Private Equity case studies, worked step by step

Cases
100
Traced to a firm
59
Topics
12
Hard
30
Topic
All topicsGrowth equity and software8Returns attribution and value creation8LBO modelling tests9Screening and ranking businesses9Distressed and special situations7Private credit and direct lending9Paper LBOs10Real estate and infrastructure8Portfolio operations and exits6Deal structuring and pricing9Fund, LP and portfolio analytics7Commercial and market cases10
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 21–30 of 31 · filtered from 100Clear filters
  1. 070An incense maker has 6% of its market. Size the market from households up, then test whether the management plan to reach 10% share in five years is credible.Commercial and market casesCoreAdvent InternationalLondon · 2022
  2. 071A branded spices business earns Rs 90 crore of EBITDA at an 18% margin with low capex and stable demand. Is it an LBO candidate, and would a strategic buyer outbid a sponsor that needs a 20% IRR?Screening and ranking businessesCoreWarburg PincusSan Francisco · 2014
  3. 073Cotton costs rise 8% at an apparel maker with Rs 900 crore of revenue, COGS at 55% and a 12% EBITDA margin. What price increase keeps EBITDA flat, what SG&A cut would, and what does each do to the sponsor's IRR?Portfolio operations and exitsCoreSycamore PartnersNew York · 2026
  4. 076You have one hour and five numbers on each of three businesses. Which one would you study further, and what would you ask for first?Screening and ranking businessesCoreViking Global InvestorsNew York · 2025
  5. 078Paper LBO where revenue must be built from furnaces, tonnes and price before any multiple is applied, with a third furnace bought in year 3. Work the return.Paper LBOsCoreBain CapitalBoston · 2024
  6. 085Pitch a Rs 1,500 crore infrastructure fund to potential LPs: 14% gross target, 6% cash yield, 1.5% fee and 15% carry over an 8% hurdle. What net return and yield should an LP expect, and which LPs should you call first?Fund, LP and portfolio analyticsCoreTPGSan Francisco · 2026
  7. 090Enterprise value is somewhere between Rs 650 and Rs 850 crore; the stack is Rs 500 crore senior, Rs 300 crore second lien and Rs 200 crore unsecured. Where would you invest, and what is the fulcrum security's recovery range?Distressed and special situationsCoreHPS Investment PartnersNew York · 2021
  8. 091Commercial case: an industrial water treatment company with Rs 350 crore of revenue, 45% of it from five customers, in a market growing 11% where it holds 8% share. Assess market, position and concentration, and say what the sponsor must believe.Commercial and market casesCoreAdvent InternationalLondon · 2023
  9. 094Paper LBO with fees and a rollover: EBITDA Rs 60 crore at 9x, fees of 3% of EV, 4.5x debt, management rolls Rs 30 crore. EBITDA reaches Rs 90 crore in year 5, debt falls to Rs 150 crore, exit at 9x. What is the sponsor's MOIC and IRR, and what did the fees cost?Paper LBOsCoreWarburg PincusNew York · 2020
  10. 095Model debrief: your model shows about 31% IRR on Rs 300 crore of revenue, margin rising from 30% to 40%, entry at 20x EBITDA with 6x debt and exit at 18x in year 5. Which three assumptions drive the IRR, and what is it if the margin stays at 30%?LBO modelling testsCoreVista Equity PartnersAustin · 2024

Company names and figures are illustrative.