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Upper Mid-Market Private Equity Fund
An independent practice case, not supplied or endorsed by the named firm.
Build a restaurant roll-out LBO with owned and franchised sites, family reinvestment and partly PIK debt.
Build a restaurant roll-out LBO with owned and franchised sites, family reinvestment and partly PIK debt. You have three hours and a blank spreadsheet. Forecast revenue by site, link the three statements and calculate returns for exits from 2026 to 2030.
As an associate at a PE fund, you are on the team buying Ardgarvie Grill. The business belongs to the second generation of the family that founded it. None of them works in it any more and several want their money out, so the family ran a sale. The fund has won it at 6.5x 2025 EBITDA, completing on 31 December 2025. The family rolls part of its proceeds into the new equity and keeps a minority stake, the fund writes the balancing equity cheque, and debt covers the rest: a revolving credit facility, partly drawn at closing, and a subordinated term loan that pays part of its interest in kind.
The partner needs the complete model ready for the investment committee: how the estate grows, what the business earns and generates in cash each year, how fast the debt is repaid, and the fund's return from selling at any year end between 2026 and 2030, together with how much that return depends on the exit multiple. You will get no data pack beyond the figures below.
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