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Leveraged Buyouts: A Practical Guide to Investment Banking and Private Equity (Wiley Finance) Hardcover – 18 Mar 2014

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Pignataro s step–by–step approach is ideal for anyone trying to learn or hone the analytical skills necessary to model the basic viability of an LBO, from the point of view of the company as well as the investor. He explains valuational concepts and how to capture them in Excel spreadsheets, the latter described down to the level of individual keystrokes . Leveraged Buyouts is a self–contained course in rudimentary financial modeling (and a crash course in Excel as well). It s a perfect read for anyone wanting to enter the world of investment banking or private equity.

From the Inside Flap

The private equity industry is thriving. To get some idea of just how fast the industry has grown over the past decade, one only need consider that private equity firms invested nearly 90% more capital in 2010 than they did in 2009, for a total of $225 billion invested in more than 3,000 transactions, compared to $119 billion the year before. And that trend has continued at a rapid clip in the three years since.

But turning private investments into successful enterprises, while pulling down promised, or better than expected, returns for partners takes a particular skill set and technical know–how not readily acquired by those outside the industry until now.

In Leveraged Buyouts, Paul Pignataro, founder and CEO of the world–renowned New York School of Finance, takes a unique approach to educating you in the tools of the private equity trade by building on a book–length case study of the 2013 Berkshire Hathaway/3G Capital $28 billion Heinz Co. LBO.

How viable is such a buyout? How are Berkshire Hathaway and 3G Capital finding value in such an investment? What are their potential returns? Clearly and concisely, Paul Pignataro explains the analytical approach used by Wall Street analysts to answer such questions, guiding you, step by step, through the process of developing a sophisticated financial model.

Assuming the role of a Wall Street analyst, you get an up–close and personal look at how the modeling process works, while acquiring the tools for developing your own analyses. You′ll evaluate the potential leveraged buyout of Heinz, determining its current financial standing, projecting its future performance, and estimating the potential return on investment.

And to help further your LBO education, the Leveraged Buyouts companion website supplies you with downloadable models that bring all the methods described in the book to life, while offering you an opportunity to hone your analytical skills by building an original Heinz Co. LBO model from scratch. You′ll also find chapter questions and answers to help you test your knowledge of the material presented in the book.

Whether you are an investor or fund manager looking to make your own acquisitions, or you aspire to a career in the burgeoning private equity or investment banking industries, Leveraged Buyouts gets you up and running fast with the tools and techniques you need to perform expert LBO analyses. If you′re a private equity or investment banking professional looking for a reliable way to refresh and fine–tune your analytical skills, this book definitely is for you as well.

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Amazon.com: 22 reviews
2 of 2 people found the following review helpful
Does the job 9 Jan. 2014
By TSA1992 - Published on Amazon.com
Format: Hardcover
For anyone interested in learning about LBO's and how they work, this book provides a very good explanation of what an LBO is and how to build one from the bottom up, as well as the thought process one should have when performing each step. It walks you from beginning to end through the Heinz LBO, provides a template for the model, and provides clear instructions and answers for every step of the process. For that reason, it also is a useful guide for learning how to use excel for finance and has a lot of short cuts necessary to know when entering a finance position, which is an added plus. While this book is for beginners, it is probably the best book a beginner can buy.
3 of 4 people found the following review helpful
Best LBO Book 20 Jan. 2014
By Ensö - Published on Amazon.com
Format: Hardcover Verified Purchase
I wouldn't know much about which book for leveraged buy-out would be the best. But when I came across this book as apart of the Wiley Finance Series extending from the Financial modelling and valuation book, I had with ZERO experience in Finance. Following Pauls book i can proudly say that I have gained excellent and proficient knowledge in financial modelling. The book provides excellent information on LBOs along with the advanced practical modelling using the Heinz LBO by 3G and Berkshire Hathway which makes this book by far the best to understand simply by the results that I have achieved. Now I can build sophisticated LBO models with advanced thinking of the "how-to-approach" ! The books is simple, step-by-step, elegant and I don't think any other investment banker could have simplified it more than what Paul has done. I look forward to your other books in the series. Thank you Paul for the publication.
3 of 4 people found the following review helpful
Don't know where to start? Start here. 14 Jan. 2014
By Stefano La Valle - Published on Amazon.com
Format: Hardcover
To all finance aficionados and beginners who are looking to accelerate their understanding of Investment banking and LBO's (from a practical and modelling perspective), I reccomend Pignataro's new Leveraged Buyouts book. The author does a good job of introducing the concept of LBO, Valuation and financial statements in a simple manner and walk you through a real model example using Heinz's acquisition of 3G Capital. It really helped me understand how to model a deal like this with all the details necessary - A definite 'Yay'!
(the founder of New York School of Finance in NYC) is an AMAZING book just on the technical skills that a true ... 21 Feb. 2015
By Amirshayan Mohammadi - Published on Amazon.com
Format: Kindle Edition
Paul P. of New York School of Finance

This book written by Paul P. (the founder of New York School of Finance in NYC) is an AMAZING book just on the technical skills that a true bulge bracket IBD / M&A / financial sponsor / leverage finance / or PE Sr. Associate would need to know to not only get the job but distinguish themselves in that role. There are so many good things to mention about this book. One thing right off the bat is that 99% of books on this topic are not written from the perspective of an actual practitioner whom worked at bulge bracket banks (i.e. Paul worked at both Morgan Stanley AND TH Lee on the buyside). Majority of such books on PE are written from the perspective of academics or LPs determining which fund to invest in. This book truly covers the entire modeling aspect of what a post MBA Sr. Associate at a tier one mega-cap PE fund would be expected to know and do on a daily basis. I personally work within later stage principal investing as a founder of my own fund so I know this material inside out and I have never seen a book on this technical level except for Joshua Perl's "Investment Banking" book, also by Wiley Finance. However, that book is on valuation in general wheres this entire book is exclusively dedicated to just LBO analysis in particular. I personally recommend this book to all IBD and PE clubs at top 5 / 10 MBA programs as a way to train their students to master the modeling skills of mega-cap PE fund sponsors. If an MBA student truly masters this book they will for certain get a job in PE as most funds expect Pre-MBA Associates, Associates, and Sr. Associates to have already mastered this material during their time on the sell-side. It also should be noted that this book is just a SMALL SAMPLE of what Paul P teaches in his actual NYSF course in NYC. The book is excellent as is but if you actually take his courses in NYC you will see much more in-depth and technical treatment of this material. In fact his NYSF has become the de-facto training ground for PE sponsors to send their new hires to bring them up to speed.

This is just one of three books in his series and he plans to release more books over time. This is an excellent way for Partners to train their new hires via self-study or in Paul NYSF actual live classroom.
2 of 3 people found the following review helpful
Need help for the LBO part of your PE interview? Here it is. 14 Jan. 2014
By Big T - Published on Amazon.com
Format: Hardcover
This is a step by step guide to the recent LBO deal by Berkshire and 3G to acquire Heinz. Most financial modeling textbooks out in the marketplace are old, unrelatable or possibly not relevant anymore. This deal is fresh.

The book is easy to follow and read. Don't need to be a genius to go through this book. Thumbs up.
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