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Private Equity Transition

Learn how to analyze and value private companies. 

All participants will receive a digital certificate of completion. 

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Instructor-led courses, learn in-person or virtually

Get the skills we teach at top PE Firms...

Our intensive private equity curriculum was developed from our providing live instruction for 16 of the top 20 PE Firms.  This course will enable individuals to develop the skills needed to perform in the PE industry. We will teach you how to transition from operating as a banker to an investor. You will learn how to construct a detailed operating model focusing on revenue build, variable cost, overhead and SG&A. How to account for maintenance vs growth capital expenditure and depreciation as well as the complexities with modeling debt.

The course also teaches Leveraged Buyout Analysis, from key LBO principles, structuring and debt capital markets, to equity distribution waterfalls.

You will also learn vital Excel skills for Diligence and Financial Modeling.

  • Cleaning and standardizing in Excel
  • Analyzing data from a target company
  • Integrating and consolidating data
  • Parse through Data Room to conduct financial performance analysis

Led by our experienced instruction team of former practitioners, you get a unique blend of industry insight combined with a passion for teaching.  The average TTS instructor has been part of the team for 8.5 years. 

Learning Outcomes: 

Excel for Due Diligence

Construct Operating Models

Deal Financing / Structuring

Waterfall Analysis

Modeling P/E Complexities

Daily Agendas

Applied Excel for Diligence & Financial Modeling

Applied Excel (focus on functions for diligence):

  • Managing data from target, cleaning and standardizing in excel
  • Integrating and consolidating data (i.e., lookups, index, match, offset)
  • Analyzing data (i.e., charting, summary tables, filters, pivot tables)

Financial Modeling Construction and Application of:

  • Core statements
  • Revenue build methodology – top-down and bottom-up integration
  • Variable cost, overhead and SG&A builds
  • Working capital
    • Theory and mechanics of modeling the capital required to fund the supply chain of the operations.
  • Capital Expenditure & Depreciation
    • Focus on segregation of maintenance / sustaining capex vs. growth capex. Implications of ROIIC on returns on long-term growth potential
  • Data analysis utilizing GBT&T ERP data to conduct financial performance analysis on historical products which will be utilized in the revenue / cost build of the financial model

 

Financial Modeling

Construction and Application of:

  • Amortization schedule
  • Other long-term items schedule
  • Preparing for the debt and interest schedule
  • Debt and interest schedule

Complexities with Modeling Debt:

  • Multiple cash flow sweeps
  • Modeling covenants and borrowing bases

Troubleshooting the Model:

  • Understanding and controlling for circular references
  • Balancing the model

Making the model ready for the investment committee

Utilizing the Completed Model:

  • Constructing and utilizing data tables
  • Adding switches and scenarios for sensitivity analysis on revenue and cost builds

 

Corporate Finance & Leveraged Buyout Analysis

Principles of Corporate Finance:

  • Risk vs. Return, time value of money and optimal capital structure
  • Levered and unlevered cash flows

LBO Analysis:

  • What makes a good LBO candidate?
  • Value creation via de-leveraging, FCF growth and multiple expansion
  • Sources of funding for an LBO
  • Differing viewpoints for LBO constituents

Short-form LBO Model Lecture:

  • Mechanics of constructing an LBO model
  • Purchase price determination
  • Debt capacity and financing options
  • Sponsors equity and internal rate of return (IRR)
  • Introduction to data tables and driver / variable sensitivity analysis

 

 

 

Debt Capital Markets & Advanced Capital Structure Considerations

Structuring & Debt Capital Markets Topics:

  • Advanced sources & uses and opening balance sheet considerations including discussion of earnouts, seller notes and dealing with off-balance sheet liabilities
  • Capital structure considerations and debt capital markets
  • PIK interest & warrants
  • Equity distribution waterfalls, recapitalization and exit considerations

Overview of Advanced M&A & LBO Topics:

  • Asset vs. stock purchase
  • Tax deductibility of goodwill
  • Section 338 elections and impact of target entity formation on value
  • Dividend recapitalizations
  • Net working capital adjustments / peg
  • Tax deductibility of interest expense

 

 

 

 

Clients We Work With:

Instruction3

How Do You Like To Learn?

Flexible Learning Options
Our courses are available in both in-person or virtual classroom formats. If you learn better in your own space or traveling isn’t convenient, virtual is great solution. Either way, you get the skills and support you need to succeed.

VIRTUAL SQUARE

What Does A Day Look Like?

Whether you join us in-person or virtually, the classroom is a combination of micro-lectures and hands-on exercises that ensure retention levels are high and students stay engaged.  You’ll use some of the most innovative Excel based learning tools available, providing instant performance feedback as well as the opportunity for as many “reps” as you need to be “desk ready” for private equity. 

Course Details

What’s Included
Instructor-led classroom training

Ongoing instructor support
One-year online access to course materials, Excel files, and related self-study courses for additional reference and review

Schedule
9:00 am to 5:00 pm each day with an hour lunch around noon and shorter breaks throughout the day.

Prerequisites
Fundamental knowledge of finance. Attendees should have 1-2 years in investment banking or comparable experience. For those coming from non-banking backgrounds, we recommend completing the Core Comprehensive course prior to this course.

Who Is This Course For?

  • Private equity firms that need to get small groups or individuals up to speed (new, lateral, or off-cycle hires)
  • Financial services professionals looking to learn the intricacies of private equity
  • Those looking to transition into private equity and seeking a better understanding of how to value private companies

Course Pricing

$4,600 (4 days)*

* register at least 30 days in advance

– Group rates available
– Discounts offered to existing clients

Standard registration inside 30 days:
$5,000 (4 days)

Cancellation Policy
Cancellations up to 14 days before the workshop will receive a full refund. Cancellations within 14 days of a course will not be refunded. TTS reserves the right, at its sole discretion, to cancel a course. If TTS cancels a course, payments are refunded in full.

Questions? Please contact info@trainingthestreet.com for more information.

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