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Agriculture PEClient engagement
Farm Roll-Up Financial Model
A $7M agribusiness roll-up model with a four-tranche capital stack, covenant-tested debt schedule, and full equity waterfall.
Shown anonymised at the client's request.
- Client
- Confidential
- Our role
- Financial Modeling Lead
The engagement
The client needed to model a complex capital structure: senior debt, mezzanine, preferred, and common equity, and show how cash actually distributes across tranches under different exit scenarios.
What we built
A model spanning sources & uses, an operating model, a covenant-tested debt schedule (DSCR, debt yield), a full equity waterfall distributing cash across all four tranches, and a returns summary with an exit-multiple sensitivity grid.
The outcome
Base case delivered a 20.7% common equity IRR / 4.45x MOIC, with a blended equity return of 19.4% / 3.90x and a minimum DSCR of 1.34x against a 1.25x covenant.
Deliverables
- Assumptions tab
- Sources & uses
- Operating model
- Debt schedule
- Equity waterfall
- Returns summary with sensitivity grid
Skills & tools
- Capital Structuring
- Debt Sizing & Covenants
- Equity Waterfall Modeling
- IRR & MOIC Analysis
- Project Finance
- Agribusiness Finance
- Sensitivity Analysis
- Advanced Excel
Deliverable (view only)
ProtectedFarm Roll-Up Financial Model
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