UK / Europe self funded vs funded equity splits
Hi All
Are there any real world examples of self funded equity splits on deals in the UK / Europe?
~£/€ 1.5M Ebitda, 6M EV + 0.5 deal costs.
- 3M senior
- 2M seller notes
- 1.5M external equity
From some previous posts it seems the ord split can be often modelled as the investor getting 2x their contribution at close. So in the above example (1.5/6.5)x2 = 46% with searcher retaining 54%.
With their equity on a 1 x pref that PIKs at n% (some ranges of n useful acknowledging dependent on industry, revenue quality etc).
Documented examples of self funded seem very anecdotal, so any examples greatly appreciated.