How does a private equity fund decide whether to cut its losses on a newly successful but somewhat unstable investment? Focusing on the exit valuation of an international manufacturing company, this case is designed for a second-year MBA elective called "Entrepreneurial Finance and Private Equity." The private equity fund owns a 33% share in a pipe manufacturer that has a roller-coaster history. Near bankruptcy soon after the fund's 1999 acquisition of a 33% share, the company had turned around by 2006. Rising energy costs and a growing district heating and cooling market seemed to bode well for its future. Should the private equity investor stay the course or seek a buyer for its more than one-third interest in the company. How much was that interest worth? Was there a buyer?