Private equity firm experience and buyout vendor source: What is their impact on efficiency?

► Buyouts of private firms achieve above average levels of post-buyout efficiency. ► Buyouts of firm divisions achieve above average levels of post-buyout efficiency. ► Secondary buyouts achieve below average levels of post-buyout efficiency. ► The experience of private equity investors positively affects post-buyout efficiency. ► Major efficiency improvements occur in the first 2 years post-buyout.