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Upper Mid-Market Private Equity Fund
An independent practice case, not supplied or endorsed by the named firm.
Build a three-statement LBO for a car-wash operator and compare returns across three volume scenarios.
Build a three-statement LBO for a car-wash operator and compare returns across three volume scenarios. You have three hours and a blank spreadsheet. The model includes a revolver, PIK debt and a cash sweep, with a maximum-price check against a 20% IRR.
Marchbank's shareholders (its founders and senior managers) have agreed to sell the business to the fund, with completion on 31 December 2025. The managers will reinvest part of their proceeds alongside the fund. The debt package is agreed in principle: a revolving credit facility (RCF), a senior term loan and mezzanine notes with a payment-in-kind (PIK) element.
You are the associate on the deal team. Before the investment committee, the partner wants a full model of Marchbank under the fund's ownership that can switch between an upside, a base and a downside volume case, shows that the business can service and repay the debt, and sets out what the fund makes for exits at the end of any year from 2026 to 2030 across a range of exit multiples.
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