"Private equity plays a crucial role in modern economies. What Sebastien Canderle explains is that the sector's performance depends on a very specific set of value triggers, first among them the optimal use of leverage. Get the mix wrong, however, and as the book's well-researched case studies demonstrate, even the most experienced fund managers can come to regret their foray into leveraged buyouts. The Debt Trap is filled with grounded analysis and is an authoritative book for PE practitioners and scholars alike." --- Franklin Allen, Nippon Life Professor of Finance and Economics at the Wharton School of the University of Pennsylvania, and Brevan Howard Centre director at Imperial College in London
"The Debt Trap dissects the dealmaking that undergirds leveraged buyouts and provides an essential road map to the many ways that this has changed since the 2008 financial crisis. Detailed examinations of high-profile buyouts demystify the excessively risky and opaque means that PE firms use to acquire companies."--- Eileen Appelbaum, Senior Economist at the Center for Economic and Policy Research, and author of Private Equity at Work
"Sebastien Canderle has written a genuinely compelling book that raises crucial questions about modern-day PE investment practices. The Debt Trap is a thoughtful and stimulating work that helps to frame the debate on value creation in the world of alternative finance."--- Pablo Fernandez, Professor of Financial Management and PricewaterhouseCoopers Chair of Corporate Finance at IESE Business School
"Not only does the book offer plenty of warning for private investors about investing in IPOs where the company floating is backed by a PE house, but also offers institutional investors plenty of evidence of what can go wrong with companies saddled with theexorbitant debt an LBO can bring...What I most like about this book is its broad scope in explaining the social effects of this kind of financial engineering." --- Owen Jones, Fidelity
"Sebastien Canderle's book should be at the top of recommended reading lists for every finance course. Drawing on a vast amount of research, The Debt Trap gives fascinating insights into some of the most illustrious leveraged buyouts, which will help to improve our teaching of finance and contribute to a sounder financial industry. For that reason it deserves to be read." --- Jacques Regniez, Professor of Economics and Finance at the State University of New York
"Private equity has thrived on debt. Excessive debt can harm companies. This important book shows how and why thanks to a rich set of in-depth case studies. It is essential reading for practitioners and students of private equity." --- Francois Degeorge, Senior Chair of the Swiss Finance Institute and Professor of Finance at the Universita della Svizzera italiana
"...The Debt Trap is a very valuable addition to the inordinately small body of literature on the subject of private equity...Canderle has opened the door for further investigation into the opaque world of private equity." -- Darragh Riordan, Real Deals
"A valuable contribution to the literature on private equity, The Debt Trap is an absorbing study of why leverage is a two-edged sword and should be used with utmost caution. The book is an important read for anyone involved in the private equity world or even the finance world at large." --- Jacob Wolinsky, CEO of ValueWalk
"Call it 'the art of the leveraged buyout'...Canderle explores some of the more controversial business strategies such as quick flips, repeat dividend recaps, heavy cost cutting, and asset stripping as related to leveraged buyouts...the author brings these investment strategies to life through real-world application--offering an up-close view of private equity deal-making. The text is a great resource for PE fund managers and business people alike." --- Wharton Magazine
