Claudia Zeisberger

Senior Affiliate Professor of Entrepreneurship and Family Enterprise
Email claudia.zeisberger@insead.edu
Find out more about the author

Sula Vineyards (B): The Entrepreneur's Dilemma - Managing Investor Exits

By  Claudia Zeisberger,  Maninder Minhas
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The case focuses on the risks and rewards of early-stage investing in a successful emerging market consumer start-up (i.e. non-tech), from seed funding in 2004 to raising expansion capital in 2019. We observe the founder of Sula Vineyards, a winemaker from the Nasik Valley in India, as he makes decisions about external fundraising. Case (A) takes the seed investor perspective.

    Published 30 Sep 2019

    Reference 5668

    Topic Entrepreneurship

    Industry Venture Capital,  Food and Beverages Production,  Wine and Spirits

    Region Asia

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    Sula Vineyards (B): The Entrepreneur's Dilemma - Managing Investor Exits

    Add to cart new
    The case focuses on the risks and rewards of early-stage investing in a successful emerging market consumer start-up (i.e. non-tech), from seed funding in 2004 to raising expansion capital in 2019. We observe the founder of Sula Vineyards, a winemaker from the Nasik Valley in India, as he makes decisions about external fundraising. Case (A) takes the seed investor perspective.
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      Sula Vineyards (C): Series E and Beyond - What Next? The Ownership Conundrum

      By  Claudia Zeisberger,  Maninder Minhas
      Add to cart new
      The case focuses on the risks and rewards of early-stage investing in a successful emerging market consumer start-up (i.e. non-tech), from seed funding in 2004 to raising expansion capital in 2019. We observe the founder of Sula Vineyards, a winemaker from the Nasik Valley in India, as he makes decisions about external fundraising. Case (A) takes the seed investor perspective.

        Published 30 Sep 2019

        Reference 5668

        Topic Entrepreneurship

        Industry Venture Capital,  Food and Beverages Production,  Wine and Spirits

        Region Asia

        View case

        Sula Vineyards (C): Series E and Beyond - What Next? The Ownership Conundrum

        Add to cart new
        The case focuses on the risks and rewards of early-stage investing in a successful emerging market consumer start-up (i.e. non-tech), from seed funding in 2004 to raising expansion capital in 2019. We observe the founder of Sula Vineyards, a winemaker from the Nasik Valley in India, as he makes decisions about external fundraising. Case (A) takes the seed investor perspective.
          View case

          Private Equity Achieves Returns through Operating Improvements: CD&R's Acquisition and Turnaround of Hertz

          By  Claudia Zeisberger,  Peter Goodson,  Kimberly McGinnis,  Dickson L. Louie,  Nicholas Shannahan
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          Private equity firm Clayton, Dubilier & Rice (CD&R) is preparing a bid for leading US car rental agency Hertz. By replacing Hertz’s top managers, improving capital management and driving down operating costs, CD&R sees an opportunity to nearly double EBITDA. However, the turnaround involves significant risks, which CD&R must weigh in preparing its bidding strategy.

            Published 23 Apr 2018

            Reference 6355

            Topic Economics & Finance

            Industry Private Equity

            Region North America

            View case

            Private Equity Achieves Returns through Operating Improvements: CD&R's Acquisition and Turnaround of Hertz

            Add to cart extra
            Private equity firm Clayton, Dubilier & Rice (CD&R) is preparing a bid for leading US car rental agency Hertz. By replacing Hertz’s top managers, improving capital management and driving down operating costs, CD&R sees an opportunity to nearly double EBITDA. However, the turnaround involves significant risks, which CD&R must weigh in preparing its bidding strategy.
              View case

              ACTIS' Pan-Regional Payment Platform: Private Equity Buy-and-build Strategy in the Middle East and Africa

              By  Claudia Zeisberger,  Jean Wee
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              In 2010, ACTIS embarked on an ambitious project to build a pan-Middle East and Africa (MEA) payments platform. It had purchased Mediterranean Smart Cards Company (MSCC), a bankcard issuer with operations across Africa, and had identified a follow-on target, Visa Jordan Card Services (VJCS) as part of its buy-and-build strategy, and another potential acquisition in South Africa.

                Published 29 Jan 2018

                Reference 6363

                Topic Strategy

                Industry Private Equity

                Region Middle-East

                View case

                ACTIS' Pan-Regional Payment Platform: Private Equity Buy-and-build Strategy in the Middle East and Africa

                Add to cart extra
                In 2010, ACTIS embarked on an ambitious project to build a pan-Middle East and Africa (MEA) payments platform. It had purchased Mediterranean Smart Cards Company (MSCC), a bankcard issuer with operations across Africa, and had identified a follow-on target, Visa Jordan Card Services (VJCS) as part of its buy-and-build strategy, and another potential acquisition in South Africa.
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                  Careem vs. the Ride-Hailing Goliath: Abraaj Journeys Further Into the Tech-enabled Consumer Space

                  By  Claudia Zeisberger,  Bowen White,  Jean Wee
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                  Careem, a Dubai-based ride-hailing company, was founded in 2012 in the United Arab Emirates (UAE) by two ex-McKinsey consultants who saw a gap in the transport market.

                    Published 15 Dec 2017

                    Reference 6333

                    Topic Entrepreneurship

                    Industry Private Equity,  Transportation/Trucking/Railroad

                    Region Middle-East

                    View case

                    Careem vs. the Ride-Hailing Goliath: Abraaj Journeys Further Into the Tech-enabled Consumer Space

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                    Careem, a Dubai-based ride-hailing company, was founded in 2012 in the United Arab Emirates (UAE) by two ex-McKinsey consultants who saw a gap in the transport market.
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                      Finding the Perfect Recipe: KKR's Buyout of WMF

                      By  Vikas A. Aggarwal,  Claudia Zeisberger,  Jean Wee
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                      In May 2012, private equity firm KKR is considering the buyout of WMF group (WMF), a diversified kitchenware and professional coffee machine manufacturer headquartered in Geislingen, Germany. The deal seems a potentially compelling investment opportunity, with various options for value creation – expanding WMF’s well-established brand to other geographies as well as reducing costs.

                        Published 28 Aug 2017

                        Reference 6310

                        Topic Entrepreneurship

                        Industry Private Equity

                        Region Europe

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                        Finding the Perfect Recipe: KKR's Buyout of WMF

                        Add to cart
                        In May 2012, private equity firm KKR is considering the buyout of WMF group (WMF), a diversified kitchenware and professional coffee machine manufacturer headquartered in Geislingen, Germany. The deal seems a potentially compelling investment opportunity, with various options for value creation – expanding WMF’s well-established brand to other geographies as well as reducing costs.
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                          Hitting the Target: Optimizing a Private Equity Portfolio with Partners Group

                          By  Anne-Marie Carrick,  Bowen White,  Claudia Zeisberger
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                          In 2011, Partners Group is nearing the end of a year-long quest for a new mandate from a European pension fund, Future Plan. The fund has struggled with its 6-year old PE programme, consistently falling short of its target allocation to the asset class and generating poor returns, seemingly always one step behind the opportunity in the market.

                            Published 29 May 2017

                            Reference 6256

                            Topic Entrepreneurship

                            Industry Private Equity

                            Region Europe

                            View case

                            Hitting the Target: Optimizing a Private Equity Portfolio with Partners Group

                            Add to cart
                            In 2011, Partners Group is nearing the end of a year-long quest for a new mandate from a European pension fund, Future Plan. The fund has struggled with its 6-year old PE programme, consistently falling short of its target allocation to the asset class and generating poor returns, seemingly always one step behind the opportunity in the market.
                              View case

                              Differentiation Beyond Price: CD&R’s Strategy in Acquiring Hussmann

                              By  Peter Goodson,  Kimberly McGinnis,  Claudia Zeisberger
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                              In 2011, Ingersoll-Rand (IR) decided to divest its refrigeration equipment subsidiary, Hussmann International. However, the routine auction process for the non-core asset went awry when both Hussmann’s performance and external finance markets weakened significantly during the due diligence period.

                                Published 30 Jan 2017

                                Reference 6251

                                Topic Economics & Finance

                                Industry Private Equity,  Security and Investigations

                                Region North America

                                View case

                                Differentiation Beyond Price: CD&R’s Strategy in Acquiring Hussmann

                                Add to cart extra
                                In 2011, Ingersoll-Rand (IR) decided to divest its refrigeration equipment subsidiary, Hussmann International. However, the routine auction process for the non-core asset went awry when both Hussmann’s performance and external finance markets weakened significantly during the due diligence period.
                                  View case

                                  Pro-invest: How to Launch a Private Equity Real Estate Fund

                                  By  Claudia Zeisberger,  Bowen White,  Anne-Marie Carrick
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                                  The case describes how the Pro-invest Group – a boutique investment firm specialising in private equity real estate and real estate asset management – built its business and raised a first-time private equity fund.

                                    Published 26 Aug 2016

                                    Reference 6221

                                    Topic Entrepreneurship

                                    Industry Private Equity

                                    Region Asia

                                    View case

                                    Pro-invest: How to Launch a Private Equity Real Estate Fund

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                                    The case describes how the Pro-invest Group – a boutique investment firm specialising in private equity real estate and real estate asset management – built its business and raised a first-time private equity fund.
                                      View case

                                      The Indian Railways 'Cash Cow' - Over or Extra Loading? (A): Confidential Instructions for Sudhir Kumar

                                      By  Horacio Falcao,  Claudia Zeisberger,  Claudia Gehlen
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                                      This two-party case is designed to teach negotiation within the context of turnaround management, stakeholder management, change management or public sector negotiation.

                                        Published 22 Jul 2016

                                        Reference 6211

                                        Topic Leadership & Organisations

                                        Industry Railroad Manufacture

                                        Region Asia

                                        View case

                                        The Indian Railways 'Cash Cow' - Over or Extra Loading? (A): Confidential Instructions for Sudhir Kumar

                                        Add to cart extra
                                        This two-party case is designed to teach negotiation within the context of turnaround management, stakeholder management, change management or public sector negotiation.
                                          View case

                                          Private Equity Achieves Returns through Operating Improvements: CD&R's Acquisition and Turnaround of Hertz

                                          By  Claudia Zeisberger,  Peter Goodson,  Kimberly McGinnis,  Dickson L. Louie,  Nicholas Shannahan
                                          Add to cart extra
                                          Private equity firm Clayton, Dubilier & Rice (CD&R) is preparing a bid for leading US car rental agency Hertz. By replacing Hertz’s top managers, improving capital management and driving down operating costs, CD&R sees an opportunity to nearly double EBITDA. However, the turnaround involves significant risks, which CD&R must weigh in preparing its bidding strategy.

                                            Published 23 Apr 2018

                                            Reference 6355

                                            Topic Economics & Finance

                                            Industry Private Equity

                                            Region North America

                                            View case

                                            Private Equity Achieves Returns through Operating Improvements: CD&R's Acquisition and Turnaround of Hertz

                                            Add to cart extra
                                            Private equity firm Clayton, Dubilier & Rice (CD&R) is preparing a bid for leading US car rental agency Hertz. By replacing Hertz’s top managers, improving capital management and driving down operating costs, CD&R sees an opportunity to nearly double EBITDA. However, the turnaround involves significant risks, which CD&R must weigh in preparing its bidding strategy.
                                              View case

                                              ACTIS' Pan-Regional Payment Platform: Private Equity Buy-and-build Strategy in the Middle East and Africa

                                              By  Claudia Zeisberger,  Jean Wee
                                              Add to cart extra
                                              In 2010, ACTIS embarked on an ambitious project to build a pan-Middle East and Africa (MEA) payments platform. It had purchased Mediterranean Smart Cards Company (MSCC), a bankcard issuer with operations across Africa, and had identified a follow-on target, Visa Jordan Card Services (VJCS) as part of its buy-and-build strategy, and another potential acquisition in South Africa.

                                                Published 29 Jan 2018

                                                Reference 6363

                                                Topic Strategy

                                                Industry Private Equity

                                                Region Middle-East

                                                View case

                                                ACTIS' Pan-Regional Payment Platform: Private Equity Buy-and-build Strategy in the Middle East and Africa

                                                Add to cart extra
                                                In 2010, ACTIS embarked on an ambitious project to build a pan-Middle East and Africa (MEA) payments platform. It had purchased Mediterranean Smart Cards Company (MSCC), a bankcard issuer with operations across Africa, and had identified a follow-on target, Visa Jordan Card Services (VJCS) as part of its buy-and-build strategy, and another potential acquisition in South Africa.
                                                  View case

                                                  Differentiation Beyond Price: CD&R’s Strategy in Acquiring Hussmann

                                                  By  Peter Goodson,  Kimberly McGinnis,  Claudia Zeisberger
                                                  Add to cart extra
                                                  In 2011, Ingersoll-Rand (IR) decided to divest its refrigeration equipment subsidiary, Hussmann International. However, the routine auction process for the non-core asset went awry when both Hussmann’s performance and external finance markets weakened significantly during the due diligence period.

                                                    Published 30 Jan 2017

                                                    Reference 6251

                                                    Topic Economics & Finance

                                                    Industry Private Equity,  Security and Investigations

                                                    Region North America

                                                    View case

                                                    Differentiation Beyond Price: CD&R’s Strategy in Acquiring Hussmann

                                                    Add to cart extra
                                                    In 2011, Ingersoll-Rand (IR) decided to divest its refrigeration equipment subsidiary, Hussmann International. However, the routine auction process for the non-core asset went awry when both Hussmann’s performance and external finance markets weakened significantly during the due diligence period.
                                                      View case

                                                      Pro-invest: How to Launch a Private Equity Real Estate Fund

                                                      By  Claudia Zeisberger,  Bowen White,  Anne-Marie Carrick
                                                      Add to cart extra
                                                      The case describes how the Pro-invest Group – a boutique investment firm specialising in private equity real estate and real estate asset management – built its business and raised a first-time private equity fund.

                                                        Published 26 Aug 2016

                                                        Reference 6221

                                                        Topic Entrepreneurship

                                                        Industry Private Equity

                                                        Region Asia

                                                        View case

                                                        Pro-invest: How to Launch a Private Equity Real Estate Fund

                                                        Add to cart extra
                                                        The case describes how the Pro-invest Group – a boutique investment firm specialising in private equity real estate and real estate asset management – built its business and raised a first-time private equity fund.
                                                          View case

                                                          The Indian Railways 'Cash Cow' - Over or Extra Loading? (A): Confidential Instructions for Sudhir Kumar

                                                          By  Horacio Falcao,  Claudia Zeisberger,  Claudia Gehlen
                                                          Add to cart extra
                                                          This two-party case is designed to teach negotiation within the context of turnaround management, stakeholder management, change management or public sector negotiation.

                                                            Published 22 Jul 2016

                                                            Reference 6211

                                                            Topic Leadership & Organisations

                                                            Industry Railroad Manufacture

                                                            Region Asia

                                                            View case

                                                            The Indian Railways 'Cash Cow' - Over or Extra Loading? (A): Confidential Instructions for Sudhir Kumar

                                                            Add to cart extra
                                                            This two-party case is designed to teach negotiation within the context of turnaround management, stakeholder management, change management or public sector negotiation.
                                                              View case

                                                              PE in Emerging Markets: Can Mekong Capital's Operating Advantage Boost the Value in its Exit from Golden Gate Restaurants?

                                                              By  Claudia Zeisberger,  Peter Goodson,  Kimberly McGinnis
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                                                              Mekong Capital, a private equity firm based in Vietnam, is considering exiting its stake in restaurant chain operator Golden Gate. Despite robust growth, Golden Gate’s profitability is lagging. Students are asked to evaluate the best means of exit and whether operational improvements are required to attract buyers or create the foundation for a successful IPO.

                                                                Published 06 Apr 2016

                                                                Reference 6162

                                                                Topic Strategy

                                                                Industry Restaurants,  Private Equity

                                                                Region Asia

                                                                View case

                                                                PE in Emerging Markets: Can Mekong Capital's Operating Advantage Boost the Value in its Exit from Golden Gate Restaurants?

                                                                Add to cart extra
                                                                Mekong Capital, a private equity firm based in Vietnam, is considering exiting its stake in restaurant chain operator Golden Gate. Despite robust growth, Golden Gate’s profitability is lagging. Students are asked to evaluate the best means of exit and whether operational improvements are required to attract buyers or create the foundation for a successful IPO.
                                                                  View case

                                                                  Crisis at the Mill: Weaving an Indian Turnaround - Alvarez & Marsal

                                                                  By  Claudia Zeisberger,  Anne-Marie Carrick,  Sankar Krishnan,  Nikhil Shah
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                                                                  Emerging markets are challenging and require special expertise. India in particular is known to be a tricky business environment. The case follows two senior executives from Alvarez & Marsal’s India practice as they deal with an urgent request from one of their US private equity clients, Sapphire Capital.

                                                                    Published 24 Apr 2015

                                                                    Reference 6069

                                                                    Topic Entrepreneurship

                                                                    Industry Textiles

                                                                    Region Asia

                                                                    View case

                                                                    Crisis at the Mill: Weaving an Indian Turnaround - Alvarez & Marsal

                                                                    Add to cart award extra
                                                                    Emerging markets are challenging and require special expertise. India in particular is known to be a tricky business environment. The case follows two senior executives from Alvarez & Marsal’s India practice as they deal with an urgent request from one of their US private equity clients, Sapphire Capital.
                                                                      View case

                                                                      Going Direct: The Case of Teachers' Private Capital

                                                                      By  Michael Prahl,  Claudia Zeisberger,  Deepa Ramanathan
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                                                                      The case traces the evolution of the private equity investment platform of the Ontario Teachers’ Pension Plan (Teachers’). Unlike the typical traditional pension fund, Teachers’ has forged a bold, pioneering approach to investing by making a concerted push towards direct investing. The case discusses the trade-offs involved in developing a direct investing platform.

                                                                        Published 24 Jun 2013

                                                                        Reference 5993

                                                                        Topic Entrepreneurship

                                                                        Region Other Regions

                                                                        View case

                                                                        Going Direct: The Case of Teachers' Private Capital

                                                                        Add to cart extra
                                                                        The case traces the evolution of the private equity investment platform of the Ontario Teachers’ Pension Plan (Teachers’). Unlike the typical traditional pension fund, Teachers’ has forged a bold, pioneering approach to investing by making a concerted push towards direct investing. The case discusses the trade-offs involved in developing a direct investing platform.
                                                                          View case

                                                                          Slalom to the Finish: Carlyle's Exit from Moncler

                                                                          By  Claudia Zeisberger,  Michael Prahl,  Rishika Agrawal
                                                                          Add to cart popular extra
                                                                          In 2011, Carlyle is considering an exit from its investment in the European fashion brand Moncler, in which it holds a minority stake. The case focuses on the complexities of preparing and executing an exit under rapidly changing market conditions taking varied interests and potential outcomes into consideration.

                                                                            Published 24 Jun 2013

                                                                            Reference 5969

                                                                            Topic Entrepreneurship

                                                                            Industry Capital Markets

                                                                            Region Europe

                                                                            View case

                                                                            Slalom to the Finish: Carlyle's Exit from Moncler

                                                                            Add to cart popular extra
                                                                            In 2011, Carlyle is considering an exit from its investment in the European fashion brand Moncler, in which it holds a minority stake. The case focuses on the complexities of preparing and executing an exit under rapidly changing market conditions taking varied interests and potential outcomes into consideration.
                                                                              View case

                                                                              Chips on the Side (A): The Buy-Out of Avago Technologies

                                                                              By  Claudia Zeisberger,  Vikas A. Aggarwal,  Michael Prahl,  Swati Sawjiany
                                                                              Add to cart popular extra
                                                                              A consortium of private equity firms (KKR and Silver Lake Partners) is in the process of acquiring the semi-conductor division of Agilent. To prepare for the signing of the acquisition agreement and the subsequent transfer of ownership, the deal team is revisiting their investment thesis with respect to upsides and risks.

                                                                                Published 31 Jan 2012

                                                                                Reference 5832

                                                                                Topic Entrepreneurship

                                                                                Industry Private Equity

                                                                                Region North America

                                                                                View case

                                                                                Chips on the Side (A): The Buy-Out of Avago Technologies

                                                                                Add to cart popular extra
                                                                                A consortium of private equity firms (KKR and Silver Lake Partners) is in the process of acquiring the semi-conductor division of Agilent. To prepare for the signing of the acquisition agreement and the subsequent transfer of ownership, the deal team is revisiting their investment thesis with respect to upsides and risks.
                                                                                  View case
                                                                                  Private Equity & Venture Capital; especially minority stakes in emerging markets & the impact of private equity on the economy at large