LBO Model Excel Template

COVER

Model documentation, version, hyperlinked tab index.

INPUTS

Purchase price, transaction costs, capital structure, debt terms (rate, tenor, amortisation, covenants), exit assumptions, scenarios.

SOURCES & USES

Full transaction structuring with equity check calculation.

OPERATING

Five-year P&L forecast: revenue, EBITDA, capex, working capital.

DEBT_SCHEDULE

Multi-tranche debt with mandatory amortisation, cash sweep priority, covenant tracking. Up to six tranches: RCF, TLA, TLB, second lien, mezzanine, PIK.

CASHFLOW

Unlevered FCF → debt service → cash sweep → ending cash.

RETURNS

IRR, MOIC, equity bridge by year. Sensitivity table on entry/exit multiple and leverage.

WATERFALL

GP/LP returns waterfall with European or American carry. Hurdle rate, catch-up, carried interest split.

CHECKS

Twelve integrity checks: sources = uses, debt schedule ties to BS, cash sweep priority correct, returns reconcile.

Real cash sweep priority logic

Most templates apply cash to whichever tranche the modeller hardcoded first. Ours follows actual credit agreement priority: mandatory amortisation, then first lien sweep, then second lien sweep, then optional repayment.

Covenant tracking

Maintenance covenants (leverage, interest cover, FCCR) calculated each period with breach flags. Most templates ignore covenants entirely.

Dividend recap toggle

Built-in dividend recap event in year three of the hold flexes capital structure mid-deal. Off by default.

Returns waterfall — both conventions

European and American carry waterfall. Switch via dropdown.

Realistic debt terms

Floating rate (SOFR + spread) with rate curves, OID, prepayment penalty — all built in.

Does it support add-on acquisitions?

Yes — a separate add-on transaction tab adds new sources/uses and consolidates into the operating model.

Can it model a take-private?

Yes — built for both private and take-private LBOs. Toggle on the INPUTS tab.

Does it cover continuation funds or GP-led secondaries?

Not in v1. Available as a custom build — contact us.

Refund policy?

14-day money-back guarantee, no questions asked.