Booted out

Another day, another bunch of buyout funds losing out to strategic investors in an auction. The fact that Boots Healthcare, the over-the-counter pharmaceuticals arm of the UK retail chain, is going to a trade buyer rather than a private equity firm presents another mixed news for the leveraged buyout industry. On the one hand, the proliferation of trade buyers increases exit opportunities for buyout funds. On the other hand, it means shrinking investment prospects. Trade buyers have a number of...