{"id":534,"date":"2026-05-31T22:45:10","date_gmt":"2026-05-31T22:45:10","guid":{"rendered":"https:\/\/www.trainy.co\/blog\/?p=534"},"modified":"2026-05-31T22:45:10","modified_gmt":"2026-05-31T22:45:10","slug":"sbo-private-equity","status":"publish","type":"post","link":"https:\/\/www.trainy.co\/blog\/en\/sbo-private-equity\/","title":{"rendered":"Secondary Buyouts: why do funds sell companies to each other?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">When a student discovers private equity, one question often comes up: why does an investment fund sell a company to another fund rather than to a strategic buyer or through an IPO?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At first glance, this practice may seem strange. Some observers even see it as a simple game of musical chairs between financial investors. Yet Secondary Buyouts, often referred to as SBOs, have now become one of the main exit routes in the private equity industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Far from being an anomaly, they actually reflect the increasing maturity of the market and the growing specialization of investment funds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong data-start=\"654\" data-end=\"775\">In some vintages, Secondary Buyouts even represent a significant share of exits carried out by European and US funds.<\/strong><\/p>\n\n\n\n<p data-section-id=\"1t792up\" class=\"wp-block-paragraph\">&nbsp; &nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read more: <a href=\"https:\/\/www.trainy.co\/en\/blog\/Roll-up-SME\">Roll-up, Buy-and-Build, Consolidation: the strategies that transform SMEs into European leaders<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp;&nbsp;<\/p>\n\n\n\n<h2 data-section-id=\"1t792up\" class=\"wp-block-heading\">What is a Secondary Buyout?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Secondary Buyout refers to the sale of a company owned by a private equity fund to another private equity fund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The concept is simple. A first investor acquires a company, supports it for several years in order to develop its business, and then decides to sell its stake. Instead of selling to a strategic buyer or carrying out an IPO, it chooses to sell to another fund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company therefore remains owned by a financial sponsor, but its shareholder changes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong data-start=\"1275\" data-end=\"1401\">A Secondary Buyout is above all a transaction between two investors with different strategies and value creation horizons.<\/strong><\/p>\n\n\n\n<p data-section-id=\"1hhnzqy\" class=\"wp-block-paragraph\">&nbsp;&nbsp;<\/p>\n\n\n\n<h2 data-section-id=\"1hhnzqy\" class=\"wp-block-heading\">Why does the first fund want to sell?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The simplest reason is linked to how private equity works.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most funds have a limited lifespan. After several years of holding, they must return capital to their investors and crystallize the capital gains achieved.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even when a company continues to perform well, the fund cannot hold it indefinitely.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Take the example of a fund that invested in a company five or six years earlier. Through operational improvements, acquisitions, and solid organic growth, the company has significantly improved.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The fund has executed a large part of its initial value creation plan. It is therefore natural for it to consider an exit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong data-start=\"2068\" data-end=\"2170\">The willingness to sell does not necessarily mean that the company\u2019s potential has been exhausted.<\/strong><\/p>\n\n\n\n<p data-section-id=\"mw40zu\" class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<h2 data-section-id=\"mw40zu\" class=\"wp-block-heading\">Why does another fund want to buy?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is probably the most interesting question.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the first fund believes it has created value, why would a second investor agree to pay an even higher price?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The answer is that the two funds do not necessarily look at the same company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The first investor may have focused on professionalizing governance, improving profitability, or implementing a buy-and-build strategy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The second fund may identify other value creation levers that remain untapped.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong data-start=\"2669\" data-end=\"2749\">Each fund has its own expertise, network, and strategic view of the company.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What appears to be a mature company for one investor may represent a new transformation opportunity for another.<\/p>\n\n\n\n<p data-section-id=\"144zhrm\" class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<h2 data-section-id=\"144zhrm\" class=\"wp-block-heading\">Size changes create new opportunities<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One of the main reasons explaining Secondary Buyouts lies in the evolution of company size.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A company valued at \u20ac100 million at the time of its initial acquisition may be worth \u20ac500 million or \u20ac1 billion a few years later.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This growth completely changes the universe of potential buyers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some small-cap focused funds no longer have the financial capacity to hold or refinance the company. In contrast, mid-cap or large-cap focused players may now become interested.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong data-start=\"3377\" data-end=\"3482\">The company gradually moves into a new category and naturally attracts a new generation of investors.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Secondary Buyout therefore becomes a logical transition between different development phases.<\/p>\n\n\n\n<p data-section-id=\"dl6lns\" class=\"wp-block-paragraph\">&nbsp;&nbsp;<\/p>\n\n\n\n<h2 data-section-id=\"dl6lns\" class=\"wp-block-heading\">Increasing specialization of funds<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The private equity industry has become extremely specialized.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some funds excel in buy-and-build strategies. Others focus on international expansion. Others specialize in digital transformation or complex operational improvements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This specialization encourages transactions between funds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One investor may feel it has completed its mission, while another believes its specific expertise can unlock a new growth cycle.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong data-start=\"4044\" data-end=\"4171\">The transfer of a company between two funds often reflects a strategic handover rather than a simple financial transaction.<\/strong><\/p>\n\n\n\n<p data-section-id=\"174so96\" class=\"wp-block-paragraph\">&nbsp;&nbsp;<\/p>\n\n\n\n<h2 data-section-id=\"174so96\" class=\"wp-block-heading\">The role of leverage<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In some cases, a Secondary Buyout can also be used to refinance the company\u2019s capital structure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After several years of growth and deleveraging, the company may be able to support a higher level of debt than at the time of the initial acquisition.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The new buyer can therefore implement a different financing structure and optimize investment returns.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Of course, this approach must remain cautious.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Private equity history shows that excessive leverage can become problematic when the economic environment deteriorates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong data-start=\"4721\" data-end=\"4825\">Sustainable value creation is primarily based on operational growth, not solely on leverage effects.<\/strong><\/p>\n\n\n\n<p data-section-id=\"159eu1g\" class=\"wp-block-paragraph\">&nbsp;&nbsp;<\/p>\n\n\n\n<h2 data-section-id=\"159eu1g\" class=\"wp-block-heading\">Criticism of Secondary Buyouts<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Secondary Buyouts are not unanimously accepted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some critics argue that they reflect a lack of strategic buyers or an overly financialized market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to this view, value creation may be more limited when several funds succeed each other in the ownership of the same company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the reality is often more nuanced.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many companies have experienced several successive sponsors while continuing to grow, expand internationally, and develop strategically.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In some cases, each fund has contributed differently to the company\u2019s trajectory.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong data-start=\"5413\" data-end=\"5531\">The simple fact that a company is sold to another fund does not allow one to judge the quality of the transaction.<\/strong><\/p>\n\n\n\n<p data-section-id=\"w8249n\" class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<h2 data-section-id=\"w8249n\" class=\"wp-block-heading\">Some emblematic examples<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many European companies have gone through multiple private equity ownership cycles.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This situation is particularly common in software, B2B services, healthcare, and infrastructure sectors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Buy-and-build, digitalization, and international expansion strategies often require more time than a single holding period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is therefore not uncommon for a company to pass successively through several investors before eventually being listed on the stock market or sold to a strategic buyer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong data-start=\"6050\" data-end=\"6143\">A Secondary Buyout is often an intermediate step in building a European or global leader.<\/strong><\/p>\n\n\n\n<p data-section-id=\"8dtpi\" class=\"wp-block-paragraph\">&nbsp;&nbsp;<\/p>\n\n\n\n<h2 data-section-id=\"8dtpi\" class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Secondary Buyouts now play a central role in the private equity ecosystem. Far from being simple asset exchanges between investors, they reflect the increasing specialization of funds and the complexity of value creation pathways.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong data-start=\"6392\" data-end=\"6511\">A company can offer several successive waves of value creation, each corresponding to a different investor profile.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The first fund may professionalize the organization. The second may accelerate acquisitions. The third may drive international expansion. Together, these stages progressively transform a local SME into a major industry player.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For students discovering private equity, understanding Secondary Buyouts is essential. They perfectly illustrate that value creation does not necessarily stop after the first acquisition and that a company can go through several transformation cycles before reaching maturity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When a student discovers private equity, one question often comes up: why does an investment fund sell a company to another fund rather than to a strategic buyer or through an IPO?  At first glance, this practice may seem strange. Some observers even see it as a simple game of musical chairs between financial investors.<\/p>\n","protected":false},"author":3,"featured_media":857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Secondary Buyouts: why do funds sell companies to each other? - Trainy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.trainy.co\/blog\/en\/sbo-private-equity\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Secondary Buyouts: why do funds sell companies to each other? - Trainy\" \/>\n<meta property=\"og:description\" content=\"When a student discovers private equity, one question often comes up: why does an investment fund sell a company to another fund rather than to a strategic buyer or through an IPO? 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