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 1–10 of 10 · filtered from 100Clear filters
  1. 008Build an LBO on paper from scratch for a dairy company: five years of cash flow, debt paydown, exit equity, money multiple and IRR, with working capital and tax done properly.Paper LBOsHardBlackstoneNew York · 2016
  2. 011Five-minute paper LBO: a logistics company bought at 10x EBITDA of Rs 50 crore with half debt, EBITDA reaches Rs 80 crore, Rs 120 crore of debt is repaid, exit at 10x. What are the MOIC and IRR, and where did the return come from?Paper LBOsWarm upTPGSan Francisco · 2015
  3. 021A paper LBO where the interviewer keeps changing the terms: build the base case for a specialty chemicals buyout, then answer fast what happens to the IRR if the exit multiple falls, if leverage rises, and if the hold shortens.Paper LBOsCoreNeuberger BermanLondon · 2026
  4. 026Paper LBO on your own sector: a diagnostics chain of 40 labs bought at 12x, with a plan to open 15 more. Work the return and name the lab-level assumption that matters most.Paper LBOsCoreWarburg PincusNew York · 2014
  5. 032Paper LBO on an oilfield services company whose EBITDA swings 30% either way with oil prices. Buy at 6x with 3.5x debt, exit at 6x in year 4. Work the return at trough, mid-cycle and peak, and say how much leverage a cyclical business can bear.Paper LBOsHardWarburg PincusNew York · 2017
  6. 055On-the-spot special situations case: a parts maker with collapsed EBITDA is bought at 5x. If EBITDA recovers by year 3 and the exit is at 6x, what are the MOIC and IRR, and what must the recovery thesis get right?Paper LBOsCoreHPS Investment PartnersLondon · 2021
  7. 058Paper LBO under time pressure: EBITDA Rs 80 crore at 7.5x, 4x debt, flat earnings, Rs 30 crore a year of paydown, exit at 7.5x. Then the interviewer tweaks it live: one more turn at exit, then two more years. MOIC and IRR each time.Paper LBOsCoreCarlyle GroupWashington · 2015
  8. 064Paper LBO: EBITDA Rs 100 crore bought at 8x with 5x debt. EBITDA grows 8% a year, cash before interest is 45% of EBITDA, all cash after interest repays debt, exit at 8x in year 5. MOIC and IRR?Paper LBOsWarm upWarburg PincusNew York · 2014
  9. 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
  10. 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

Company names and figures are illustrative.