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MANAGEMENT BUYOUTS

The history of an organizational innovation

Steven Toms

Introduction

The sources of finance invested in growth sectors have long influenced the character of UK industry and indeed industries that have emerged and developed in many international contexts. Venture capital has a long history in the provision of growth finance and finance for restructuring in the UK (Wright et al., 2000; Toms et al., 2016). Even in such a long-run perspective, the buyout wave of the 1970s that began in the UK and the US and spread rapidly internationally, was nonetheless a revolutionary development. The parallel emergence of private equity (PE) (see Gilligan, Chapter 2 this volume) underpinned new opportunities for entrepreneurial groups of ...

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