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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.
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.