Santos, Diogo ChalbertPochanke, Paul2023-07-212024-12-162023-01-102022-12-16http://hdl.handle.net/10362/155652This paper is an investment thesis report about a hypothetical leveraged buyout of EnviTec Biogas AG, a biogas plant operator and constructor from Germany. The deal is promising due to EnviTec’s unique business model in an auspicious biogas market. The investment thesis is defined by internationalisation, a buy-and-build strategy, including two add-ons, and organic growth. The LBO is valued with a 9.8x EBITDA multiple leading to an enterprise value of €436.9M, of which 250m is financed with three debt tranches. The paper also includes an analysis of the valuation and a discussion of the significance, advantages and disadvantages of the valuation methods used.engPrivate equityLeveraged buyoutsFinancial modelingCorporate valuationReturn analysisRenewable energyBiomassmaster thesis203311043