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1	Venture Capital/Private Equity Partnership Conference Exits and Returns September 13th 2004
2	Successful IPO’s by Financial Sponsors
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4	Background CVC/PPMV acquired Pacific Brands in November 2001 for A$730 million (A$780 million including fees) Pacific Brands was a division of a troubled conglomerate Pacific Dunlop, that had been forced to auction the business The acquisition price was reasonable (8.3x historic and 7.1x forecast EBITA), however the business was low growth but stable Attractions of the deal: Dominant market share in stable product markets Poor direction and poor cash management under previous ownership Growth opportunities in certain business units
5	The result
6	With focused management, profit outperformed expectations
7	How did we get there?
8	The Basics
9	Organisational Input
10	Strategic Input
11	Operational Input
12	Plan for Exit
13	Provide the right incentives
14	Summary