Restructuring__
@Restructuring__
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MF PE Investor sharing lessons on Public, Private Investing, and Rx - Check out my newsletter! DMs are open if your company is looking to reach our audience
Join 20k+ investors/bankers 👉
Joined April 2022
Pari Passu Newsletter - Deep Dive. I just crossed 35k followers, so it’s a good time to re-introduce myself - Here’s my story 👇👇 (and entire growth timeline). I fell in love with restructuring my freshman year. I read Moyer and was hooked - I knew this was what I was meant to
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4) Capital Uses, Valuation, & Thoughts. Going into this IPO, McGraw Hill holds around $3.2bn of debt against $400mm of cash, implying a net leverage ratio of around 3.8x FY 2025 adj. EBITDA. The company aims to sell 24.4mm shares priced at a range of $19 to $22 per share, with.
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3) Performance Snapshot. Since acquiring McGraw Hill in 2021, Platinum Equity has focused on enhancing the core business. FY 2025 net loss has shrunk to $85.8mm, ~56% lower than 2024’s $193mm and 79% below 2023’s $404mm. Adj. EBITDA climbed 11% to $727mm, pushing margins to 35%.
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2) How They Make Money. McGraw Hill earns money from four segments—K-12, Higher Education, Global Professional, and International—each sold as a mix of print and digital products. The K-12 division is the largest, generating ~46% of sales, with offerings ranging from print.
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1) How It Got Here. The origins of McGraw Hill date back to 1888, when James H. McGraw acquired the American Journal of Railway Appliances, marking the beginning of its publishing legacy. Since then, it has become one of the nation’s go-to suppliers for textbooks—if you remember.
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The McGraw Hill IPO. Private equity-backed companies have been waiting impatiently to exit. Now, after more than a century at the center of American education and four years under Platinum Equity, McGraw Hill is stepping up to go public. 1) How It Got Here.2) How They Make
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Agree the best exit is staying in the same building . Apollo —> Tiger is a prime example.
The new hottest exit opp just dropped: not exiting at all. The best exit is sometimes staying in the same building.
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M&A —> back up.Trading —> back up.On-cycle —> pushed out .Markets —> all time highes.IPO —> backk . Banks ruling the world
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Tell me you don’t understand ROIC without telling me you don’t understand ROIC.
$2bn seed round, putting in a money market account at a 4% APY. That makes Thinking Machines Lab a $80M ARR company already. Founders, what stops you from doing this?.
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M&A —> back up.Trading —> back up.On-cycle —> pushed out .Markets —> all time highes.IPO —> backk . Banks ruling the world
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M&A —> back up.Trading —> back up.On-cycle —> pushed out .Markets —> all time highes.IPO —> backk . Banks ruling the world
JUST IN: Investment banking is bouncing back. Goldman crushed estimates with 26% fee growth, driven by a 71% surge in M&A. JPMorgan beat too—deal fees up 7%, trading +15%. Citi and Wells Fargo followed. M&A is snapping back, IPOs are returning, and equity desks are thriving on.
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Struggle to answers how many golf balls fit in an airplane? . Or how many chickens are sold in the US every year?. Tomorrow morning there is an awesome free event covering market sizing - link below to register
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If you want to get out of banking, need to read Pari Passu Newsletter - See Post preview for Friday.
The Landlord’s Nightmare Tool: Inside the UK’s CVA | POST PREVIEW . Before cross-class cramdowns took center stage in English law, the Company Voluntary Arrangement (CVA) quietly became the weapon of choice for distressed UK retailers. Why? . Because it offered a fast,
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The Landlord’s Nightmare Tool: Inside the UK’s CVA | POST PREVIEW . Before cross-class cramdowns took center stage in English law, the Company Voluntary Arrangement (CVA) quietly became the weapon of choice for distressed UK retailers. Why? . Because it offered a fast,
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How it started: New Moelis CEO “My daughter is in banking too, let’s make sure we improve our culture”. How it’s going: “Fuck those intern man, 5 hour surprise modeling test, make them earn those return offers”
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