私募股權基金之槓桿併購操作與策略分析-以億豐窗簾為例

Abstract

近年國際私募基金在台灣的投資有加溫的趨勢，因此本研究欲藉由分析國際私募基金CVC收購億豐個案去了解國際大型私募基金如何替公司創造價值。本研究以探討國際私募基金現況和趨勢，以及他們在台灣歷年來的投資發展作為開頭，接著深入研究私募基金最常使用也是在本研究個案中使用的槓桿融資之併購流程，從一開始的標的篩選、交易設計、投後管理到最後的出場機制。

接著，隨即進入本研究重點CVC收購億豐一案，內容包含為什麼億豐需要引進私募基金？私募基金幫助億豐做了哪些改造？最後，以各財務績效來衡量CVC對億豐的改造的成果。在本個案中，創造了私募基金與億豐雙贏的局面。筆者希望本研究能夠改變過去大家對私募基金既定的負面看法，讓讀者們在了解私募基金的運作模式後，思考未來台灣這些擁有良好產品及技術的中小型企業與私募基金發展合作的可能，期許台灣許多優秀的公司在國際的競爭中都能佔有一席之地。

Recently, the investment of international private equity funds in Taiwan has been warming up. Therefore, this study wants to let readers understand how international large private equity funds create value for the company by analyzing the case that international private equity fund CVC acquired Nien Made Enterprise. This study begins with an exploration of the current state and trends of international private equity funds and their investment development over the years in Taiwan. It then researched the commonly means private equity funds used in the M&A process so called leveraged buyout which is also used in Nien Made case. The content is from the beginning Screening process, transaction execution, post-investment management to the final exit mechanism. Following is the focus of this study which is the acquisition of Nien Made case, the content contains why Nien Made needed to introduce private equity funds? What kind of transformation did the private equity fund help Nien Made do? Finally, the results of the CVC's transformation of Nien Made were measured by various financial performances. In this case, CVC Capital and Nien Made achieved a win-win situation. Author hoped that this study could change the negative views of private equity funds in the past, so that readers can think of the opportunity of future development of cooperation between private equity funds and SMEs with good products and technologies in Taiwan after understanding the operation mode of private equity funds. Author also expected that many outstanding companies in Taiwan could have a place in the international competition.