Private Equity

Build an LBO model based on the attached IM. Use reasonable
entry, exit and financing assumptions that I can tweak later. 
Include 2 debt trances (senior and mezz) but no revolver.
Model a 5-year hold with mandatory amortization on senior and PIK 
on mezz, with cash sweep. Include bottom-up revenue build by segment
where you model out drivers based on research and reading the IM.
Include rationales for all assumptions.

Build a detailed debt schedule with: 1) Term Loan A - L+350, 
7-year tenor, 10% annual amort, 2) Term Loan B - L+450, 8-year 
bullet, 3) RCF - L+300, $50M commitment. Model quarterly periods. 
Add a cash waterfall showing interest, mandatory amort, optional 
prepay, and cash buildup. Include covenant calculations for Net 
Debt/EBITDA (max 5.0x) and Interest Coverage (min 2.0x).

Create a value creation bridge showing the sources of equity 
value growth from entry to exit. Break down into: 1) EBITDA 
growth (split into revenue growth vs margin expansion), 2) 
Multiple expansion/contraction, 3) Debt paydown, 4) Cash 
generation. Show both absolute € amounts and percentage 
contribution. 

Create a portfolio company dashboard pulling from the monthly 
reporting tabs. Show: LTM revenue and EBITDA with "vs budget" and 
"vs prior year", Net debt and leverage, Cash balance and runway, 
Current headcount, and a traffic light status for each KPI 
(green if within 5% of budget, yellow if 5-15% off, red if 
>15% off). 

Build a MIP model for the management team. Structure as a 
ratchet based on equity IRR hurdles: 5% base, scaling to 10% 
at 20% IRR and 15% at 25% IRR. Model sweet equity allocation 
across 5 managers (CEO 40%, CFO 25%, others split remaining). 
Show payout at exit values of €50M, €75M, €100M, and €150M. 
Include vesting schedule (4 years, cliff at year 1) and 
good/bad leaver provisions.