Private Equity Transition

Learn how to analyze and value private companies.

All participants will receive a digital certificate of completion.

Upcoming Courses



10/24 – 10/27


New York

11/28 - 12/1

Upcoming Courses



10/24 – 10/27


New York

11/28 - 12/1

Learn techniques we teach around the world...

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

Our intensive private equity curriculum was developed from our providing live instruction for 19 of the top 25 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.

What you will learn?

  • Excel for Due Diligence
  • Construct Operating Models
  • Deal Financing / Structuring
  • Waterfall Analysis
  • Modeling P/E Complexities
What you will learn?

Applied Excel and LBO Fundamentals & Valuation

Manipulating and analyzing data

  • Lookup and reference tools, e.g. Lookups, offset, index, match, indirect
  • PivotTables and data analysis tools
  • Charts and data visualization in Excel

LBO fundamentals and valuation

  • What is an LBO and how it can create value
  • How leverage increases the return on equity
  • LBO valuation as an alternative valuation methodology
  • Characteristics of suitable LBO candidates
  • Sources and uses of funds at entry
  • Simplified debt / equity split for entry capital structure
  • Estimating cash flows available to capital holders
  • Distribution of proceeds at exit
  • Exit routes and exit value
  • Calculating the returns
  • Money-on-money / Multiple of invested capital
  • Turning an LBO model into an LBO valuation

LBO – Operating Model, M&A Adjustments & 3-Statements

  • Transaction value including dilution from stock options
  • Sources and uses using Debt to EBITDA multiples for financing structure
  • Modeling alternative financing structures
  • Goodwill on acquisition and acquisition balance sheet
  • Building the operating model
  • Building the cash flow statement and balancing the balance sheet:
  • Calculate debt and interest:
  • Estimate the IRR
  • Evaluation of the deal and issues that should be highlighted at investment committee

LBO – Detailed Financial & Return Structure and Special Topics

LBO – Detailed Financial & Return Structure

  • Sources and uses of funds at entry
    • Complex capital structure including multiple debt tranches including high yield bonds, mezzanine finance (PIK) and shareholder loans (PIK).
    • Managing different financing scenarios within a model
  • Full operating forecast
    • Cash sweep modeling
      • Minimum cash balance covenant
      • Revolver
      • Mandated and accelerated repayments
    • Test on interest expense cap as a percentage of EBITDA
    • Calculating debt ratios for testing financial covenants e.g. DSCR, Debt to EBITDA and Interest coverage
  • Calculating the returns for the different providers of capital e.g. sponsor, management and mezzanine:
    • Disaggregating returns into their drivers (building the returns bridge)

LBO – Special Topics

  • Asset vs stock purchase
  • Tax deductibility of goodwill
  • Section 338 elections
  • Dividend recapitalizations
  • Net working capital adjustments / peg
  • Tax deductibility of interest expense

Private Company Forecasting and LBO Analysis

Part 1 – Operating Model
Based on a private company CIM the participants will build a detailed forecast financial model for a private company. This model will include the following:

  • A detailed revenue build using a bottom-up approach using volume and price analysis for multiple product lines. Different margins are used for each product
  • A detailed SG&A build
  • Forecast of working capital
  • The breakdown of capex, between maintenance and expansion capex

Part 2 – Valuation and Debt Structuring

  • Recap on relative and absolute valuation approaches
  • Overview of debt capacity calculations
  • Based on the historic and forecast EBITDA and cash flows, we will estimate an appropriate acquisition valuation and debt structure for a potential LBO

Part 3 – LBO Model
Using one of the templates used earlier in the program evaluate the target company as a potential LBO target by incorporating:

  • An acquisition valuation range;
  • A proposed debt structure; and
  • The full operating model built earlier in the day

At the end of the program the instructor will act as the investment committee, critique assumptions made and offer potential model improvements.

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.

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
What Does A Day Look Like?
Course Details

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


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


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.

How Do You Like To Learn?

In-Person Training

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 Training

Course Pricing

$4,600 USD (4 days)*

* register at least 30 days in advance

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

– Group rates available
– Discounts offered to existing clients

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 for more information.

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