Loading library
Large Private Equity Fund
An independent practice case, not supplied or endorsed by the named firm.
Build a take-private LBO for a filtration business and separate revenue growth into price and volume effects.
Build a take-private LBO for a filtration business and separate revenue growth into price and volume effects. You have 75 minutes and a blank spreadsheet. Link the three statements, debt schedule and returns, including PIK interest and the cash sweep.
You have joined the deal team as an associate. The fund believes, from the premiums paid in recent UK take-privates, that a 40% premium to Fenstead's current share price would secure a recommendation from the board. The banks have indicated that the business can support total debt of 5.0x its 2025 EBITDA, split across three tranches. Before the first investment committee discussion, the partner wants a working model: what the fund pays, how quickly the debt comes down, what the fund earns if it sells at the end of any year from 2026 to 2030, how sensitive that return is to the price paid and the exit multiple, and how much of the revenue growth comes from volume rather than price.
You receive the data pack as an Excel sheet with the transaction and operating assumptions, three years of history and the balance sheet at 31 December 2025. There is no model skeleton: you build everything yourself.
This case requires paid access.
Starting files
Solution files
This case costs £19 and is available to customers with an active £499 membership.
Get Alpha