Case Study Programme December 2007 V 0.7 Plenium Service Informatique th of April 2006, the elegant gray-blue high speed TGV train to Lyon At 7.54 a.m. on the 27 left its platform. Inside, watching the Paris urban landscape slowly gathering pace, Pedro Sousa, CEO of Plenium Service Informatique, collected his thoughts. In a few hours he would close the purchase of 56% of the shares of Plenium from the company’s founder and majority shareholder. 10 months had passed since he had first proposed to his management team a solution to the problem imposed by the founder’s exit – acquiring control of Plenium themselves. Tough, long negotiations had followed. Now, after a couple of signatures in the founder lawyer’s office, he would finally be able to focus back on developing the business. Still, some thoughts were stubbornly recurring through Pedro’s mind. He and his new partners were committing all their savings to the company. They had had no choice but to borrow heavily to finance the deal. Did they pay the right price for the buyout? Would Plenium be able to service the debt? What risks could possibly lay ahead? One thing was clear, a new phase of their lives was beginning. Looking away from the window, Pedro opened his laptop and started another day of work among the racing green hills floating by at 300 km per hour.