PE-Backed Carve-Outs: No Margin for Error

There was a time when corporate carve-outs routinely outperformed the broader class of buyout deals, but in recent years the average multiple on invested capital has declined markedly. Why? Sponsors aren’t delivering the operational improvements they once did. We break down the numbers and offer insights derived from recent successful carve-outs to ensure you have a clear deal thesis that can quickly translate into next-level performance.