Kungani Umtshalizimali Oyisishoshovu Enentshisekelo Ku-Retailer Mattress Firm? Akukona Okucabangayo

Amafemu azimele kanye nabatshalizimali abanohlonze i-Berkshire Partners LLC babambe iqhaza enkampanini ephethe umatilasi womdayisi. (MFRM)
Kodwa hhayi ngalokho okufunayo.
Imvamisa, lapho inkampani ethenga izinto, eyaziwa ngokuba yisishoshovu, ibambe elikhulu iqhaza enkampanini, inhloso yayo wukugqugquzela izinguquko futhi ngokunokwenzeka izuze.
Kodwa akunakwenzeka kuleli cala.
UBerkshire udalule ikhophi ye-10 ngoFebhuwari 9.
Amasheya angu-4% enkampanini kamatilasi.
NgoFebhuwari 24, umthengisi waqoka abantu ababili abaqokelwe ebhodini abavela eBerkshire kanye nengalo yayo yokutshala imali iStockbridge, abazongenela umhlangano waminyaka yonke wenkampani.
Izinguquko zibonakala ziyeza.
Izinkampani ezizimele zivame ukukhomba amabhizinisi abiza ngaphansi kuka-7-
Izinzuzo ngaphambi kwenzalo, intela, ukwehla kwenani kanye nokwehliswa kwemali (
I-EBITDA, engasetshenziswa ukukhokha inzalo esikweletini kanye nenani lokugeleza kwemali mahhala ukukhokha isikweletu)
Ukuthi kusafanele banikeze iprimiyamu yalokhu, kodwa bavumele kuphela uxhaso lwezikhathi ezifika kweziyisithupha ze-EBITDA.
Ngokuvamile, ukuphindaphinda okuphansi, kulula ukuthola imali yezikweletu, ngoba i-EBITDA ibonisa ukuhamba kwemali okungasetshenziswa ukukhokha isikweletu.
Kulokhu, ukuphindaphinda okuphezulu kusho ukuthi ukuxhaswa ngezimali kwezikweletu kuzoba nzima kakhulu ukuhlela, okungukuthi, ngaphandle uma izinkampani ze-PE zizimisele ukukhokha imali eningi.
Kodwa inani lemakethe lingu-$1.
Isikweletu siphelele sasicishe sibe ngamaRandi ayizigidi eziyizinkulungwane ezingama-55.
47 billion, inani lenkampani kamatilasi lilinganiselwa ku-$3 billion, lilinganiselwa ku-8. 57-
Liphindwe kabili i-$0. I-EBITDA elungisiwe eyizigidigidi ezingama-35 okulindeleke ukuthi ibe khona kulo nyaka wezimali wamanje kusukela zingama-31 kuMasingana wezi-2017.
Umthengisi, ongumnikazi wesiteki esiphindwe kasikhombisa, akayona into ethengwa kalula.
Ngaphezu kwalokho, inkampani kamatilasi isanda kuqeda i-$0. 78 billion wokuthola i-Sleepy's, imbangi yayo enkulu, esenyuse isikweletu sayo ku-balance sheet.
Uma kubhekwa ukuthi abathengisi baqongelele izikweletu eziningi ukuze bathole futhi basezinhlelweni zokuhlanganisa, kwenza kube nzima kakhulu ukuthola izikweletu eziningi.
Idatha evela kwaMoody's Investor Services
Isikweletu esiphelele senkampani kamatilasi sihlanganisa u-$0. 665 billion.
Ukuze uthenge imali mboleko yesikhathi esimisiwe kwa-Sleepy, okwamanje enemali mboleko yesikhathi esimisiwe engu-$0. 687 billion (
Ikhokhelwe kusukela ku-$0 yokuqala. 72 billion)
Ivolovolo layo laboleka u-$60 nezinye izikweletu zamaRandi ayizigidi ezingu-57, ikakhulukazi ezakhiwe ngezindlu ezibolekiwe.
Njengoba zonke izinkampani zezikweletu nomatilasi zimatasa zihlanganisa ukuthengwa okusha, mancane amathuba okuthi i-Berkshire yenze izimfuno eziningi enkampanini. ithemu.
Yenzani le nkampani ye-PE eqinile?
I-Berkshire ingase icabange ukukhulisa imbuyiselo ngokwenza ukutshalwa kwezimali okwengeziwe ezinkampanini ezisohlwini lapho ihlose ukuba nezwi endleleni yokuphatha inkampani, nakuba lokhu kuwukubhuka, kusho abantu abajwayelene nalolu daba.
Uma kubhekwa ishidi lebhalansi lenkampani, amasheya aphethwe abashokobezi akusho ukuthi i-Berkshire ifuna ukuphusha ukutholwa okunenzuzo noma ukwabelana ngokuthenga, kusho imithombo.
Amalungu ebhodi ye-Berkshire kungenzeka futhi angahlanganise lutho nomnikazi wamasheya omkhulu wenkampani, inkampani enguntanga ye-PE u-J. W.
I-Stroller Associates LP.
Inkampani yokutshala imali ibamba amaphawundi angama-36. 7%.
Ekuqaleni, lokhu kubambisana kuzosiza u-J. W.
Iwodi lezingane laseNew York-
Ikomkhulu layo liku-40 North Management LLC, lena enye inkampani enezabelo ezilinganiselwa ku-8 kwaMatress.
5%, incwadi ithunyelwe ngoFebhuwari.
Amasosha acele abadayisi ukuthi banyakazise ibhodi.
I-40 North ithe ikhathazekile ukuthi iningi lamalungu ebhodi alizimele ku-J. W.
Nakuba i-PE manje ibambe iqhaza elincane kubahlinzeki bomatilasi, Izingane.
I-Berkshire ingase futhi ibone ithuba lokusiza ukuqondisa inkampani embonini eguqukayo.
Izinkampani zikamatilasi kumele zigxile ekukhuleni kwezimbangi
I-Ups eNew York-Ikomkhulu eCasper Co.
, Ithengisa umatilasi othengekayo kodwa onethezekile ebhokisini elihlangene elinesiqinisekiso \"zama\"ngaphambi kokuthenga\".
Okungenani ngaphandle, umthengisi uthe wayengakhathazeki kakhulu.
Yize uCasper aziwa ngemibhede esebhokisini, intengo yayo ayishibhile kakhulu kunomatilasi abadayiswa yinkampani kamatilasi.
Isibonelo, nakuba umatilasi wamawele kaCasper ubiza u-$500, imodeli yenkampani kamatilasi ishibhile njengo-$300. \"Ukuqala kokulala-
Ama-ups abalulekile impela ngoba ayakwazi ukuvusa isasasa lababukeli abasebasha ebuthongweni futhi awanandaba nokuthi hlobo luni lukamatilasi ababelala ngalo eminyakeni embalwa edlule, kusho umkhulumeli wale nkampani kamatilasi nge-imeyili.
Umkhulumeli wengeze ngokuthi amakhasimende asancamela ukuthinta nokuzwa umatilasi ngaphambi kokuwuthenga.
Mhlawumbe lesi yisabelo sikaBerkshire enkampanini kamatilasi, etshale imali enkampanini ngaphambi kokuthi kuqalwe ukuthengwa.
Kodwa kungenzeki, uma kubhekwa umthwalo wesikweletu wenkampani.
Ngokunokwenzeka, iBerkshire yenza okuthile okusha;
Isikhathi sizositshela ukuthi kuyini