secondary management buyout
United Kingdom
Where the original private equity fund and the management team (who are the owners of the business) dispose of a group (including the old acquisition group and original target) to a team led by its existing management team with funding provided by a new private equity fund. In essence, a secondary management buyout is a buyout of a buyout.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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