Largest self-funded deal where searcher retains majority ownership

by a searcher from Harvard University - Harvard Business School

Apr 26,2023

What's the largest self-funded [successful] deal where the searcher retained majority control? I know of one $14.5M deal. Has anybody broken $25M without turning themselves into an independent sponsor (or going back in time and making themselves a traditional searcher)? Muchas gracias todo el mundo.

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searcher from The University of Chicago - Booth School of Business

It depends on the definition of control, the amount of equity in the deal, and the amount of cash you would be contributing to the total. Directionally, the $14.5m already seems very high, but can elaborate on what my experience has been with more details on the above.

05/01/2023 | like reply | 0 likes

investor from Nova Southeastern University

"Control" can be a bit ambiguous. We partner with independent or fundless sponsors via a combination of senior debt, preferred, equity (maybe warrants) and in most instances, provide the sponsor with the bulk of the upside - and thus they "control" the day to day activities of the company. However, as with many cases, various loan covenants ultimately "control" the "balance sheet" and thus have significant influence on the company.

04/27/2023 | like reply | 0 likes

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