The $5 Billion CBIZ Take-Private: A Full LBO Reconstruction
LBO · 17.3% net IRR · NYSE: CBZ
1.91x MOIC / 17.3% net IRR on the announced $5.0bn take-private, net of a 10% management incentive pool — below the ~20-25% most sponsors underwrite to on a new platform; closing that gap needs roughly one turn of exit-multiple expansion, faster margin capture than modeled, or the unmodeled Benefits & Insurance carve-out.
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