Expertise
LBO & buy-out
Acquire a profitable company with leverage, aligning management and shareholders around one project.
For whom, when
Situations we support
- An owner who wants to pass on the company while ensuring its continuity.
- A management team that wants to buy out the company (MBO).
- An owner seeking a partial cash-out without losing control (OBO).
- A family transmission structured with leverage (FBO).
How we work
A sober, solid structure
Diagnosis
Analysis of profitability, recurring cash flows and the company's debt capacity.
Structuring
Acquisition holding, leverage level, management package, shareholders' agreement and governance.
Financing
Sourcing acquisition debt (senior, and where relevant unitranche or mezzanine) from partners.
Closing & monitoring
Completion, then support for the trajectory and deleveraging.
The tax aspects of an LBO/OBO depend on each situation and must be validated by a dedicated adviser.
What you gain
Leverage, alignment, continuity
- A structure sized for the company's real capacity, not to maximise debt.
- Clear alignment between management, owner and investors.
- Continuity of the business project beyond the ownership change.
FAQ
LBO, your questions
What is an LBO?
An LBO (leveraged buy-out) acquires a company through an acquisition holding that takes on debt. The debt is repaid from the acquired company's cash flows. Leverage amplifies the equity return if the company delivers on its trajectory.
What is the difference between MBO, OBO and FBO?
An MBO is a buy-out by the existing management team. An OBO (owner buy-out) is a sale-to-oneself: the owner sells the company to a holding they still control, for a partial cash-out without losing control. An FBO is a family buy-out. All rely on a leveraged structure.
From what size does an LBO make sense?
There is no universal threshold. What matters is the company's ability to generate recurring cash flows to repay the debt, its profitability and visibility. We assess each case individually.
What is a management package?
It is the set of instruments that let managers and key staff invest in the equity and share in value creation, aligning their interests with the investors'.
See also: Mergers & Acquisitions · Equity investment
Transmission, MBO or OBO?
Let's assess the feasibility and structuring of your deal together.