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 1–9 of 9 · filtered from 100Clear filters
  1. 016Explain a dividend recap with numbers: in year 3 a tableware company relevers from 2x to 5x EBITDA and pays the new debt out as a dividend. Compare MOIC and IRR with and without the recap, and say what it adds and what it risks.Deal structuring and pricingCoreTPGSan Francisco · 2015
  2. 023A share purchase agreement sets a working capital peg at the twelve-month average of Rs 120 crore. Closing working capital comes in at Rs 95 crore after a seasonal low. What price adjustment applies, and why might each side argue for a different peg?Deal structuring and pricingCoreMid-market buyout fundIndian mid-market PE
  3. 027The seller wants Rs 800 crore and you value the business at Rs 600 crore. Design an earnout on year 2 EBITDA that bridges the gap, and show what the seller receives under three outcomes.Deal structuring and pricingCoreMid-market buyout fund
  4. 044A growth fund invests Rs 200 crore for 25% of a cloud kitchen company with a 1x non-participating liquidation preference. What does the fund receive at exit equity values of Rs 500, 800 and 1,500 crore, and at what value does converting beat the preference?Deal structuring and pricingWarm upGrowth equity
  5. 065Take-private of a listed agri company: share price Rs 200, 5 crore shares, a 30% premium, net debt Rs 300 crore, EBITDA Rs 180 crore. What multiple is that, how is it funded at 5x, and what acceptance and delisting conditions decide whether it can happen?Deal structuring and pricingHardLarge-cap buyout fund
  6. 067A buyer agreed a locked box price of Rs 500 crore. Before completion the seller took a Rs 12 crore dividend and Rs 3 crore of management fees. What is the buyer owed, and how would completion accounts have changed the price?Deal structuring and pricingWarm upMid-market buyout fundIndian mid-market PE
  7. 081Enterprise value is agreed at Rs 1,000 crore. With unfunded gratuity, customer advances, capex creditors and trapped cash on the balance sheet, what equity price follows?Deal structuring and pricingCoreMid-market buyout fundIndian mid-market PE
  8. 083The seller agrees to take Rs 150 crore of a Rs 900 crore price as a subordinated note paying 6% PIK. What does that do to the sponsor's cheque and IRR if exit equity is Rs 1,000 crore in year 5?Deal structuring and pricingCoreMid-market buyout fund
  9. 098A shipping company can buy containers at Rs 2.5 lakh each with a 12-year life and Rs 30,000 residual, or lease them at Rs 40,000 a year. At a 10% cost of capital, which is cheaper, and what does the answer do to return on equity?Deal structuring and pricingCoreWarburg PincusNew York · 2012

Company names and figures are illustrative.