LBO holding

Hello everybody,

I am currently intern in a M&A boutique. I never build a lbo model before and I did not find any informations about it. My boss asked me to build up an LBO multiple for a PE LBO in a industrial SME. The PE firm bought via a holding 100% of the industrial SME for around $12M with around 50% of debt.

I just started like that :

Revenues (numbers from the SME balance sheet) EBE (numbers from the SME balance sheet) D&A (numbers from the SME balance sheet) Interets ? Should I take interest from the industrial SME balance sheet or the holding? It was around 50% debt and 50% equity

And after, for the change in NWC and CAPEX? Should I take numbers from the SME balance sheet or the holding balance sheet?

thank you for help

5,962 WSO Academy Investment Banking Session Reviews: 4.82/5

Class of '23 Dec 2026 Cohort

5.00/5

Investment Banking Full Resume Review

“Wilson was very helpful in my resume review. He asked clarifying questions to help me highlight the key aspects of my resume. Following the review, I feel confident that my updated resume accurately reflects my my professional work experience. I also appreciated how quick he was to respond to my enquires. His responses were supportive and ensured that my resume reflected key points that are relevant for my experience. I would definitely want to work with Wilson again in the future as this was a great experience for me.”

Haagse Hogeschool

Class of '28 Nov 2026 Cohort

4.70/5

Investment Banking Career Roadmap (optional)

“I recently had my first roadmap meeting with a mentor from WSO Academy, and it was truly a pleasure. We had such an open, genuine, and insightful conversation. What I appreciated most was how closely his background, career path, and long-term vision aligned with my own ambitions. It was almost as if we shared the same goals and outlook on the future, which made the conversation even more valuable. We discussed a wide range of topics, including starting my career in an analyst role in the APAC region, potential pathways into private equity, and how to eventually transition into the U.S. market. We also talked about opportunities in the Middle East and Europe, the importance of building and maintaining a strong professional network, and even the possibility of starting my own company in the long term. He shared valuable advice on the next steps I should take and how to approach my career strategically. What made the meeting particularly special was how approachable, supportive, and genuinely interested he was in my ambitions. Since I’m currently completing my internship in Singapore and he will also be visiting Singapore soon, we’re planning to meet for a coffee chat, which I’m really looking forward to. Overall, I’m extremely grateful for this experience. It was a genuinely inspiring, helpful, and insightful conversation that made me even more confident about my decision to join WSO Academy. I feel fortunate to have connected with a mentor whose experience and vision align so closely with the career path I hope to pursue.”

See All 11,099 WSO Academy Reviews

1 Comments

Kazimierz

HF

9y

Best Response

Iste doloremque non doloremque est dolor fugit ut debitis. Itaque aut voluptas voluptatem ducimus. Ex culpa id ipsum.

Nihil dolor molestiae eum magni quasi voluptas. Maxime voluptatem voluptas suscipit possimus error voluptatem. Reiciendis delectus dolor reiciendis fugit porro enim recusandae. Pariatur quia et laudantium.

Et sequi quas fugit dolor. Quo possimus quis odit modi autem aspernatur quidem. Accusamus placeat voluptatem dignissimos ullam molestiae. Officia eaque nostrum iste consequatur fugit natus. Eveniet possimus non earum quia quibusdam. Qui dolore quia ipsam iste voluptatem.

Corrupti ipsa rerum tenetur perspiciatis ut. Debitis nisi accusantium ea vero sed nisi asperiores.

Reply

Quote

Report

Other

Authored by: Certified Hedge Fund Professional - Investment AnalystCertified Hedge Fund Pro

+136	UBS Catastrophic Q1-Q3 26, M&A -17%, Outside Top 10 in Americas, EMEA & APAC	37	5h
+53	PWP acquisition by Piper cancelled	13	10h
+50	Banking (Un)fortunately Still Needs You: My Case for Bankers in the AI Era	15	3d
+31	New analyst: how are you thinking about learning to model when AI is getting this good?	6	5d
+29	UBS IB #24 in US M&A in 2026	10	5d
+26	Evercore poaches Baird DC Defense Team	14	1h
+25	Houston banking Gods ?	16	23h
+21	Best Houston Banks for Culture in 2026	11	8h
+19	How to Exit a Sweatshop	4	5d
+18	Normal for lateral process to go +2 months?	4	5h

1	redever	99.2
2	BankonBanking	99.0
3	kanon	99.0
4	Secyh62	99.0
5	Betsy Massar	98.9
6	CompBanker	98.9
7	GameTheory	98.9
8	dosk17	98.9
9	DrApeman	98.9
10	Mimbs	98.8

Elite Career Bootcamp. Top Job Offer Guaranteed.

Elite Career Bootcamp. Top Job Offer Guaranteed.

LBO holding

Score Breakdown

Feedback

Score Breakdown

Feedback

Elite Career Bootcamp. Top Job Offer Guaranteed.

Elite Career Bootcamp. Top Job Offer Guaranteed.

LBO holding

See All Comments - 100% Free

Trending Content - Investment Banking Forum