Practical Law UK Glossary 9-382-6070 (Approx. 3 pages)
Glossary
Secondary management buyout
A private equity transaction in which the original private equity fund and the incumbent management team (who together are the owners of the business) dispose of a group (including the original buyout target and the companies formed to acquire it) to a team led by existing management with funding provided by a new private equity fund. In essence, a secondary management buyout is a buyout of a buyout.