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This thesis details our experience assisting BASE Equity Partners, a private equity firm based in New York City, on three prospective agricultural dealership deals over the course of this past academic year. The firm is currently structured as a Fundless Sponsor. This distinct structural trait is common for a type

This thesis details our experience assisting BASE Equity Partners, a private equity firm based in New York City, on three prospective agricultural dealership deals over the course of this past academic year. The firm is currently structured as a Fundless Sponsor. This distinct structural trait is common for a type of private equity firm known among practitioners as pledge funds. This creates an interesting element for our experience as there is very limited academic research on these types of firms, which, since the Great Recession, have become popular players in middle-market private equity deals. We, first, provide some historical context on pledge funds and identify their primary differences with traditional private equity. The remainder of the paper documents our experience working on the agricultural dealership deals. We have organized this portion after the manner in which we received assignments. We go into detail on the specific projects with which we were tasked, our interactions with the partners and the major takeaways we had from this learning experience. This thesis paper will enrich the academic knowledge regarding pledge funds—and private equity generally—by documenting a real experience of what it is like performing analyst-level tasks at a real firm. Additionally, we were privy to information that is highly confidential, and though we have protected the confidentiality of the companies through pseudonyms and redaction of confidential material, all of the financial data shown, models provided and qualitative discussion is real.
ContributorsTang, Ivan (Co-author) / Johnson, Bradley (Co-author) / Panosian, Tro (Co-author) / Simonson, Mark (Thesis director) / Bonadurer, Werner (Committee member) / Barrett, The Honors College (Contributor) / Department of Finance (Contributor) / Department of English (Contributor) / School of Accountancy (Contributor) / School of International Letters and Cultures (Contributor)
Created2015-05
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Currently conventional Subtitle D landfills are the primary means of disposing of our waste in the United States. While this method of waste disposal aims at protecting the environment, it does so through the use of liners and caps that effectively freeze the breakdown of waste. Because this method can

Currently conventional Subtitle D landfills are the primary means of disposing of our waste in the United States. While this method of waste disposal aims at protecting the environment, it does so through the use of liners and caps that effectively freeze the breakdown of waste. Because this method can keep landfills active, and thus a potential groundwater threat for over a hundred years, I take an in depth look at the ability of bioreactor landfills to quickly stabilize waste. In the thesis I detail the current state of bioreactor landfill technologies, assessing the pros and cons of anaerobic and aerobic bioreactor technologies. Finally, with an industrial perspective, I conclude that moving on to bioreactor landfills as an alternative isn't as simple as it may first appear, and that it is a contextually specific solution that must be further refined before replacing current landfills.
ContributorsWhitten, George Avery (Author) / Kavazanjian, Edward (Thesis director) / Allenby, Braden (Committee member) / Houston, Sandra (Committee member) / Civil, Environmental and Sustainable Engineering Programs (Contributor) / Barrett, The Honors College (Contributor)
Created2013-05
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Environmentally harmful byproducts from solid waste’s decomposition, including methane (CH4) emissions, are managed through standardized landfill engineering and gas-capture mechanisms. Yet only a limited number of studies have analyzed the development and composition of Bacteria and Archaea involved in CH4 production from landfills. The objectives of this research were to

Environmentally harmful byproducts from solid waste’s decomposition, including methane (CH4) emissions, are managed through standardized landfill engineering and gas-capture mechanisms. Yet only a limited number of studies have analyzed the development and composition of Bacteria and Archaea involved in CH4 production from landfills. The objectives of this research were to compare microbiomes and bioactivity from CH4-producing communities in contrasting spatial areas of arid landfills and to tests a new technology to biostimulate CH4 production (methanogenesis) from solid waste under dynamic environmental conditions controlled in the laboratory. My hypothesis was that the diversity and abundance of methanogenic Archaea in municipal solid waste (MSW), or its leachate, play an important role on CH4 production partially attributed to the group’s wide hydrogen (H2) consumption capabilities. I tested this hypothesis by conducting complementary field observations and laboratory experiments. I describe niches of methanogenic Archaea in MSW leachate across defined areas within a single landfill, while demonstrating functional H2-dependent activity. To alleviate limited H2 bioavailability encountered in-situ, I present biostimulant feasibility and proof-of-concepts studies through the amendment of zero valent metals (ZVMs). My results demonstrate that older-aged MSW was minimally biostimulated for greater CH4 production relative to a control when exposed to iron (Fe0) or manganese (Mn0), due to highly discernable traits of soluble carbon, nitrogen, and unidentified fluorophores found in water extracts between young and old aged, starting MSW. Acetate and inhibitory H2 partial pressures accumulated in microcosms containing old-aged MSW. In a final experiment, repeated amendments of ZVMs to MSW in a 600 day mesocosm experiment mediated significantly higher CH4 concentrations and yields during the first of three ZVM injections. Fe0 and Mn0 experimental treatments at mesocosm-scale also highlighted accelerated development of seemingly important, but elusive Archaea including Methanobacteriaceae, a methane-producing family that is found in diverse environments. Also, prokaryotic classes including Candidatus Bathyarchaeota, an uncultured group commonly found in carbon-rich ecosystems, and Clostridia; All three taxa I identified as highly predictive in the time-dependent progression of MSW decomposition. Altogether, my experiments demonstrate the importance of H2 bioavailability on CH4 production and the consistent development of Methanobacteriaceae in productive MSW microbiomes.
ContributorsReynolds, Mark Christian (Author) / Cadillo-Quiroz, Hinsby (Thesis advisor) / Krajmalnik-Brown, Rosa (Thesis advisor) / Wang, Xuan (Committee member) / Kavazanjian, Edward (Committee member) / Arizona State University (Publisher)
Created2022
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Description
Zero-Valent Metals (ZVM) are highly reactive materials and have been proved to be effective in contaminant reduction in soils and groundwater remediation. In fact, zero-Valent Iron (ZVI) has proven to be very effective in removing, particularly chlorinated organics, heavy metals, and odorous sulfides. Addition of ZVI has also been proved

Zero-Valent Metals (ZVM) are highly reactive materials and have been proved to be effective in contaminant reduction in soils and groundwater remediation. In fact, zero-Valent Iron (ZVI) has proven to be very effective in removing, particularly chlorinated organics, heavy metals, and odorous sulfides. Addition of ZVI has also been proved in enhancing the methane gas generation in anaerobic digestion of activated sludge. However, no studies have been conducted regarding the effect of ZVM stimulation to Municipal Solid Waste (MSW) degradation. Therefore, a collaborative study was developed to manipulate microbial activity in the landfill bioreactors to favor methane production by adding ZVMs. This study focuses on evaluating the effects of added ZVM on the leachate generated from replicated lab scale landfill bioreactors. The specific objective was to investigate the effects of ZVMs addition on the organic and inorganic pollutants in leachate. The hypothesis here evaluated was that adding ZVM including ZVI and Zero Valent Manganese (ZVMn) will enhance the removal rates of the organic pollutants present in the leachate, likely by a putative higher rate of microbial metabolism. Test with six (4.23 gallons) bioreactors assembled with MSW collected from the Salt River Landfill and Southwest Regional Landfill showed that under 5 grams /liter of ZVI and 0.625 grams/liter of ZVMn additions, no significant difference was observed in the pH and temperature data of the leachate generated from these reactors. The conductivity data suggested the steady rise across all reactors over the period of time. The removal efficiency of sCOD was highest (27.112 mg/lit/day) for the reactors added with ZVMn at the end of 150 days for bottom layer, however the removal rate was highest (16.955 mg/lit/day) for ZVI after the end of 150 days of the middle layer. Similar trends in the results was observed in TC analysis. HPLC study indicated the dominance of the concentration of heptanoate and isovalerate were leachate generated from the bottom layer across all reactors. Heptanoate continued to dominate in the ZVMn added leachate even after middle layer injection. IC analysis concluded the chloride was dominant in the leachate generated from all the reactors and there was a steady increase in the chloride content over the period of time. Along with chloride, fluoride, bromide, nitrate, nitrite, phosphate and sulfate were also detected in considerable concentrations. In the summary, the addition of the zero valent metals has proved to be efficient in removal of the organics present in the leachate.
ContributorsPandit, Gandhar Abhay (Author) / Cadillo – Quiroz, Hinsby (Thesis advisor) / Olson, Larry (Thesis advisor) / Boyer, Treavor (Committee member) / Arizona State University (Publisher)
Created2019
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Description
Our project examines The Blackstone Group’s $6.1 billion leveraged buyout of TeamHealth in 2016 in detail, as well as the broader implications of the transaction on the healthcare industry. The transaction was preceded by Blackstone’s initial acquisition of the company in 2005, followed by the company’s subsequent IPO in 2009.

Our project examines The Blackstone Group’s $6.1 billion leveraged buyout of TeamHealth in 2016 in detail, as well as the broader implications of the transaction on the healthcare industry. The transaction was preceded by Blackstone’s initial acquisition of the company in 2005, followed by the company’s subsequent IPO in 2009. Our project first covers the history of the target company and profiles key subsidiaries, with an emphasis on the 2015 $1.6B acquisition of IPC by TeamHealth. We then detail the sources and uses of the transaction and explore Blackstone’s stated transaction rationale. We construct a base case financial model that explores Blackstone’s potential projected internal rate of return based on organic growth and potential synergies with IPC alone and without any further tuck-in acquisitions, as well as an acquisition case model that incorporates several future tuck-in acquisitions. Both cases include a detailed buildout of revenue projections, key income statement and balance sheet drivers (including an analysis of changes in healthcare economics and their impact on our revenue build), and forward-looking assumptions on various items including capital expenditures for the target company. Discounted cash flow analysis and leveraged buyout analysis outputs are detailed and discussed for both the base case and acquisition case. We examine the risks and mitigants associated with the transaction and how they may exacerbate issues in a downside case, namely leverage and public markets-related risks that may affect Blackstone’s strategy. Lastly, we investigate the impact the transaction may have on the broader industry from the patient, payor, and physician perspective.
ContributorsBamford, Maxwell Blake (Co-author) / Jha, Neil (Co-author) / Doughty, Alexander (Co-author) / Leibovit-Reiben, Zachary (Co-author) / Mindlin, Jeff (Thesis director) / Stein, Luke (Committee member) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2020-05
Description

In the end, an increase in repurchases of company stock will also influence the rate of dividends to increase. This means, an investor should not necessarily worry about the dividends they receive, but rather to see if the company is making profit at a consistent rate and reinvesting into value-added

In the end, an increase in repurchases of company stock will also influence the rate of dividends to increase. This means, an investor should not necessarily worry about the dividends they receive, but rather to see if the company is making profit at a consistent rate and reinvesting into value-added activities. Through the major pillars of finance, technology, legal, and human resources, the budget for reinvestment can be optimized by investing into these respective categories with percentages that are mindful of the specific companies needs and functions. Any firm that chooses to ensure proven methods of growth will enact a combination of these four verticals. A larger emphasis on finance will branch out efficiency in the entire organization, as finance control everything from the toilet paper to the acquisitions the company is making. The more technology is used to reduce redundancy and inefficient or costly operations, the more capability the organization will have. IT, however, comes with its technical challenges; having a team on-hand or even outsourced, to solve the critical problems to help the business continue operation. Over-reliance into technology can be detrimental to a business as well if clear processes are not set about straight to counteract problems the business will face like IT ticketing systems or recovery and continuity support. Therefore, technology will require a larger chunk of attention as well.

The upcoming legal and HR investments a company will make will depend upon its current position and thus the restructuring will differ for every firm. Each company has its own flavour and style of work. In that regard, the required legal counsel will vary; different problems will require different solutions for risk control and management, which are often professionally advised by intelligent corporate counsel. This ability to hire efficient legal counsel would not arise in the first place if a firm were to give out dividends; the leftover profit would have gone towards the shareholders and not back into growing the equity of the business. Lastly, nothing is possible without the contribution of people, and their efforts. A quality that long-lasting, successful businesses have, is they are investing in their people and development. Paying salaries, insurances, bonuses, all requires extra capital that is needed to be set aside in order to grow human capital. Good people, better people. There are qualities for each role that need to be defined and a process for attracting talent needs to be invested in. This process can also include outsourcing to an external firm who specializes in these strategies. By retaining profits internally, the company is able to stretch its legs to have further reach upon the market they work in. Financially and statistically, dividends are likely to grow as well with the increase in equity due to the increase in security an investor feels with more cash reserve and liquidity within the company.

All in all, a company should not be pressured into giving out periodic payments in predetermined timeframes, in other words a dividend, to investors even when they are insisting. Rather, pitch and prove, a new method for reinvestment within the company that will raise the value of the company, through proven methods like the value chain model, to increase the equity in the company. By expanding the scope and capability, the company is allowing for a larger target market which will reap more benefits; none of it would be possible if it had continued to give out large percentages of capital to investors as dividends. Companies, and investors, should not be worried about dividends at all as a matter of fact; an increase in stock buyback, in other words reinvesting into the company, will increase the rate of dividends anyway, due to increased confidence and capital within the company.

ContributorsKabra, Dev (Author) / Ahern, James (Thesis director) / Kabra , J. (Committee member) / Barrett, The Honors College (Contributor) / Department of Information Systems (Contributor) / School of Politics and Global Studies (Contributor) / Department of Finance (Contributor)
Created2022-05
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ContributorsKabra, Dev (Author) / Ahern, James (Thesis director) / Kabra , J. (Committee member) / Barrett, The Honors College (Contributor) / Department of Information Systems (Contributor)
Created2022-05
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ContributorsKabra, Dev (Author) / Ahern, James (Thesis director) / Kabra , J. (Committee member) / Barrett, The Honors College (Contributor) / Department of Information Systems (Contributor)
Created2022-05
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ContributorsKabra, Dev (Author) / Ahern, James (Thesis director) / Kabra , J. (Committee member) / Barrett, The Honors College (Contributor) / Department of Information Systems (Contributor)
Created2022-05