Mini LBO Underwrite
You are underwriting a 5-year LBO for a private equity investment committee. Company (fictional): HarborTech Services (HTS) –…
HarborTech Services (HTS) — LBO Underwriting Memo Entry Summary (FY2025) Item Value Entry EBITDA $120.0m Entry EV (12.0x) $1,440.0m Transaction fees (2.0% × EV) $28.8m Term Loan (4.0x) $480.0m Mezzanine (1.5x) $180.0m Total Debt $660.0m Equity Check (EV + Fees − Debt) $808.8m Operating Model & Debt Schedule…Read the full answer
1 – Year‑by‑Year Operating / Debt Table (FY2026‑FY2030) FY Rev ($m) EBITDA ($m) Cash interest – TL ($m) Cash interest – Mezz ($m) Total cash interest ($m) Cash tax 25 % of (EBITDA‑interest) ($m) Capex ($m) ΔNWC ($m) Cash after all charges ($m) Required TL amort ($m) Optional TL pay‑down ($m) Ending TL ($m) Ending Mezz…Read the full answer