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Latest Case Studies
Case Study
Evoco AG: Unlocking private equity potential

Michel Galeazzi and Felix Ackermann, founding partners of the private equity firm Evoco, sat with the rest of the team pondering the latest strategic issues. Evoco had evolved significantly as a fund manager since its creation in 2012, taking advantage of newly identified opportunities and developing novel competencies. Its first three funds ha…

Entrepreneurship Finance Venture Capital
By Benoit F. Leleux and Ricardo Rodriguez Plazas
Case reference: IMD-2689, © 2025
Evoco AG: Unlocking private equity potential
By Benoit F. Leleux and Ricardo Rodriguez Plazas
Case reference: IMD-2689 ©2025
Summary
Michel Galeazzi and Felix Ackermann, founding partners of the private equity firm Evoco, sat with the rest of the team pondering the latest strategic issues. Evoco had evolved significantly as a fund manager since its creation in 2012, taking advantage of newly identified opportunities and developing novel competencies. Its first three funds had an excellent track record, which provided a strong platform to continue learning and to evolve the business models of its funds. Evoco’s founding premise was to develop business solutions for governance and liquidity issues that emerged in private equity, creating investment opportunities for its investors in the process. The first two funds, Evoco TSE I and II, focused primarily on developing secondary solutions for liquidity and governance issues in private equity, i.e. acquiring portfolios of positions in late-stage or undermanaged buyout funds, and creating value by accelerating exits and engineering a palette of value-creating, hands-on strategic initiatives. The sellers typically required liquidity for some reason, e.g. new investment paradigms, better allocation opportunities or team reorganization. With Evoco TSE III, the strategy was refined, opening the door to single-asset deals and ever more original value creation interventions facilitated by majority ownership positions. When US President Donald Trump announced a tsunami of new tariffs on ‘Liberation Day’ 2 April 2025, the world of trade and industry was thrown into disarray, and private equity with it. Would it make sense to capitalize on the upheaval by tweaking the firm’s strategy again to fine-tune an even more compelling investment proposition? Which direction should that take?
Reference IMD-2689
Copyright ©2025
Copyright owner IMD Copyright
Organization Evoco
Industry Finance and Insurance, Private Equity
Available Languages English
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Case Study
The new protein buzz: Can Legendary Foods Africa feed the world with insects?

The case describes Legendary Foods Africa, a food-tech company founded in 2020 in Ghana by Canadian entrepreneur Shobhita Soor. Legendary Foods Africa is focused on farming, processing and selling palm weevil larvae products for human consumption. Palm weevil larvae, a traditional local food, are rich in protein, healthy fats and essential nutri…

Entrepreneurship Sustainability Social Innovation
By Sophie Bacq, Valerie Keller-Birrer and Ruth Shalom Kinyua
Case reference: IMD-7-2632, © 2025
The new protein buzz: Can Legendary Foods Africa feed the world with insects?
By Sophie Bacq Valerie Keller-Birrer and Ruth Shalom Kinyua
Case reference: IMD-7-2632 ©2025
Summary
The case describes Legendary Foods Africa, a food-tech company founded in 2020 in Ghana by Canadian entrepreneur Shobhita Soor. Legendary Foods Africa is focused on farming, processing and selling palm weevil larvae products for human consumption. Palm weevil larvae, a traditional local food, are rich in protein, healthy fats and essential nutri…
Reference IMD-7-2632
Copyright ©2025
Copyright owner IMD Copyright
Organization Legendary Foods Africa
Industry Consumer Goods, Food and Beverage
Available Languages English
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Case Study
DSS+: Carving out a sustainability consulting leader

The case examines the entrepreneur-led carve out and buyout of dss+, DuPont’s safety and sustainability consulting division, by Gyrus Capital and dss+ management team. dss+ (formerly “DuPont Sustainable Solutions”) played a pivotal role in high-risk industries such as oil, gas, and chemicals, providing critical consulting services at a time when…

Finance Entrepreneurship Sustainability
By Benoit F. Leleux, Giorgio Pignalosa, Larissa Margot Bieler, Mojisola Onabanjo Akinkunmi and Nicolas Campodonico
Case reference: IMD-7-2639, © 2025
DSS+: Carving out a sustainability consulting leader
By Benoit F. Leleux Giorgio Pignalosa Larissa Margot Bieler Mojisola Onabanjo Akinkunmi and Nicolas Campodonico
Case reference: IMD-7-2639 ©2025
Summary
The case examines the entrepreneur-led carve out and buyout of dss+, DuPont’s safety and sustainability consulting division, by Gyrus Capital and dss+ management team. dss+ (formerly “DuPont Sustainable Solutions”) played a pivotal role in high-risk industries such as oil, gas, and chemicals, providing critical consulting services at a time when global regulatory pressure on operational safety and sustainability was intensifying. Gyrus Capital, a mid-market private equity specialist, came together with the management team to engineer the buyout, based on the firm’s strong and predictable revenue streams, long-term client relationships and specialized expertise in safety and sustainability consulting. What emerged out of the 2019 transaction was an independent sustainability consulting powerhouse with over 1,500 consultants around the world. By 2024, dss+ was still expanding rapidly in terms of staff and domains of expertise, not to mention geography, and had to respond to quickly evolving external and internal demands, with clients increasingly expected to be served globally on a full range of sustainability-related services. With a strong sense of purpose (saving lives and creating a sustainable future), a potent pitch line (Protect. Transform. Sustain), over 750 clients on 1,800 projects across 41 countries, a global team of 1,500 people and plenty of organic growth across 7 core industries, the company was clearly heading for the stars. Yet, new questions loomed: Was it time to start managing that wild growth, deepening competitive advantages and building functional moats? How would dss+ remain competitive? Was it time to put a few new initiatives on high octane fuel: Leadership? Digital transformation? Global growth? Some totally new ideas?
Reference IMD-7-2639
Copyright ©2025
Copyright owner IMD Copyright
Organization dss+, Gyrus Capital, Inflexion
Industry Services, Environmental Services;Healthcare, Health and Medical Services;Services, Public Safety;Business Management Services, Consultancy
Available Languages English
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Case Study
Sea2see: Seastainable vision

BARCELONA, JANUARY 2023. What started in 2016 as a humble entrepreneurial attempt to contribute to a more sustainable future had turned into a solid eyewear brand present in major Western markets. François van den Abeele was even more excited by the rapid development of the Sea2see Foundation, which he set up in Ghana. But success brought its ow…

Entrepreneurship Family Business General Management Global Business Marketing Sustainability
By Benoit F. Leleux and Thomas Brochier
Case reference: IMD-7-2564, © 2024
Sea2see: Seastainable vision
By Benoit F. Leleux and Thomas Brochier
Case reference: IMD-7-2564 ©2024
Summary
BARCELONA, JANUARY 2023. What started in 2016 as a humble entrepreneurial attempt to contribute to a more sustainable future had turned into a solid eyewear brand present in major Western markets. François van den Abeele was even more excited by the rapid development of the Sea2see Foundation, which he set up in Ghana. But success brought its own new questions and issues. From the start, he had relied on the superb craftmanship and dedication of an Italian frame manufacturer. Over time that relationship had turned into a mutual dependency: He was now one of its major clients but, reciprocally, had developed a key supplier risk. What if something happened to that relationship? Should he develop a broader set of suppliers and, if so, how could that be done without antagonizing a great working relationship? Recycling very much set the stage for the brand’s sustainability claims, but it also took massive amounts of time to manage. As other companies started to develop their own fishing net recycling supply chains, did it still make sense to invest so much time in the upstream phase or should he pour his energy into his beloved brand? Finally, maybe it was also time to revisit the growth/profitability dilemma and open up the capital to increase the speed of growth, all for the benefit of the environment as impact fed on scale.
Reference IMD-7-2564
Copyright ©2024
Copyright owner IMD Copyright
Organization Sea2see
Industry Consumer Goods, Optical Products
Available Languages English
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Case Study
CVTrust and the Smart Certificate

When the dotcom bubble burst in March 2000, this did not stop the world from going digital, but it did poke holes in the concept of trust, especially in the digital world. David Goldenberg, a Belgian entrepreneur with extensive experience in management consulting, was confronted daily with the hassles of recruiting when information about candida…

Entrepreneurship Digital Venture Capital
By Benoit F. Leleux, Baldvin Kovacs, Sayat Kurmanbayev and Luigi Mirri
Case reference: IMD-7-2611, © 2024
CVTrust and the Smart Certificate
By Benoit F. Leleux Baldvin Kovacs Sayat Kurmanbayev and Luigi Mirri
Case reference: IMD-7-2611 ©2024
Summary
When the dotcom bubble burst in March 2000, this did not stop the world from going digital, but it did poke holes in the concept of trust, especially in the digital world. David Goldenberg, a Belgian entrepreneur with extensive experience in management consulting, was confronted daily with the hassles of recruiting when information about candida…
Reference IMD-7-2611
Copyright ©2024
Copyright owner IMD Copyright
Organization CVTrust
Industry Information Technology, Information Technology Services
Available Languages English
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Case Study
IG4 Capital: Private equity with a purpose

SEPTEMBER 2023, SÃO PAULO (BRAZIL). Gustavo Buffara was painstakingly putting the finishing touches on the IG4 Private Equity Fund III presentation. Co-founded by Gustavo in 2016, IG4 Capital had grown to become a leading force in private equity in Latin America with a unique value proposition that focused on private equity special situations. W…

Finance Emerging Market Entrepreneurship Sustainability
By Benoit F. Leleux and Arthur de Bonis
Case reference: IMD-7-2545, © 2024
IG4 Capital: Private equity with a purpose
By Benoit F. Leleux and Arthur de Bonis
Case reference: IMD-7-2545 ©2024
Summary
SEPTEMBER 2023, SÃO PAULO (BRAZIL). Gustavo Buffara was painstakingly putting the finishing touches on the IG4 Private Equity Fund III presentation. Co-founded by Gustavo in 2016, IG4 Capital had grown to become a leading force in private equity in Latin America with a unique value proposition that focused on private equity special situations. W…
Reference IMD-7-2545
Copyright ©2024
Copyright owner IMD Copyright
Organization IG4 Capital Partners
Industry Finance and Insurance, Private Equity
Available Languages English
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Case Study
Entrepreneurship through acquisition: Vanessa Monestel’s search fund

GENEVA (SWITZERLAND), OCTOBER 2023. Vanessa Monestel was ecstatic. a day earlier, she had just signed the letter of intent (LOI) to acquire an Amsterdam-based fashion company. This was the culmination of her 18-month search for a company to acquire, conducted with the support of Novastone Capital Advisors’ (NCA) Entrepreneurship through Acquisit…

Entrepreneurship Finance Strategy
By Benoit F. Leleux, Joseph Kovacs, Kristel Rouiller, Sebastien Braun and Thierry Meouchi
Case reference: IMD-7-2514, © 2024
Entrepreneurship through acquisition: Vanessa Monestel’s search fund
By Benoit F. Leleux Joseph Kovacs Kristel Rouiller Sebastien Braun and Thierry Meouchi
Case reference: IMD-7-2514 ©2024
Summary
GENEVA (SWITZERLAND), OCTOBER 2023. Vanessa Monestel was ecstatic. a day earlier, she had just signed the letter of intent (LOI) to acquire an Amsterdam-based fashion company. This was the culmination of her 18-month search for a company to acquire, conducted with the support of Novastone Capital Advisors’ (NCA) Entrepreneurship through Acquisit…
Reference IMD-7-2514
Copyright ©2024
Copyright owner IMD Copyright
Organization Novastone Capital Advisors
Industry Finance and Insurance, Private Equity
Available Languages English
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Case Study
Entrepreneurship through acquisition: Sébastien Perroud and the IAR Group

GENEVA (SWITZERLAND), AUGUST 2021. There was a lot at stake for Sébastien. This was the culmination of his 18-month NCA supported search journey to find a company to acquire. Instead of a single target, he was now faced with the prospect of acquiring 4 separate companies at once, consolidating them into a group. One, SAS, was bigger than the oth…

Entrepreneurship Finance Strategy
By Benoit F. Leleux, Dominik Hanslin, Iuliia Mordacheva, Matthias Rey and Frank Schuster
Case reference: IMD-7-2515, © 2024
Entrepreneurship through acquisition: Sébastien Perroud and the IAR Group
By Benoit F. Leleux Dominik Hanslin Iuliia Mordacheva Matthias Rey and Frank Schuster
Case reference: IMD-7-2515 ©2024
Summary
GENEVA (SWITZERLAND), AUGUST 2021. There was a lot at stake for Sébastien. This was the culmination of his 18-month NCA supported search journey to find a company to acquire. Instead of a single target, he was now faced with the prospect of acquiring 4 separate companies at once, consolidating them into a group. One, SAS, was bigger than the oth…
Reference IMD-7-2515
Copyright ©2024
Copyright owner IMD Copyright
Organization IAR Group
Industry Finance and Insurance, Private Equity
Available Languages English
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Case Study
Rede Mulher Empreendedora: Navigating mission integrity and financial sustainability

The case focuses on Rede Mulher Empreendedora (RME), Brazil’s largest support platform for female entrepreneurship, and its founder, Ana Fontes. Founded in 2010, RME had grown into a significant network by 2023, impacting the livelihoods of over 12 million women in Brazil, a country with substantial gender disparities. The platform offers initia…

Entrepreneurship Sustainability Diversity and Equity and Inclusion
By Vanina Farber, María Helena Jaén, Jose Mello, Lilian de Miranda, Patricia Araripe, Peter Munk Laursen and Rabia Chishti
Case reference: IMD-7-2613, © 2024
Rede Mulher Empreendedora: Navigating mission integrity and financial sustainability
By Vanina Farber María Helena Jaén Jose Mello Lilian de Miranda Patricia Araripe Peter Munk Laursen and Rabia Chishti
Case reference: IMD-7-2613 ©2024
Summary
The case focuses on Rede Mulher Empreendedora (RME), Brazil’s largest support platform for female entrepreneurship, and its founder, Ana Fontes. Founded in 2010, RME had grown into a significant network by 2023, impacting the livelihoods of over 12 million women in Brazil, a country with substantial gender disparities. The platform offers initia…
Reference IMD-7-2613
Copyright ©2024
Copyright owner IMD Copyright
Organization Rede Mulher Empreendedora
Industry Services
Available Languages English
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Case Study
HeliService International: Flying ahead

The case follows Oliver Freiland, a former Roland Berger consultant with a successful corporate career, in his quest for the right acquisition target. In 2015 Oliver finally took a leap of faith to buy his way into entrepreneurship by acquiring HeliService, a provider of offshore helicopter operations for wind farms in the North Sea, with the he…

Entrepreneurship Mergers and Acquisitions Strategy
By Benoit F. Leleux, Stephanie Herzog, Christian Hutter, Markos Vidalis and Selmona Walder
Case reference: IMD-7-2601, © 2024
HeliService International: Flying ahead
By Benoit F. Leleux Stephanie Herzog Christian Hutter Markos Vidalis and Selmona Walder
Case reference: IMD-7-2601 ©2024
Summary
The case follows Oliver Freiland, a former Roland Berger consultant with a successful corporate career, in his quest for the right acquisition target. In 2015 Oliver finally took a leap of faith to buy his way into entrepreneurship by acquiring HeliService, a provider of offshore helicopter operations for wind farms in the North Sea, with the he…
Reference IMD-7-2601
Copyright ©2024
Copyright owner IMD Copyright
Organization HeliService International
Industry Travel and Leisure, Airlines and Aviation
Available Languages English
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Case Study
La Marzocco: Espresso perfection

In July 2024 Guido Preti, La Marzocco’s sustainability manager, was preparing his three-year plan to combine La Marzocco’s ESG program with that of its new owners, the De’Longhi Group. Since its inception in 1927, the company had relentlessly sought to produce the perfect espresso machine through exceptional craftmanship, user centric designs an…

Sustainability Entrepreneurship Growth
By Benoit F. Leleux and Jan Van der Kaaij
Case reference: IMD-7-2603, © 2024
La Marzocco: Espresso perfection
By Benoit F. Leleux and Jan Van der Kaaij
Case reference: IMD-7-2603 ©2024
Summary
In July 2024 Guido Preti, La Marzocco’s sustainability manager, was preparing his three-year plan to combine La Marzocco’s ESG program with that of its new owners, the De’Longhi Group. Since its inception in 1927, the company had relentlessly sought to produce the perfect espresso machine through exceptional craftmanship, user centric designs an…
Reference IMD-7-2603
Copyright ©2024
Copyright owner IMD Copyright
Organization La Marzocco
Industry Manufacturing, Machinery
Available Languages English
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Case Study
Contabilizei: Freeing entrepreneurs from Brazil’s tax complexity

The case focuses on Contabilizei, a Brazilian startup providing online accounting services for small and medium-sized enterprises (SMEs). The case study delves into the challenges faced by the company’s founder and CEO, Vitor Torres, as he navigated Brazil’s complex social and economic landscape. Issues such as Brazil’s byzantine tax system, dis…

Entrepreneurship Business to Business Digital Strategy
By Benoit F. Leleux, Diego Dias, Ariella Pfenninger, Daniel Töller and Thomas Villiger
Case reference: IMD-7-2546, © 2024
Contabilizei: Freeing entrepreneurs from Brazil’s tax complexity
By Benoit F. Leleux Diego Dias Ariella Pfenninger Daniel Töller and Thomas Villiger
Case reference: IMD-7-2546 ©2024
Summary
The case focuses on Contabilizei, a Brazilian startup providing online accounting services for small and medium-sized enterprises (SMEs). The case study delves into the challenges faced by the company’s founder and CEO, Vitor Torres, as he navigated Brazil’s complex social and economic landscape. Issues such as Brazil’s byzantine tax system, disparate educational quality and accessibility, and the high cost of doing business in the country are explored. Despite these barriers, Contabilizei demonstrated impressive growth, transforming digital innovation into standardized services. However, the rise of competitors and persistent profitability concerns prompt Torres to thoroughly explore future strategies to maintain market leadership and improve financial performance. The case provides an in-depth analysis of Brazil’s entrepreneurial ecosystem, examining its business, educational, legal and infrastructural realities and their implications for startups as well as the difficult step for startups to become established companies.
Reference IMD-7-2546
Copyright ©2024
Copyright owner IMD Copyright
Organization Contabilizei
Industry Finance and Insurance, Financial Services
Available Languages English
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Case Study
Jubilee Enterprises of Thailand: Growing through insights

Unyarat Pornprakit (Unya) is the youthful chief executive officer of Jubilee Enterprise PLC, a diamond jewelry retailer. Since Unya became CEO in 2008, she has expanded the chain to 128 stores and grown the revenue to $400 million. She has managed to deliver record earnings for 12 straight years. Unya’s father began the process of professionaliz…

General Management Entrepreneurship Family Business
By Philip Charles Zerrillo and Goutam Challagalla
Case reference: IMD-7-2527, © 2024
Jubilee Enterprises of Thailand: Growing through insights
By Philip Charles Zerrillo and Goutam Challagalla
Case reference: IMD-7-2527 ©2024
Summary
Unyarat Pornprakit (Unya) is the youthful chief executive officer of Jubilee Enterprise PLC, a diamond jewelry retailer. Since Unya became CEO in 2008, she has expanded the chain to 128 stores and grown the revenue to $400 million. She has managed to deliver record earnings for 12 straight years. Unya’s father began the process of professionaliz…
Reference IMD-7-2527
Copyright ©2024
Copyright owner IMD Copyright
Organization Jubilee Enterprises
Industry Consumer Goods, Luxury Goods and Jewelry
Available Languages English
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Case Study
From grease to green: Impact investing due diligence on ZhanaSolutions

Fatbergs and grease waste from industrial kitchens are hardly the most enticing topics for a business school case study. Yet ZhanaSolutions, the start-up examined in this impact investment due diligence case, is all about grease waste. At least, on the surface. When one dredges deeper, the case reveals a compelling story about how to embed impac…

Social Innovation Entrepreneurship Finance Sustainability
By Vanina Farber and Shih-Han Huang
Case reference: IMD-7-2518, © 2024
From grease to green: Impact investing due diligence on ZhanaSolutions
By Vanina Farber and Shih-Han Huang
Case reference: IMD-7-2518 ©2024
Summary
Fatbergs and grease waste from industrial kitchens are hardly the most enticing topics for a business school case study. Yet ZhanaSolutions, the start-up examined in this impact investment due diligence case, is all about grease waste. At least, on the surface. When one dredges deeper, the case reveals a compelling story about how to embed impac…
Reference IMD-7-2518
Copyright ©2024
Copyright owner IMD Copyright
Organization AlphaMundi, ZhanaSolutions
Industry Finance and Insurance, Investment Management;Services, Water Supply and Sanitary Services
Available Languages English
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Case Study
Moon Creative Lab: Mitsui’s venture studio

This case follows the steps taken by Kaichi Yokoyama, Moon Creative Lab’s CEO, to establish the entity as a pioneering venture studio and entrepreneurial talent development entity within the Mitsui Group. As a corporate venture, the story began in 2018 when Kaichi embarked on a mission to reshape Mitsui’s deeply entrenched traditions and pursue …

Entrepreneurship Venture Capital
2024 EFMD Case Writing Competition Award – Continuous Improvement: The Journey to Excellence Category
By Benoit F. Leleux, Jim Pulcrano, Adam Hansson Tönning, Alexandra Loboda, Anette Papuga and Daisuke Shinohara
Case reference: IMD-7-2544, © 2024
Moon Creative Lab: Mitsui’s venture studio
By Benoit F. Leleux Jim Pulcrano Adam Hansson Tönning Alexandra Loboda Anette Papuga and Daisuke Shinohara
Case reference: IMD-7-2544 ©2024
Summary
This case follows the steps taken by Kaichi Yokoyama, Moon Creative Lab’s CEO, to establish the entity as a pioneering venture studio and entrepreneurial talent development entity within the Mitsui Group. As a corporate venture, the story began in 2018 when Kaichi embarked on a mission to reshape Mitsui’s deeply entrenched traditions and pursue …
2024 EFMD Case Writing Competition Award – Continuous Improvement: The Journey to Excellence Category
Reference IMD-7-2544
Copyright ©2024
Copyright owner IMD Copyright
Organization Moon Creative Lab, Mitsui Group
Industry Finance and Insurance, Venture Capital
Available Languages English
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