In 2004, BC Partners is considering an investment in Amadeus, a major IT player in the global airlines and travel industry. In order to win in a very competitive auction BC Partners needs to evaluate two distinct business strategies as to their risk-return profile and impact on financing structure.

!Xaus Lodge is a community owned tourism facility in the Kagaladi Transfrontier Park, built to settle post-apartheid claims related to land seizures. The revival of the facility by Transfrontier Parks Destinations, a for-profit firm that also seeks to create a positive social impact, is the focus of the case.