley & Sons, Inc Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licenses issued by the CLA Enquiries concerning reproduction outside these terms should be sent to the publishers at the undermentioned address: ISTE Ltd 27–37 St George’s Road London SW19 4EU UK John Wiley & Sons, Inc 111 River Street Hoboken, NJ 07030 USA www.iste.co.uk www.wiley.com © ISTE Ltd 2018 The rights of Kirsten Burkhardt to be identified as the author of this work have been asserted by her in accordance with the Copyright, Designs and Patents Act 1988 Library of Congress Control Number: 2018951292 British Library Cataloguing-in-Publication Data A CIP record for this book is available from the British Library ISBN 978-1-78630-312-7 Contents Acknowledgments vii Preface ix Introduction xi Chapter Concepts Underlying the Role of Private Equity Firms in Forming Alliances 1.1 Private equity 1.1.1 Main characteristics 1.1.2 The French PE market 1.2 The concept of a strategic alliance 1.3 Strategic alliance formation in French PEFs 1.3.1 French PE: a favorable environment for the formation of alliances 1.3.2 First descriptive data 1 10 14 14 16 Chapter The Role of Private Equity Firms in Alliance Formation from the Perspective of Value Creation 25 2.1 The role of PEFs from the perspective of contractual theories 2.1.1 Some theoretical foundations 2.1.2 Review of contractual theories 2.1.3 Applying the theory to our research question 2.1.4 Review of the role of PEFs from the perspective of contractual theories 2.2 The role of PEFs in light of knowledge-based theories 2.2.1 Some theoretical foundations 2.2.2 Applying the theory to our research question 26 26 38 40 59 64 65 83 vi Private Equity Firms 2.2.3 Review of the role of PEFs from the perspective of knowledge-based theories 2.2.4 Where knowledge-based theories stand compared to contractual theories 2.2.5 The complementarity of contractual and knowledge-based theories 2.3 Sociological network theories: a supplement to the contractual and knowledge-based argumentation 2.3.1 Some theoretical foundations 2.3.2 Applying the theory to our research question 2.3.3 Review of the additional arguments brought forward by the use of the concept of social capital 2.4 The role of PEFs: a summary 2.4.1 Intraportfolio alliances 2.4.2 Extraportfolio alliances 95 97 101 106 107 120 130 133 134 137 Chapter Empirical Analysis with Explanatory Design of the Role of French Private Equity Firms in the Formation of Alliances 145 3.1 Methodology: a multimethod study 3.1.1 The overall concept 3.1.2 The joint and complementary use of statistical and economic techniques and case studies 3.2 Testing the theoretical framework 3.2.1 Econometric analysis 3.2.2 Multiple case study 3.2.3 Reconciliation of the econometric study and the multiple case study and discussion of the results 146 146 147 148 148 183 335 Conclusion 357 Bibliography 367 Index 385 Acknowledgments I would like to extend my gratitude to a number of people First, those without whom this endeavor would never have achieved its current state These include, on the one hand, the researchers who accompanied me throughout the development of this project On the other hand, there were many professionals in the field of French private equity without whom my empirical study could not have been carried out Second, I would like to thank the people who have been alongside me all these years, both near and far, and who contributed to my wellbeing and to the establishment of very favorable conditions for the completion of this research project In particular, I would like to address: – Professors Gérard Charreaux and Philippe Desbrières for their follow-up and all the support they provided through their presence, whether it was in the form of listening, reading, advice or words of encouragement Their feedback allowed me to guide the project and present it in its best form, in addition to teaching me a privileged lesson I am deeply grateful to the following people: Professor Mike Wright and Drs Kevin Amess and Louise Scholes for welcoming me and following me around during my stay in England at the Centre for Management Buy-Out and Private Equity Research (CMBOR) at Nottingham University; Professors Martine Girod-Séville and Alain Desreumaux for agreeing to be the examiners of my work and Professors Peter Wirtz and Bernard de Montmorillon for their participation in the jury as voting members; – the private equity professionals and managers of private equity-backed firms who participated in the study, and the statistics department of Invest France, the former Association franỗaise des investisseurs pour la Croissance (AFIC), for agreeing to support my econometric study; – my spell-checkers for their extensive proofreading Preface This study analyzes the role of private equity firms in the formation of strategic alliances within the French private equity market We start by providing evidence of its importance from new survey information, before offering an explanation of the organizational phenomenon The study addresses the questions of how and why private equity firms act as relational intermediaries to help their portfolio companies form alliances Both questions are investigated in light of private equity firms’ contribution to the value creation process that comes with alliance formation Answers are provided by means of three jointly used theoretical frameworks: (1) mainstream theories (transaction cost theory and the positive theory of agency); (2) the knowledge-based view; and (3) social network theories to complement the results from joint use of the previous two theories The theoretical construct is then tested empirically by means of a multimethod study with explanatory design based on the pattern of joint evidence from both statistical tests and a multiple case study Results show that French private equity firms play a role in alliance formation This role can be intentional as well as non-intentional Furthermore, although arguments from the knowledge-based perspective find more support in explaining this behavior than from the mainstream theories, our study highlights the benefits of the joint use of these theories and the complementary nature of them in better explaining the phenomenon as a whole Introduction I.1 Interfirm alliances as a source of innovation and the role of private equity Cooperative approaches in the shape of strategic alliances between companies are a source of innovation and a factor for economic growth in developing economies Alliances are particularly important for the development of SMEs, which are predominant in Europe, and for which internal resources are often limited [SCH 06] In France, small and medium-sized enterprises (SMEs) account for nearly 99.9% of all companies (2010 data) Nationally, they employ 52% of employees and generate 38% of turnover, which is almost half of the value added (49%) [POR 10] The creation of SMEs is on the rise In 2012, France recorded nearly 549,976 new business start-ups [APC 13] According to the latest Eurostat comparison in 2009, France had the highest number of business start-ups in the European Union (Figure I.1) These figures highlight the importance of economic policies and measures aimed at SME development [MCC 10] Several policies have been put in place to foster alliances and networking among SMEs [SCH 06] The European cluster policy is an example of such a policy, as well as its French counterpart, the “Pôles de compétitivité” policy, which was launched in 2004 In the wake of Silicon Valley1, they aim to encourage interactions between various actors through the creation of appropriate environments for intensive knowledge exchange and synergies between them Within a given territory, they help to bring together private equity firms Silicon Valley is a technology innovation hub located in California, USA xii Private Equity Firms (PEFs, that usually specialize in venture capital), SMEs, large groups, and research institutions such as universities Figure I.1 Business start-ups in the European Union in 2009 (source: Insee, Eurostat) Private equity is relevant in this field because it is one the most significant source of financing for SMEs (which are usually unlisted) and therefore innovation By their very nature, PEFs are active investors In addition to providing capital, they provide managerial assistance to the companies they support McCahery and Vermeulen [MCC 10] highlight the importance of the contribution of these complementary services through the example of the Japanese private equity market, where the performance is lower than in the United States and Europe Unlike in the latter two countries, Japanese PEFs are passive investors and are therefore limited to capital injections The authors also suggest that there are signs that governments are aware of the importance of the non-financial services provided by PEFs for the development of SMEs and innovation After the financial crisis, government policies aimed at promoting private equity or, as mentioned above, networking among stakeholders were strengthened in various countries, including France [GLA 08; MCC 10, pp 13–14] Introduction xiii In this study, we consider the following questions: – Can PEFs play a role in networking and forming alliances for the companies they support? – As active investors, they provide companies with networking services in addition to managerial assistance, thus creating an ideal platform for their development and external growth? French PEFs, which are the subject of our study, are involved in several ways in the formation of strategic alliances for the companies they support For example, Axa PE, from a press release in 20092: “The Caisse de dépôt et placement du Québec and AXA Private Equity have entered into a partnership to better support Québec- and European-based businesses with international development prospects [ ] This partnership is fully in keeping with the Axa Private Equity tradition to help the businesses we invest in to develop both industrially and geographically [ ] The partnership hopes to address global distribution, supplier search, research and development joint ventures, strategic alliances and international takeovers” Since its creation over 40 years ago, one of the pioneering PEFs on the French market, Siparex Group, distinguished itself by setting up Club Siparex in 1982 This club’s mission is to: “Contribute to the creation of value in the companies the Group is investing in through exchanges and targeted networking”3 In a similar vein, Demeter Partners has written on its website: “Since 2007, the Demeter Club regularly brings together the CEOs of DEMETER and DEMETER portfolios, with the following objectives: [ ] to develop industrial and commercial synergies amongst the companies of the DEMETER and DEMETER portfolios; to let the companies benefit from our network of experts and institutional relations”4 In addition to these targeted examples, most French PEFs indicate that they make their network of contacts available to supported companies in order to help them create value for their projects At first glance, however, any information on such practices ends there There are no concrete examples of alliance formation where one or more French PEFs are involved Neither France Invest (formerly Afic, Association franỗaise des investisseurs pour la croissance), which brings together most French PEFs, nor its European counterpart, Invest Europe (formerly EVCA, European Venture Capital and Private Equity Association), nor INSEE, nor on a European scale, Eurostat, have gathered any further information on these practices Thus, we shall take a look at the existing literature www.privateequitywire.co.uk/2009/10/27/caisse-and-axa-private-equity-support-businessesexpanding-abroad www.siparex.com/le-club-siparex/ www.demeter-partners.com/fr/club_entrepreneurs-en_bref-52_53.html 380 Private Equity Firms [PUT 96] PUTHOD D., “Comprendre les alliances de PME (à partir d’une base de connaissances construite sur les préoccupations de l’entrepreneur)”, Ve Conférence de l’Association internationale de management stratégique, 1996 [REI 97] REICHELSTEIN S., “Investment Decisions and Managerial Performance Evaluation”, Review of Accounting Studies, vol 2, no 2, pp 157–180, 1997 [ROB 06] ROBINSON D.T., STUART T.E., “Financial Contracting in Biotech Strategic Alliances”, Journal of Law and Economics, vol 50, no 3, pp 559–596, 2006 [ROG 97] ROGERSON W.P., “Intertemporal 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The Role of Boards and Absorptive Capacity”, Journal of Business Venturing, vol 24, no 3, pp 248–260, 2009 [ZOR 10] ZORGNIOTTI J., Guide des missions de l’expert-comptable en financement de l’entreprise, 65e Congrès de l’Ordre des experts-comptables, 2010 Websites visited http://www.economie.gouv.fr/ http://epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home/ http://www.insee.fr/fr/ http://www.afic.asso.fr http://www.afic.asso.fr/Website/site/fra_rubriques_lecapitalinvestissement_glossaire htm http://evca.eu/ http://cdcentreprisepp.villaretdejoyeuse.org/index.php http://www.bpifrance.fr/bpifrance/notre_mission_nos_metiers/notre_organisation/histori que/oseo http://www.bpifrance.fr/ http://www.bpifrance.fr/bpifrance/notre_mission_nos_metiers/notre_organisation/histo rique/fsi http://www.caissedesdepots.fr/ http://www.competitivite.gouv.fr http://www.siparex.com http://www.siparex.com/le-club-siparex/ http://www.demeter-partners.com http://www.demeter-partners.com/fr/club_entrepreneurs-en_bref-52_53.html http://www.ifpart.com http://www.caterine.fr/ http://www.meseo.fr/ http://www.mooviin.com/ 384 Private Equity Firms http://www.panosol.fr/ http://eurener.com/fr/ http://www.ies-synergy.com/ http://www.comarth.com/es/ http://www.privateequitywire.co.uk/2009/10/27/caisse-and-axa-private-equitysupport-businesses-expanding-abroad http://www.yvcs.org/uploads/1149278074Life%20Sciences%20Piece_final.pdf http://www.ats.ucla.edu/stat/stata/dae/intreg.htm https://fr.surveymonkey.com/ Index A, B, C I, J, K, L agency and transaction costs, 49, 99 agency relationship, 26, 32, 34, 35–39, 45, 53, 54, 98, 99, 125 BPI, build-up, 2, 195–198, 205, 219–221, 233, 234, 242, 243, 280, 281, 293, 304, 318, 319, 324 buy-out capital, 2, 4, 18 competence-based view, 25, 65, 67, 74 information asymmetry, 2, 3, 35, 38, 40–48, 53, 59–63, 110, 117, 118, 122, 125, 127, 139, 210, 211, 273 innovation, 5, 8, 9, 14, 66, 70–74, 79, 82, 85, 90, 91, 97, 189 capital, investment vehicles, 6–8, 61, 246 joint ventures, 10, 15, 22, 54–56, 78 knowledge, 11, 12, 42, 47–50, 54, 56, 64–69, 73, 74, 78, 79, 81–105, 111, 113, 115, 125–128, 131–135, 138, 140, 196, 286, 353 leveraged buy-outs, 2, 6, 196 local investment funds, E, F, G efficiency, 25, 31, 37–39, 70, 98, 100, 101, 104, 106–110, 353 FCPR (fonds communs de placements risque), 7, 8, 13, 52, 186, 188, 192, 195, 247, 249–251, 254, 343 field, 127, 184–188, 345 governance, 3, 12, 28, 37, 41, 43, 46, 57–60, 78, 79, 82, 104, 149, 210, 299, 344 growth capital, 2, 4, 18 M, O, P model, 39, 101, 104, 107, 145, 148, 150, 156, 160–172, 176, 178 multiple case studies, 184 opportunism, 27, 28, 40–42 partnership, 198, 268 R, S rationality, 27, 28, 35, 38–43, 46, 67, 68, 80, 82, 84, 98, 100, 104 Private Equity Firms: Their Role in the Formation of Strategic Alliances, First Edition Kirsten Burkhardt © ISTE Ltd 2018 Published by ISTE Ltd and John Wiley & Sons, Inc 386 Private Equity Firms regression, 152, 156–169, 172–180, 342, 350 replication, 148, 184, 185, 349 resource-based view, 25 sector consolidation, 2, 195, 197, 205, 293, 305, 319, 328 statistical and econometric studies, 146, 184, 186 strategic alliance, 1, 10–12, 49, 51, 62, 87, 91, 126, 238 T theory Burt’s structural hole, 109, 110, 112, 115, 122, 132 contractual, 12, 25–29, 38, 40, 59–64, 84, 97–106, 110, 120, 122, 124, 131, 133, 139, 140, 210, 238, 353–355 evolutionary economic, 25, 65, 70, 80, 99 knowledge-based, 12, 25, 26, 64–67, 70, 72, 74, 75, 79, 82–85, 90, 94–99, 101–104, 107, 110, 120, 124, 127, 130, 131, 140, 255, 324, 347, 352 of the firm, 25, 65, 67, 69, 80 positive agency, 12, 25–27, 29, 34, 37–40, 59, 62, 99 sociological network, 12, 25, 26, 101, 106, 107, 110, 124–128, 130, 210 transaction cost, 12, 25–27, 39, 40, 59, 62, 99 transfer, 3, 37, 56 turnaround capital, 2, 18, 189 U, V UCITS (undertakings for collective investment in transferable securities), 7, 13 uncertainty, 3, 11, 28–30, 35, 38–43, 47, 49, 59, 60, 68, 77, 81–85, 98, 100, 108, 110, 118, 139, 210 value creation, 4, 25, 36, 38, 64, 77, 87, 93, 97, 99–101, 109, 140, 145, 146, 350, 353 variable control, 153 dependent, 150, 152, 157, 161, 162, 183, 208 independent, 150–155, 157–163, 165, 183, 185 venture capital, 1, 2, 4, 7, 8, 18, 50, 90, 192, 199, 223, 346 Other titles from in Innovation, Entrepreneurship and Management 2018 CALLENS Stéphane Creative Globalization (Smart Innovation Set – Volume 16) CASADELLA Vanessa Innovation Systems in Emerging Economies: MINT – Mexico, Indonesia, Nigeria, Turkey (Smart Innovation Set – Volume 18) CORLOSQUET-HABART Marine, JANSSEN Jacques Big Data for Insurance Companies (Big Data, Artificial Intelligence and Data Analysis Set Volume 1) CROS Franỗoise Innovation and Society (Smart Innovation Set – Volume 15) DEBREF Romain Environmental Innovation and Ecodesign: Certainties and Controversies (Smart Innovation Set – Volume 17) DOMINGUEZ Noémie SME Internationalization Strategies: Innovation 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PEFs involved in forming alliances for the companies they support? – Why they intervene? Why are they involved in forming alliances for the companies they support? xviii Private Equity Firms These