The case presents the IPO of Neopost SA, manufacturer of document handling and postage meter equipment on the Paris Stock Exchange. This IPO constitutes the exit for the buyout specialist, BCPartners, who invested in the company during its spin-off from Alcatel, and subsequently took over the majority of the equity in a secondary buyout.

The case presents the IPO of Neopost SA, manufacturer of document handling and postage meter equipment on the Paris Stock Exchange. This IPO constitutes the exit for the buyout specialist, BCPartners, who invested in the company during its spin-off from Alcatel, and subsequently took over the majority of the equity in a secondary buyout.

Bitronic GmbH is the crown jewel of mother company EMTS which files for bankrupct in late 2003. This case illustrates the interests of the different parties involved in the sales process of Bitronic: the mother company, its creditors, management and employees, competitors and potential acquirers.

The case series illustrates the decision-making process and the negotiation complexities of a leveraged buy-out proposal made by Italtel management to their holding company, Telecom Italia.