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6 steps, about 12 min

Paper LBO Megafund first round, Halvorsen Packaging

The classic five-year paper LBO

We are buying Halvorsen Packaging, a maker of corrugated boxes for regional food producers. You have a pen and a blank page, no calculator. Walk me from purchase price to IRR using the assumptions in front of you, and say your math out loud.

Written by Waddle Street. The company and every number are made up for practice.

Run it as a mock with an interviewer who follows up.