# LBO Overlays

Take-privates align price, shares, net debt, leases, guidance/consensus, and EBITDA dates. Carve-outs need standalone/TSA/stranded costs, separation capex, one-time costs, and NWC peg. Seasonal cases need periodic cash, inventory, revolver, liquidity, first breach. Add-ons/recaps need pro forma leverage, fees, covenant/liquidity impact, and returns bridge.
