Private Equity Masterclass –Bundle – The Wall Street Prep Team

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PE Masterclass: Crushing the paper LBO is just the beginning

• LBO Modeling & the PE Deal ProcessThe Private Equity Masterclass teaches trainees how to construct comprehensive LBO models used to support real transactions and gives an insiders walkthrough of the nuances of the private equity deal process and the non-modeling day-to-day responsibilities of a Private Equity professional.
• Led by PE ProfessionalsThis course is NOT an academic exercise. It is taught by PE professionals who have been involved in some of the most high-profile private equity deals in the last 10 years.
• Learn from the Private Equity’s #1 Trainer4 of the Top 5 Private Equity firms globally use Wall Street Prep to train their incoming PE Analysts and Associates. Attending this program gives you access to the same virtual training.

THIS JOB-FOCUSED TRAINING PROGRAM IS IDEAL FOR PRIVATE EQUITY ASSOCIATES, MBAS AND INVESTMENT BANKERS LOOKING TO BREAK INTO PE.

A Complete LBO and PE Training Program

The Private Equity Deal Process

• Learn how to add value to your deal team through each major phase of the PE deal process.
• Understand the day-to-day responsibilities of a Private Equity professional.
• Learn the roles and responsibilities of PE team members.
• Understand the teaser, NDA, CIM and OM.
• Learn to build a 1st Round Bid/IOI “Mini Model”
• Understand how due diligence is conducted on a modern PE deal team.
• Get an insider’s look at PE deal negotiations.

LBO Modeling

• Gain the confidence to ace your private equity interviews
• Learn how an LBO/Recapitalization works given today’s benchmarks and credit environment
• Develop an “industrial strength” LBO model driven off a fully integrated 3 statement model
• Add a PIK toggle to various debt tranches
• Build the Sources & Uses (S&U) schedule – the correct way
• Modeling complex accounting adjustments including deferred taxes, fair value write ups, and goodwill
• Attach a DCF valuation to your LBO

Middle Market LBO Modeling

• Start with a real phone call with the Managing Partner (who will be unavailable after the call)
• Learn how to deal with the common issue of poorly formatted financials
• “Creating something from nothing” — a live look at putting together a deal recommendation when the only person you can rely on is yourself.
• Build a MONTHLY LBO model from scratch that contains the 3 financial statements, EBITDA & adjusted EBITDA (just like a QofE), working capital and more all with Excel best practices like consistent formatting, circularity breaker and error checking

What’s Included

Chapter 1: LBO Basics

1. LBO Modeling Course Welcome1:21

2. Course DownloadsFiles

3. LBO Modeling Course Roadmap0:48

4. Introduction to LBOs7:25

5. Working Through the Dell LBO on a Cocktail Napkin, Part 18:07

6. Working Through the Dell LBO on a Cocktail Napkin, Part 25:42

7. What makes a good LBO?4:26

8. Current LBO Environment, Part 17:51

9. Current LBO Environment, Part 29:10

10. Current LBO Environment, Part 36:55

11. Tax savings in LBOs3:37

12. Tax Reform Impact, Part 13:51

13. Tax Reform Impact, Part 24:45

14. LBO Capital Structure – Equity4:02

15. LBO Capital Structure – Debt7:04

16. Term Loans & the Revolver, Part 16:43

17. Term Loans & the Revolver, Part 27:16

18. Bonds5:28

19. Covenants4:25

20. Mezzanine Financing & Bridge Loans3:39

21. Extended Dell LBO on a Cocktail Napkin, Part 12:46

22. Expanded Dell LBO on a Cocktail Napkin, Part 26:07

Chapter 2: The Structure of PE Firms & Investor Dynamics

23. Dry Powder2:38

24. How PE Funds Work7:12

25. GP vs. LP Dynamics5:15

26. Tax Reform Impact on the Structure of PE, Part 15:11

27. Tax Reform Impact on the Structure of PE, Part 24:42

28. Whole-Fund vs. Deal-by-deal Distribution Model2:34

29. Distribution Waterfall Exercise, Part 110:12

30. Distribution Waterfall Exercise, Part 23:41

Chapter 3: Modeling a Real LBO

31. Case Study Introduction: The Leveraged Buyout of BMC5:25

32. General Inputs5:53

33. Initial Valuation: Offer Price vs. Enterprise Value10:00

34. Diluted Shares, Part 112:26

35. Diluted Shares, Part 25:21

36. Sources and Uses of Funds, Part 113:20

37. Sources and Uses of Funds, Part 29:52

38. Creating the Historical Income Statement13:24

39. Forecasting the Income Statement, Part 17:04

40. Forecasting the Income Statement, Part 28:35

41. Forecasting the Income Statement, Part 33:27

42. Forecasting Accounts Receivable6:22

43. Forecasting Other Working Capital Items10:30

44. Preparing the PP&E Schedule10:44

45. Preparing the Software Development Costs, Intangibles and Goodwill Schedules9:59

46. Forecasting PP&E7:49

47. Forecasting Software Development Costs2:16

48. Forecasting Intangibles, Goodwill, Other Assets & Other Liabilities5:58

49. The Cash Flow Statement7:05

50. Cash4:53

51. Interest Income and Circularity5:27

52. Modeling the Revolver8:55

53. Modeling Required Debt Amortization6:57

54. Modeling Cash Sweeps12:33

55. Modeling the Revolver Borrowing Base Compliance5:12

56. Modeling PIK Debt & Preferreds4:05

57. Capitalized Financing Fees2:23

58. Modeling Interest Expenses16:58

59. Completing the IS and CFS2:29

Chapter 4: LBO Exit & Returns Analysis

60. Model Review and Introduction to Exit Analysis5:16

61. Enterprise Value at Various Exit Multiples7:57

62. Exit Equity to Sponsors & Management, Equity Kickers to Mezz7:24

63. Returns to Senior Debt8:24

64. Returns to Sub Debt5:39

65. Modeling IRRs and Cash-on-Cash Returns3:43

66. Creating an LBO Summary Table6:26

Chapter 5: Sensitivity Analysis

67. Modeling Hurdle Rate Sensitivity11:16

68. IRR Sensitivity to Leverage and Valuation7:12

69. IRR Sensitivity to Mezz Debt Terms11:43

70. Model Review13:49

Chapter 6: Pro Forma Balance Sheet Adjustments

71. Setting up the Historical Balance Sheet6:16

72. Adjusting the Balance Sheet to Reflect the LBO11:58

73. Modeling LBO Goodwill and a Recap Toggle3:16

74. Pro Forma Balance Sheet (PFBS) Historicals2:30

75. Forecasting PFBS Assets4:28

76. Forecasting PFBS Liabilities & Equity11:26

77. Post-2015 financing fee rules in LBO models12:03

78. Goodbye0:13

Appendix I: Dividend Recaps

79. Understanding BMC’s Dividend Recap4:52

80. Adjusting the Model for BMC’s Dividend Recap and PIK Toggle Sub Debt3:43

81. Alarm Over Dividend Recaps3:35

Appendix II: Advanced Purchase Price Allocation Modeling

82. Modeling Asset Write Ups7:50

83. Asset Sale (338)/Stock Sale Toggle and DTLs7:36

84. Impact on the IS and CFS8:47

85. Impact on the Balance Sheet5:06

Appendix III: Attaching a DCF Analysis to an LBO Model

86. Adding a DCF Analysis to the LBO Model10:08

Appendix IV: KKR LBO of BMC in 2018

87. What the KKR deal tells us about likely actual IRRs13:57

Appendix V: Debt Deep Dive

88. Leveraged Finance: Debt Deep DiveReading

132 Lessons

5h 6m

The Private Equity Deal Process

Led by former private equity professionals, this course takes a deep dive into the Private Equity deal process and the day-to-day responsibilities of a PE professional. Designed for incoming and prospective PE associates as well as investment bankers and lenders working with PE clients, this boot camp is an insider’s walkthrough of the key phases o …

View Course TOC

115 Lessons

12h 47m

LBO Modeling in the Lower Middle Market

This LBO modeling-focused course focuses on a Middle Market transaction, where private equity professionals often operate with little structure. First, you will listen in on a conference call with the Managing Partner of a hypothetical private e

PE Deal Process Introduction

1. PE Deal Process Course Introduction0:46

2. Course DownloadsFiles

3. Meet Your Instructors1:24

4. PE Deal Process Course Goals1:12

5. PE Structure2:56

6. How A Deal Starts1:13

7. Auction vs Negotiation2:26

8. The 3 PE Workstreams3:49

9. PE Analyst vs Associate3:40

10. Introducing The JoeCo Case Study2:10

11. Introducing The JoeCo Deal Stakeholders0:37

12. The JoeCo Gantt Chart0:26

13. PE Deal Process Jargon3:11

14. PE Deal Process Preview7:06

15. PE Deal Process Introduction ReviewQuiz

Teaser and NDA

16. Pre-Deal Process Teaser Intro2:49

17. Teaser Summary1:38

18. Teaser Exercise1:27

19. Teaser Exercise Review4:18

20. Q&A: Can You Send Too Many Teasers?1:43

21. Teaser Pro Tips and Wrap Up1:10

22. Q&A: Is Modeling Done for Teasers?0:23

23. Additional Sample Teaser0:23

24. NDA Intro3:09

25. NDA Summary5:04

26. NDA Exercise0:51

27. NDA Exercise Review5:24

28. Q&A: Who is the Receiving Party in an NDA0:35

29. Q&A: Do NDA Breaches Get Litigated2:11

30. Q&A: How Many Buyers at NDA Stage1:57

31. Q&A: Do PE firms Have a Call with IB After Receiving the Teaser?0:45

32. Teaser & NDA ReviewQuiz

The CIM and IC Memo

33. The CIM Introduction5:40

34. The Associate Role vis a vis CIMS1:12

35. CIM Summary1:51

36. CIM Exercise1:09

37. CIM Exercise Review4:04

38. CIM Pro-Tips0:41

39. IC Memo Intro3:31

40. IC Memo Deep Dive0:22

41. Q&A: Internal Ops vs Consultants1:42

42. The CIM and IC Memo ReviewQuiz

Mini Model

43. IC Memo Mini Model1:23

44. Mini Model Walkthrough3:26

45. Inputs and Assumptions, I3:37

46. Inputs and Assumptions, II4:44

47. Sources & Uses Walkthrough0:39

48. P&L and Working Capital Walkthrough5:15

49. Cash Flow Statement6:21

50. Revolver and Debt6:25

51. Interest Schedule4:12

52. Returns Analysis2:54

53. Management Rollover4:03

54. Mini Model ReviewQuiz

Initial Financing Indication

55. IC Memo Summary0:51

56. Initial Financing Indications5:14

57. IFI Roles1:41

58. Q&A: Do Lenders Dispute Conservative Assumptions?1:07

59. Q&A: Are All Lenders Using the Same Call Pool?1:41

60. Q&A: Different Growth Projections1:14

61. Q&A: Conservative Case Rationale2:27

62. Q&A: Do Conservative Assumptions Result in a Lower Rate?0:54

63. Q&A: How Many Lenders Should You Seek?1:00

64. IFI Deep Dive1:39

65. Indicative Terms Review7:08

66. Q&A: Is a Cash Sweep Typical?1:53

67. Q&A: Minimum Equity Contribution1:30

68. Q&A: Why do PE firms Prepay Debt?5:01

69. Q&A: What is Unitranche Debt?2:20

70. Appendix: NDA and PA Typical Terms0:52

71. Initial Financing Indication ReviewQuiz

IOI • Due Diligence • Management Meeting

72. IOI Introduction3:51

73. IOI Roles3:32

74. The JoeCo IOI8:17

75. Q&A: What are Earnouts?1:15

76. Q&A: What is Management Rollover?0:29

77. Summary: What We’ve Done So Far1:06

78. Diligence3:24

79. Third Party Advisors4:05

80. The Data Room3:55

81. Q&A: Pre-LOI 3rd-Party Support0:44

82. Q&A: Are Data Rooms Ever Intentionally Confusing?1:24

83. Q&A: The Role of Consultants2:44

84. Q&A: Why not engage 3rd party Pre-LOI?1:19

85. Management Meeting Presentation Intro2:51

86. Management Meeting Roles2:06

87. IOI, Due Diligence and Management Meeting ReviewQuiz

Debt Commitment and LOI

88. Debt Commitment Letter Intro5:28

89. Sample Debt Commitment Letter1:48

90. Swingline0:51

91. Other Terms – Collateral, Amortization, etc3:25

92. Pre-LOI IC Memo Intro3:39

93. LOI Intro4:27

94. LOI Exercise1:17

95. LOI Review 13:16

96. LOI REview 20:40

97. LOI review 31:59

98. Q&A: How Does Exclusivity Work?1:27

99. Q&A: Does the Buyer-Seller Relationship Turn Hostile?0:46

100. Q&A: Unsolicited Bids in Exclusive Deals0:53

101. Q&A: Break-up Fees0:39

102. Q&A: Do Break-up Fees Apply to Both Buyer and Seller?0:49

103. Q&A: Can the Seller Negotiate LOI Terms1:18

104. Q&A: What Makes the JoeCo LOI Aggressive?1:28

105. Q&A: Who Negotiates the LOI?0:36

106. Post-LOI Work 10:50

107. Post-LOI work 20:17

108. Q&A: What Percent of Post-LOI Deals Close?0:20

109. Debt Commitment & LOI ReviewQuiz

Working Capital Peg; SPA & APA

110. Working Capital Peg Intro4:36

111. Purchase Agreement Intro2:46

112. Purchase Price Negotiations Post LOI1:38

113. Post-LOI Introduction3:48

114. Working Capital Target6:05

115. Locked Box Mechanism1:47

116. Negative Working Capital2:17

117. Working Capital Composition2:27

118. SPA/APA2:43

119. Q&A: Deal Insurance1:15

120. Purchase Agreement Roles1:36

121. SPA/APA Typical Terms7:06

122. Final Credit Agreement4:00

123. Final Credit Agreement Key Terms4:38

124. Covenant Cushion Analysis1:03

125. Defining EBITDA In The Credit Agreement2:12

126. TSA0:20

127. Post-Close3:21

128. Funds Flow4:34

129. Pe Deal Process Conslusion0:20

130. Q&A: How Do Take-Privates Work1:50

131. Q&A: How Do Credit Funds Make Investments3:03

132. Working Capital PEG; SPA & APA ReveiwQuiz

115 Lessons

12h 47m

LBO Modeling in the Lower Middle Market

This LBO modeling-focused course focuses on a Middle Market transaction, where private equity professionals often operate with little structure. First, you will listen in on a conference call with the Managing Partner of a hypothetical private equity firm and, through step-by-step videos, learn to build a monthly LBO model from scratch that answers …

LBO in the Lower Middle Market Introduction

1. Intro & About Me3:56

2. Course DownloadsFiles

3. Course Overview12:02

4. Private Equity Overview5:52

5. MP Call Full9:51

Raw Data

6. Raw Data Pt15:10

7. Raw Data Pt26:47

8. Raw Data Pt39:09

Statement of Cash Flows

9. Statement of Cash Flows Pt16:37

10. Statement of Cash Flows Pt27:35

EBITDA

11. EBITDA OVERVIEW9:40

12. EBITDA As Defined7:20

13. EBITDA Management Adjustments6:04

14. EBITDA Diligence Adjustments Pt112:02

15. EBITDA Diligence Adjustments Pt23:48

16. EBITDA Diligence Adjustments Pt39:49

Income Statement Forecast

17. Income Statement Forecast Build9:00

18. Income Statement Forecast Overview4:04

19. Income Statement Forecast Revenue3:40

20. Income Statement Forecast Gross Profit & COGS3:31

21. 2015 Pro Forma Adjustments9:06

22. 2016 Pro Forma Adjustments4:58

23. SG&A Analysis7:17

24. Variable Expense Build3:28

25. Fixed Expense Build10:15

26. New Hire Build7:06

27. Tax Expense & Income Statement Zoom Out4:59

Balance Sheet Forecast

28. Balance Sheet Build9:22

29. NWC Layout4:47

30. NWC DSO & AR6:43

31. NWC DPO & DOH5:12

32. NWC Prepaid & Accrued Expenses4:47

33. NWC Ratio3:32

34. NWC Inventory Turnover2:18

35. NWC Cash Conversion Cycle3:59

36. NWC Target9:37

37. Depreciation & Capex Pt17:52

38. Depreciation & Capex Pt29:23

39. Depreciation & Capex Pt39:23

40. Quick Clean Up3:45

41. Bonus Accrual Pt13:35

42. Bonus Accrual Pt24:21

43. Bonus Accrual Pt35:53

44. Tax Accrual Pt15:14

45. Tax Accrual Pt210:09

46. Balance Sheet Follow-up Questions5:30

Transaction Buildout

47. Transaction Overview3:32

48. Purchase Price Build10:26

49. Sources & Uses Layout8:20

50. Debt Sources5:34

51. Known Inputs & Fees7:33

52. Finishing Sources & Uses9:29

53. Pro Forma Equity6:41

54. Blended Cash Interest5:43

Pro Forma Balance Sheet

55. Pro Forma Balance Sheet Overview3:16

56. Pro Forma Balance Sheet Layout6:13

57. Multiples with Fees2:41

58. Pro Forma Balance Sheet Sources3:57

59. P

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