The article examines private equity's role in franchising generally and more specifically in international franchising by considering private equity and international franchising from a variety of distinct perspectives—that of the US private equity investor; that of the US acquisition counsel; that of the general counsel of a target firm; and that of a European outside counsel. The authors examine the history and growth of private equity; private equity and franchising viewed from a European perspective; the attraction of franchising to private equity and characteristics of the relationship; some of the legal issues arising in a PE group's acquisition and operation of a franchise system; and ways in which the interests and perspectives of a private equity and a franchise system may diverge.
The article was co-authored by Carolyn J. Vardi, James J. Goodman, Andrew P. Loewinger, Gilles Menguy and Ted P. Pearce.
A version of this article was published in the International Journal of Franchising Law, Volume 11, Issue 1, 2013, pp 3-20, London, Claerhout Publishing Ltd.
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