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 71–80 of 100
  1. 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
  2. 072An adhesives maker can raise prices 3% a year but expects to lose 2% of volume a year as a result. On Rs 400 crore of revenue at a 20% margin, what does that do to EBITDA in year 5 and to the sponsor's return?Returns attribution and value creationCoreMid-market buyout fund
  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. 074A 400-bed hospital at 70% occupancy earns Rs 30,000 per occupied bed day at a 20% EBITDA margin. A lender proposes a Rs 150 crore loan with a 3.0x leverage covenant. At what occupancy does the covenant break?Private credit and direct lendingCorePrivate credit
  5. 075A pension trust puts Rs 100 crore into a deal through a fund charging 2% and 20%, and Rs 100 crore alongside as a no-fee co-investment. The deal returns 2.5x gross in five years. What net multiple does each earn?Fund, LP and portfolio analyticsWarm upSecondaries and fund of funds
  6. 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
  7. 077Two-hour three-statement LBO: interest is charged on the average debt balance. Show how year 1 cash, debt and interest link, why that is circular, and prove the balance sheet balances.LBO modelling testsHardKKRLondon · 2025
  8. 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
  9. 079A TV network earns Rs 900 crore from advertising, falling 8% a year, and Rs 400 crore from subscriptions, rising 6%, with 40% of its costs fixed. Project five years of EBITDA and say whether it is a buyout at 6x.Commercial and market casesHardBain CapitalBoston · 2026
  10. 080Should the credit fund lend Rs 200 crore to a construction company with a Rs 2,400 crore order book, 150 receivable days and Rs 150 crore of mobilisation advances? Value it and test repayment.Private credit and direct lendingHardBain CapitalNew York · 2024

Company names and figures are illustrative.