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Course details

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Module 1: Traditional Private Equity: Leveraged Transactions (Private Equity Masterclass)

Get ahead in private equity & transactions with this module
  • This course represents Module 1 of the Private Equity Masterclass (5 Day)

    This popular course is comprised of 3 individually bookable modules.

    Alternative assets (AA) have attracted a considerable amount of attention and enthusiasm for their performance, diversification effects, and growth of assets under management (AUM). Among various alternative asset classes, traditional leveraged private equity and mezzanine finance share numerous characteristics – illiquidity, long-term horizons, and potential for high levels of returns. Infrastructure private equity and real asset investment add diversification plus inflation protection. All these areas can utilise leverage in acquiring the underlying assets.

    This school provides delegates with a comprehensive understanding of these "illiquid" alternative asset classes. It will:

    • Examine the role of traditional PE, real assets and infrastructure PE, private mezzanine financing (PMF), and growth equity in the portfolio
    • Analyse representative transactions and assess the attractiveness of potential transactions in different transaction contexts
    • Illustrate common types and identify classic sources of traditional PE, real assets, infrastructure, PMF and growth equity transactions
    • Examine entry valuation methodologies, including forecasting and modelling
    • Demonstrate how to structure and fund deals
    • Demonstrate how to generate returns through opportunistic entry, improved fundamental performance post-acquisition, use of leverage and performance incentives, and timely exit
    • Profile sources of financing for transactions of different asset classes
    • Examine funds flows and asset ownership changes associated with different products
    • Demonstrate classic post-acquisition operational improvements, such as more disciplined capital spending, reductions in working capital, and performance-related compensation
    • Profile key due diligence issues, including HR due diligence
    • Review exist alternatives, including leveraged recaps, IPOs, and trade sales to a strategic buyers

    Attendees will see private equity from the standpoint of both:

    • The buy-side, i.e. investors with capital looking to commit it to uncorrelated, historically higher-return, but illiquid investments
    • The sell-side, i.e. intermediaries assisting in the structuring and financing of private equity transactions

    Methodology

    The course will include the analysis of several private equity deals and leveraged buyouts, including a series of Asian transactions. A Socratic approach, with active participation and exercises, will be used.

  • Day 1 - Traditional Private Equity
    This course represents module 1 of the Private Equity Masterclass

    Deal sourcing and return generation
    Fundamental analysis in private equity contexts and valuation

    • Transaction types: LBOs, MBOs, growth equity
    • Target screening
    - Key industry
    - Sector-level characteristics
    - Key firm-level characteristics
    • Business strategy assessment
    - Business mix, growth goals
    - Margin targets
    - Capital investment
    - Agency problems
    - Operating risk management
    • Financial performance assessment
    - The Troika
    • Financial strategy assessment
    - Cash generation and capital use
    - Historical, target and current capital structures
    - Funding modes and sources
    - Financial risk management
    - Does the financial strategy support the business strategy or vice-versa?
    • Post-acquisition sources of value-added
    - Post economies
    - Improved working capital management
    - Discipline in capital expenditure and similar outlays
    - Monetisation of non-core assets and under utilised assets
    • Forecasts: Debt capacity and future cashflows
    - "Topline" revenue growth rate projections
    - Forecasting margins
    - Forecasting capital expenditures and other capital outlays
    - Forecasting debt service burdens
    - Levered equity cashflows
    • Return requirements and discount rates
    - Target IRRs
    - Other return measures
    • Exit strategies: “Harvesting” returns
    - Strategic buyers
    - Financial buyers
    - Public market exit
    - Leveraged recaps and special dividends
    • Private equity in Europe and Asia
    - Strategic corporate investors
    - Public market funding for highly-leveraged companies
    - Private equity operations of diversified public firms
    - Growth equity
    • Sources of value in private equity
    • Target valuation
    - Valuation methodologies
    - "Entry" pricing vs. Expected "exit" value
    - Net asset value (NAV)
    - Price/Book value
    - Enterprise value/replacement cost
    - Comparable firm multiples
    - Comparable transaction multiples
    - Operational metrics
    - Discounted cashflow approaches
    - Debt capacity and debt/EBITDA ratios


    Case studies:
    Doosan’s corporate transformation: Doosan TechPak LBO by MBK Partners
    Morgan Stanley private equity buys Korean restaurant chain
    Possible disposal of ParkNShop/Watson Group via LBO
    TNT rolls back global expansion on China truck exit via LBO
    Recent Chinese LBOs: Morgan Stanley buyout arm in talks to buy China packager

    Day 2
    Transaction structure
    Debt funding

    - Bank and other senior debt
    - Bridge funding
    - Subordinated and other long-term debt finance
    - Securitisation and structured finance

    • Credit analysis and credit ratings
    • Equity-linked debt
    - Mezzanine funding
    - Convertible securities
    • Equity funding
    - Private equity, LBO and venture capital managers
    - Private market
    • Use of funds: Capital structure and returns
    - Debt/Equity mix
    - Equity-linked securities and dilution impacts: Warrants with-debt, convertibles, pay-in-kind securities
    • Transaction process
    - Due diligence, deal documentation and structuring
    - Due diligence highlight: HR due diligence
    • Exit strategies: "Harvesting" returns
    - Strategic buyers
    - Financial buyers
    - Public market exit
    • Risk management in private equity
    • Liability management
    Case studies:
    • Lion Capital and the Blackstone Group: The Orangina LBO
    • Weiqiao Textile: Possible LBO and sum-of-the-parts analysis
    • Partial LBO of Medco Energi Internasionale
    • Activist investors propose LBO of Korea tobacco and ginseng

     

  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Andrew Regan

    With experience that spans both practical and academic spheres, I specialise in delivering training in the theory and practice of corporate finance and financial markets. My specialty is valuation in the public and private equity markets, but other interests include portfolio management and real estate valuation.

    Biography

    Andrew, CFA, started in investment banking at Merrill Lynch; serving as a financial advisor to municipal entities and directing their efforts in raising public capital in the tax-exempt debt markets. After business school, he became a Retailing Analyst at Donaldson, Lufkin, and Jenrette in New York, where he counseled large institutional investors on their retail sector holdings. In addition to these conventional sell-side equity research duties, he was centrally engaged while at DLJ in a number of banking transactions involving merchants, including LBOs, IPOs, primary and secondary equity offerings, and private placements.He then returned to Harvard Business School as a Charles M. Williams Fellow and Dean’s Doctoral Award Winner. His research interests included the performance of LBOs, privatization in emerging markets, competition in the securities markets, and capital availability in the airline industry. In 1994-95 he served as Secretary to Professor Samuel Hayes, Warren Buffet, GE Chairman John Welch, former Merrill Lynch Chairman Daniel Tully, and other members of the Compensation Practices Committee, a blue-ribbon panel of securities industry experts appointed by SEC Chairman Arthur Levitt to look at remuneration in the retail brokerage business.Andrew provides consulting support to financial service organizations looking for organisational and staff development in the theory, practice, and products of corporate finance and financial markets. This includes both the sell-side process of such activity (advisory, M&A, and capital markets) as well as the concomitant buy-side analysis (investors and their analytical approaches).He has delivered projects for clients in North America as well as Europe, Latin America, Asia, Africa, and the Middle East. Those clients include all the U.S. Bulge Bracket firms, as well as several Persian Gulf and Chinese financial institutions, and he has worked with private firms on a variety of financial and strategic issues. He has also worked with financial staff at China Petroleum and Chemical (Sinopec), the large Chinese downstream/integrated firm, on analysis and valuation.Andrew received his A.B. magna cum laude with Highest Honors in Modern European History from Harvard College in 1983, his M.Sc., with Distinction, in West European Politics from the London School of Economics in 1986, and his M.B.A., with High Honors, from HBS, where he was a George F. Baker Scholar, in 1988. He holds the CFA Charter.