Below is a clean LBO build using your assumptions only ($ in millions).

0) Entry math (end FY2025)

• EV = (12.0 \times 120 = 1,440.0)
• Fees = (2.0% \times 1,440.0 = 28.8)
• Total uses = (1,468.8)

Debt at close (5.5x EBITDA):

• Term Loan = (4.0 \times 120 = 480.0)
• Mezz = (1.5 \times 120 = 180.0)
• Total debt = 660.0

Equity check: [ \text{Equity} = 1,468.8 - 660.0 = 808.8 ]

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1) FY2026–FY2030 operating + debt table (base case)

Key formulas used

• Cash taxes = (25% \times \max(0,\ \text{EBITDA} - \text{cash interest}))
• (\Delta NWC = 0.5% \times (\text{incremental revenue}))
• FCF after required debt service
  (= \text{EBITDA} - \text{cash interest} - \text{cash taxes} - \text{capex} - \Delta NWC - \text{mandatory term amort})
• Mandatory term amort = 1% of original term loan = (4.8) per year
• All FCF above is used for optional term paydown
• Mezz principal accretes by 2% PIK annually

FY	Revenue	EBITDA	Term Cash Int (9%)	Mezz Cash Int (12%)	Cash Taxes	Capex (3%)	ΔNWC	FCF after req. debt service (used for optional TL paydown)	Ending Term Debt	Ending Mezz Debt*
2026	972.00	136.08	43.20	21.60	17.82	29.16	0.36	19.14	456.06	183.60
2027	1,040.04	156.01	41.05	22.03	23.23	31.20	0.34	33.36	417.90	187.27
2028	1,102.44	176.39	37.61	22.47	29.08	33.07	0.31	49.04	364.06	191.02
2029	1,157.56	192.00	32.77	22.92	34.08	34.73	0.28	62.43	296.83	194.84
2030	1,215.44	206.63	26.71	23.38	39.13	36.46	0.29	75.84	216.18	198.73

*Mezz ending debt includes annual 2% PIK accrual.

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2) Equity MOIC and IRR (base case)

Exit at end FY2030

• Gross EV = (10.5 \times 206.625 = 2,169.57)
• Exit fees = (1.0% \times 2,169.57 = 21.70)
• Net EV to stakeholders = (2,147.87)

Less debt repaid at exit:

• Term = 216.18
• Mezz (incl. PIK) = 198.73
• Total net debt = 414.92

[ \text{Equity proceeds} = 2,147.87 - 414.92 = 1,732.95 ]

[ \text{MOIC} = \frac{1,732.95}{808.8} = 2.14\times ]

[ \text{IRR} = (2.1429)^{1/5} - 1 \approx 16.5% ]

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3) Sensitivity: Equity IRR vs Exit Multiple and FY2030 EBITDA margin

(Revenue in FY2030 held at 1,215.44; only margin varied; debt paydown in FY2030 adjusted accordingly.)

Equity IRR (%)

FY2030 EBITDA Margin \ Exit Multiple	9.5x	10.5x	11.5x
16%	11.7%	14.6%	17.2%
17% (base)	13.6%	16.5%	19.1%
18%	15.4%	18.2%	20.9%

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4) Key underwriting risks (5) and downside protection levers (5)

Top 5 risks

1. Contract renewal / pricing risk: recurring base may reprice below model or churn rises.
2. Customer concentration risk: large data-center clients delay expansions or in-source maintenance.
3. Labor execution risk: technician wage inflation / scarcity compresses margin ramp.
4. Leverage + costly mezz risk: high cash interest burden + PIK accretion reduces flexibility.
5. Exit risk: multiple compression (12.0x entry to 10.5x exit already assumes de-rate; could be worse).

5 concrete downside-protection levers

1. Tighter debt package at close: lower opening leverage and/or reduce mezz quantum.
2. Contract structuring: multi-year agreements with CPI/pass-through labor escalators and termination penalties.
3. Covenanted cash sweep / no leakage: enforce excess-cash paydown and no dividends until leverage milestones.
4. Ops contingency plan: predefined cost actions (route density, procurement savings, SG&A flex cuts) triggered by KPI misses.
5. Exit prep early: diversify customer base and lock higher-quality recurring mix to defend exit multiple even in softer markets.

If you want, I can also provide this in a compact “IC memo” format with an investment recommendation and pass/fail thresholds (min IRR, max leverage, covenant headroom).