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Please contact us today to discuss the best programme which can help you achieve your objectives.

City Training UK
100 Pall Mall
Saint James
London SW1Y 5NQ
United Kingdom

+44 (0) 203 815 6530

About Us

City Training is a world leading provider of premium public courses, in-house training and courses for universities and schools.

City Training was founded and is currently managed by several ex-investment bankers who are trainers themselves and passionate about training. 

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Leveraged Buy-Out

Thursday 8 – Friday 9 February 2018 London
Price: £1,730 + VAT
Registration close on Friday 2 February 2018
 

This propramme has been designed to develop the participants’ understanding of Leverage Buy-Out (“LBO”).

Key Topics

  • Understand what makes good LBO candidate
  • Assess how an LBO work and what are the key drivers
  • Determine the main components of a capital structure
  • Modeling an LBO, calculate IRR and perform sensitivities 

Who Should Attend?

  • Junior professionals in Private Equity
  • Financial analysts and associates in Investment Banks
  • Junior professionals in M&A boutiques
  • Finance, legal professionals involved in LBOs
  • All interested Finance professionals

Jennifer has 6 years of experience in investment banking and private equity at leading firms.

Jennifer began her career in Investment Banking at Goldman Sachs in New York where she worked on a variety of M&A and LBO transactions mainly for industrial clients.

Jennifer then moved to KKR (Kohlberg Kravis Roberts) in New York where she worked on large-scale LBO transactions.

She is now a full-time trainer with a speciality in Corporate Finance, Private Equity and LBO. She also teaches at Stern School of Business.

Jennifer studied engineering at Yale University and has an MBA in Finance from the Stern School of Business. She also holds the « Series 7 » US licenses.

Session 1

LBO Analysis 

  • Basic principles of leverage and LBOs
  • Drawing the distinction between DCF and LBO analysis
  • Private Equity as an asset class for investors
  • Why has the Private Equity industry caused such controversy, particularly in Germany?
  • Different transaction types: Management Buyouts (MBOs); Management Buyins (MBIs); Public to Privates (P2Ps); Recapitalisations; Secondaries and Tertiaries.
  • The differing objectives of vendors, PE firms, management and banks
  • Free cash flow for debt paydown
  • Understanding the key drivers of the Internal Rate of Return (IRR)

Session 2

Which Businesses Make Good LBO Candidates?

  • The seller’s perspective
  • The bank perspective: predictability and visibility of cashflows
  • The Private Equity perspective: growth potential or an ‘angle’
  • Lifecycle of an LBO
  • Jumbo deals v Mid market deals
  • Exit strategies / Exit considerations

Session 3

Modeling the LBO

  • Funding

­      Basic deal inputs and assumptions
­      Sources and Uses
­      Exit and returns analysis

  • Operational assumptions

­      Identifying and analysing the key cash flow drivers
­      Analysing profitability, financial efficiency as well as balance sheet and cash flow ratios

  • Debt modelling

­      Rates, credit ratios, covenants
­      Payback: amortisation vs. cash sweep
­      Exit and returns analysis
­      Exit – trends, forecasts, peer comparisons
­      Sense check v non-financial knowledge

  • Management Case, P/E Case , Bank Case and Sensitivities

­      Modelling scenarios and the Payout case
­      Exit and returns analysis

Please contact us today to discuss the best programme which can help you achieve your objectives.

City Training UK
100 Pall Mall
Saint James
London SW1Y 5NQ
United Kingdom
+44 (0) 203 815 6530