<P> A secondary buyout is a form of leveraged buyout where both the buyer and the seller are private equity firms or financial sponsors (i.e., a leveraged buyout of a company that was acquired through a leveraged buyout). A secondary buyout will often provide a clean break for the selling private equity firms and its limited partner investors . Historically, given that secondary buyouts were perceived as distressed sales by both seller and buyer, limited partner investors considered them unattractive and largely avoided them . </P> <P> The increase in secondary buyout activity in 2000s was driven in large part by an increase in capital available for the leveraged buyouts . Often, selling private equity firms pursue a secondary buyout for a number of reasons: </P> <Ul> <Li> Sales to strategic buyers and IPOs may not be possible for niche or undersized businesses . </Li> <Li> Secondary buyouts may generate liquidity more quickly than other routes (i.e., IPOs). </Li> <Li> Some kinds of businesses--e.g., those with relatively slow growth but which generate high cash flows--may be more appealing to private equity firms than they are to public stock investors or other corporations . </Li> </Ul> <Li> Sales to strategic buyers and IPOs may not be possible for niche or undersized businesses . </Li>

Describe what an lbo is and what have been the results of such activities