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What Makes a Good Leveraged Buyout (LBO) Candidate?

There is a routine answer to this question - a company with large stable free cash flows and low levels of debt. This is usually followed by: How Does an LBO Create Value for Financial Sponsors? Debt paydown, EBITDA growth and multiple expansion. Debt paydown/repayment is easy to understand - if an LBO

What is a Leveraged Buyout? Introduction to LBOs

When someone brings up an LBO, people immediately associate this with investment banking and private equity. LBOs are associated with very advanced financial modelling and students sometimes get scared when the concept comes up. In reality, while investment bankers do run LBO models on a very regular basis, it is one of

Global M&A Roundup Nov 10, 2017 – Hengda Real Estate, Mattel, Ortho-Clinical Diagnostics

Our previous Canadian Mergers & Acquisitions roundups can be found here. Our previous global M&A roundups can be found here. Target: Hengda Real Estate Group Industry: Real Estate Acquirer: Multiple buyers Target: Hengda Real Estate Group Size: 9.1 billion Consideration: Cash Sell Side Advisors: Undisclosed Buy Side Advisors: Gram Capital Legal Advisors: Undisclosed On November 6th,

M&A Process Walkthrough

In this post we walk through an M&A process from start to finish. M&A Process Summary Teaser/Executive Summary Non-Disclosure Agreement (NDA)/Confidentiality Agreement (CA) Confidential Information Memorandum (CIM)/Offering Memorandum Indication of Interest/Expression of Interest Bid Process Letters Round 1 First Round Bids/Letter of Intent Bidder Selection Bid Process Letters Round 2 Definitive

Types of M&A Sell Side Processes

When a company decides to sell itself, or “consider strategic options” in corporate finance lingo, the investment banker must advise on how the process should be conducted in terms of scope. Companies decide to hire an investment bank to market their firm for different reasons, and depending on what the goal

Private Equity

Private Equity as an Asset Class Private equity is an asset class which involves private ownership (equity) of assets – in a very simplified example, look at private equity as any controlling or influential ownership in a business (we will provide an expanded example below). Private equity looks to achieve above

Private Equity in Canada

Private equity is widely considered to be the ideal exit from investment banking in the US and the UK. The idea is that the work is more interesting, the hours are shorter and the firms are more prestigious. However, the private equity landscape is different in Canada – the global megafunds