Acquisition Finance and LBOs Training Course

Duration 5 days 10 modules · 33 contact hours
Level Intermediate Certificate on completion
Who attends Corporate Finance Managers, Treasury Managers and others
Fee from USD 1,100 KSh 95,000 for Kenyan organisations
Where 52 cities + online See dates by city
Next start 16 Nov 2026 Course code SD-TI-049

Before you join: Participants should understand the three financial statements, EBITDA, enterprise value, discounted cash flow principles and basic debt terminology.

Dates & prices

Two start dates a month in every city, and live online on weekdays or weekends. Fees are per participant; classroom fees include tuition, materials, lunch and refreshments, and the certificate.

Suggest a date or city

Showing the next six months. Later dates, other cities and private deliveries for your team are available on request.

Course overview

Acquisition finance requires teams to turn an investment thesis into a fundable transaction. Sponsors, corporate buyers, treasury teams and lenders must establish a defensible purchase price, determine sustainable debt capacity, structure facilities, understand lender protections and test whether the business can service debt under adverse conditions. Weak assumptions on earnings, working capital, interest rates or exit value can quickly turn an attractive deal into a refinancing or covenant problem.

This course develops the analytical and structuring skills required for LBO and acquisition finance transactions. Participants build sources-and-uses statements, assess entry valuation, model operating cash generation, size debt facilities and calculate investor returns. They examine senior debt, revolving facilities, unitranche structures, subordinated debt and equity contributions, alongside covenant packages, security, intercreditor arrangements and lender underwriting criteria. The programme also addresses transaction execution, funds flow, financing documentation, downside analysis and post-close monitoring.

Teaching combines focused instructor briefings with transaction cases, model-based group work, lender-credit discussions and financing-term negotiations. Participants apply methods to realistic acquisition scenarios involving corporate carve-outs, sponsor-backed purchases, infrastructure assets and cash-generative operating businesses. They leave with a reusable acquisition finance analysis pack containing an LBO model structure, debt sizing framework, covenant headroom analysis, financing term sheet checklist and transaction execution plan. The course is delivered over five days in classroom locations in more than 50 cities or live online, with approximately 6.5 contact hours each day. Participants receive a certificate of completion.

The course suits finance professionals who contribute to acquisitions, refinancing, credit approval, treasury planning, investment analysis or transaction execution.

What you will be able to do

  • Build sources-and-uses statements and transaction cash flow waterfalls
  • Model LBO operating forecasts, debt schedules and equity returns
  • Size acquisition debt using debt-to-EBITDA, ICR and DSCR constraints
  • Evaluate senior, unitranche, subordinated and equity financing structures
  • Interpret covenant packages, security terms and intercreditor arrangements
  • Stress-test liquidity, covenant headroom and refinancing risk scenarios
  • Prepare lender information packs and acquisition financing term sheets
  • Present financing recommendations using investment committee decision criteria

Benefits of attending

For you

  • Produce credible LBO and acquisition financing analyses for live transactions
  • Challenge debt sizing assumptions with lender-style credit metrics
  • Interpret financing term sheets without relying solely on legal advisers
  • Identify covenant and refinancing risks before investment committee approval
  • Communicate financing trade-offs clearly to senior deal stakeholders

For your organisation

  • Improves discipline in debt capacity assessment and acquisition funding decisions
  • Reduces execution risk through stronger sources-and-uses and funds-flow planning
  • Produces more consistent covenant, liquidity and downside analysis
  • Strengthens negotiation of facility terms, pricing and lender protections
  • Supports clearer investment committee papers and credit approval submissions

Course modules

10 modules over 5 days

Participants can explain how acquisition value, funding sources and investor returns connect within an LBO transaction.

  • Acquisition rationale, sponsor returns and debt-funded ownership structures
  • Enterprise value, equity value and purchase price bridge mechanics
  • Sources-and-uses statement linking purchase price, fees and financing requirements
  • Primary, secondary and rollover equity in sponsor-led acquisitions
  • Senior debt, subordinated debt and preferred equity risk positions
  • Transaction timeline from bid submission through signing and closing

Participants can assess entry valuation assumptions and calculate equity returns under alternative transaction scenarios.

  • EBITDA normalisation using quality-of-earnings adjustments and run-rate evidence
  • Build entry and exit multiple sensitivity tables for investment cases
  • IRR and MOIC calculations under alternative holding periods
  • Bridge enterprise value to equity returns after debt repayment
  • Assess management incentive dilution and rollover equity economics
  • Separate recurring earnings from one-off transaction adjustments

Participants can build an integrated LBO model linking operating performance, financing and investor returns.

  • Integrated LBO model architecture linking assumptions, statements and debt schedules
  • Forecast revenue, margins, working capital and capital expenditure drivers
  • Model cash taxes, interest deductibility and deferred tax effects
  • Calculate cash available for debt service from operating forecasts
  • Use circularity switches for cash sweeps and interest calculations
  • Audit model integrity through balance checks and error flags

Participants can size debt facilities and select repayment structures suited to transaction cash flows.

  • Size senior debt using debt-to-EBITDA, ICR and DSCR constraints
  • Compare term loans, revolving facilities and delayed-draw tranches
  • Determine amortisation profiles, bullet maturities and refinancing exposures
  • Model cash sweeps, excess-cash-flow provisions and voluntary prepayments
  • Rank debt instruments by security, priority and recovery prospects
  • Assess incremental facilities and accordion commitments within debt capacity

Participants can prepare and assess an acquisition financing case using lender credit criteria.

  • Credit underwriting priorities: business risk, cash generation and collateral
  • Prepare lender information packs with model outputs and downside cases
  • Calculate fixed-charge coverage and covenant headroom under base case
  • Map syndication participants, arranger roles and underwriting commitments
  • Compare bank, direct-lending and unitranche financing propositions
  • Price debt through margins, fees, floors and original issue discount

Participants can interpret key facility agreement terms and identify their commercial implications.

  • Term sheet architecture: facilities, purposes, conditions and repayment terms
  • Financial covenant definitions, testing dates and EBITDA add-backs
  • Undertakings governing disposals, acquisitions, restricted payments and indebtedness
  • Analyse security packages, guarantees and intercreditor ranking arrangements
  • Conditions precedent, representations and events of default mechanics
  • Negotiate information rights, cure rights and equity contribution provisions

Participants can test financing resilience and identify actions when performance falls below plan.

  • Construct downside cases using volume, margin and working-capital shocks
  • Test covenant headroom through monthly liquidity and EBITDA scenarios
  • Model interest-rate shocks, benchmark floors and hedging costs
  • Identify refinancing walls and maturity concentrations before exit
  • Compare amendment, waiver and debt-equity restructuring alternatives
  • Prepare lender communications for emerging underperformance and covenant pressure

Participants can coordinate financing workstreams, closing conditions and acquisition funds flow.

  • Bid financing certainty, funds-flow planning and closing deliverables
  • Coordinate legal, tax, financial due diligence and financing workstreams
  • Build a closing checklist for conditions precedent and funds movements
  • Funds-flow waterfall from lender drawdown to seller consideration payment
  • Account for acquisition costs, refinancing and purchase accounting implications
  • Manage disclosure, confidentiality and lender consent requirements during execution

Participants can adapt LBO assumptions and debt structures to differing business risk profiles.

  • Working-capital seasonality and cash conversion in distribution businesses
  • Contracted revenues, project risks and debt sizing for infrastructure
  • Regulatory capital, deposits and acquisition constraints in financial institutions
  • Asset-light software metrics, churn risks and recurring revenue quality
  • Commodity exposure, hedging and reserve-based lending considerations
  • Adapt LBO assumptions to cyclicality, concentration and asset intensity

Participants can present financing recommendations and establish post-close debt monitoring disciplines.

  • Investment committee papers linking valuation, financing and downside conclusions
  • Present returns, debt capacity and covenant risks to decision-makers
  • Compare competing financing proposals using an agreed evaluation matrix
  • Document approval gates, delegated authorities and transaction governance
  • Set post-close reporting cadence for liquidity, covenants and value creation
  • Create a 90-day application plan for live transaction responsibilities

Exercises and examples are adapted to each cohort's sectors and roles.

What you take back to work

  1. Integrated LBO model structure
  2. Sources-and-uses statement template
  3. Debt sizing and covenant headroom model
  4. Acquisition financing term sheet checklist
  5. Lender information pack outline
  6. Transaction closing and funds-flow checklist

Who should attend

  • Corporate Finance Managers — structure and evaluate funding for acquisitions and disposals
  • Treasury Managers — assess debt capacity, liquidity effects and refinancing requirements
  • Private Equity Investment Professionals — build and challenge LBO assumptions and financing cases
  • Banking Relationship Managers — assess acquisition facilities and borrower credit quality
  • Credit Analysts — evaluate cash generation, covenants and downside debt-service capacity
  • M&A and Transaction Managers — coordinate financing workstreams through signing and closing

Skills and tools covered

LBO financial modellingDebt capacity analysisLoan structuringCovenant analysisLender credit assessmentTransaction execution

Tools and standards

LMA leveraged finance documentation, Sources-and-uses statement, Interest coverage ratio, Debt service coverage ratio

How the course runs

Training methodology

The course uses short instructor briefings to establish concepts, followed by transaction cases, model reviews, group analysis and structured discussions. Participants work through acquisition valuation, debt sizing, lender underwriting, covenant testing and financing documentation using realistic deal data. Simulated lender and investment committee discussions develop judgement on competing financing proposals and downside risks. Facilitated application planning helps participants identify where the methods, templates and review questions fit within their current transaction, treasury or credit processes.

Requirements and prerequisites

Participants should understand the three financial statements, EBITDA, enterprise value, discounted cash flow principles and basic debt terminology. They should be comfortable reading financial models and interpreting income statements, balance sheets and cash flow statements. Prior exposure to corporate finance, lending, treasury, investment analysis or M&A is useful. Participants do not need previous private equity experience, legal training or advanced financial modelling expertise. The course explains LBO model logic and financing documentation from first principles before progressing to structuring and downside analysis.

A typical training day

08:30 – 10:30First session
10:30 – 10:45Refreshment break
10:45 – 12:30Second session
12:30 – 13:30Lunch and networking
13:30 – 15:00Third session
15:00 – 15:15Refreshment break
15:15 – 16:30Workshop and daily review

Live online deliveries follow the same structure in East Africa Time, with shorter screen blocks and longer breaks.

What the fee includes

  • Instruction by a practitioner facilitator
  • Full course workbook and materials
  • Exercise files, templates and case studies
  • Refreshments and lunch on classroom deliveries
  • Certificate of completion
  • Post-course application plan

Frequently asked questions

You should understand core financial statements, EBITDA, enterprise value and basic debt concepts. You do not need prior private equity, legal documentation or advanced modelling experience.

Bring a laptop with spreadsheet software if you are attending in person or live online. You may also bring a non-confidential transaction, refinancing or credit case to consider during application planning.

The course is designed for corporate finance, treasury, banking, credit, private equity, M&A and transaction professionals. It is particularly relevant for people who review, structure, approve or execute acquisition funding.

General corporate finance courses focus on valuation, capital budgeting and financial analysis across many decisions. This course concentrates on debt-funded acquisitions, LBO returns, loan structure, covenant packages, lender underwriting and transaction execution.

Participants can use the sources-and-uses template, debt sizing approach, covenant testing method and financing checklist on live acquisition or refinancing work. The methods also support stronger challenge of adviser, lender and model assumptions.

Each day runs from 08:30 to 16:30 and provides about 6.5 contact hours. Time is allocated across transaction fundamentals, LBO modelling, debt structuring, lender analysis, documentation, downside testing and execution planning.

Questions about this course?

Ask about dates, fees, group bookings or running it for your team. Our training team replies by email.

Ask on WhatsApp info@skillsetdevelopment.com

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