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ProPay Ltd (A)
By Keith Willey
Rick Stein gazed out at Propay Ltd’s car park where his fifteen-year-old car now languished.A year ago ProPay’s previous owner parked his Maserati in the exact same spot – a contrast that seemed oddly symbolic of Rick’s current predicament. He had bought the payments gateway business after raising a Search Fund from a number of private investors and with a plan to improve what he perceived to be an ‘undermanaged’ business. A few months later it had become apparent that more funding was needed. He returned to his financial model to consider his position…
- Understand how Search Funds, which are used almost exclusively by MBAs from top business schools, work.
- Highlight the criteria needed to buy a business using a Search Fund and what drives returns.
- Illustrate the factors that might create additional risk for the venture.
- Understand how to integrate management action with financial performance and investor returns.
|Publication Date:||January 2018|
|LBS Case Code:||CS-18-021|
|Subjects:||Financing, Mergers & Acquisitions, Search funds|