Financial Times Analysis · Deal Structuring Workbench

Baldwin Group $7.7bn Buyout Simulation

Source: @FT · Michael Dell Family Office Consortium
Structuring Parameters
Interactive sensitivity tuning for $7.7bn take-private acquisition
$7.70B
Confirmed consortium transaction valuation benchmark.
60%
Implies an equity equity check of 40%.
51% of Equity
Lead consortium partner allocation vs. co-investors.
$550M
LTM adjusted operating cash generation for insurance brokerage.
7.25%
Blended rate for term loans, senior secured notes & revolver.
Consortium Structuring Baseline: $4.62B debt funding against $3.08B sponsor equity. Michael Dell Family Office commits $1.57B, implying 8.4x pro-forma leverage.
Debt Funding
4.62 $B
60.0% of deal
Equity Check
3.08 $B
40.0% of deal
Dell FO Commitment
1.57 $B
Consortium lead sponsor
Co-Investor Equity
1.51 $B
Syndicated LP partners
Implied Leverage
8.4 x EBITDA
High sponsor leverage
Annual Interest
334.95 $M / yr
At 7.25% blended cost
Interest Coverage
1.64 x EBITDA
Tight debt service
Capital Stack Structure
Debt Package
Dell Family Office
Co-Investors
Consolidated Sources & Uses Currency in USD Millions
Capital Component Investor / Instrument Amount ($M) % of Total
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