Participants report that enrolling in a program with colleagues fosters collaborative learning and amplifies their impact.
Please provide your details to get more information about the group-enrollment pricing.
The benefit of learning together with your friend is that you keep each other accountable and have meaningful discussions about what you're learning.
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Promotion and Events Specialist
A roadmap for evaluating, structuring, and executing LBOs
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By the end of the program, you will be able to:
Investment professionals looking to understand how to evaluate LBO deals and execute them effectively
Mid-level to senior finance professionals looking to build a comprehensive understanding of the leveraged buyout process and to the markets (leveraged credit and private equity) that underwrite them
This program provides a structured understanding of leveraged buyouts, from how to evaluate potential LBO candidates to how to successfully execute a buyout. Along the way, you’ll explore real-world case studies that highlight potential pitfalls and the elements required for success.
Explore the features, benefits, and critical elements necessary for a profitable LBO and the laws and regulations that govern them.
Understand how to evaluate an LBO deal and determine the right price for the transaction.
Understand different types of debt options available and learn how to structure leveraged transactions, including identifying the appropriate amount of debt.
Explore the history of leveraged credit markets and understand the availability of financing for LBOs at various points of the credit cycle (boom, bust, indifferent).
Examine the methods credit investors use to analyze an investment opportunity for the various financing instruments in an LBO as well as the LBO’s credit quality.
Delve into the investment thesis, financing, and exit of one of the largest LBOs on record, with a focus on how investors on both sides of the balance sheet fared.
Explore the features, benefits, and critical elements necessary for a profitable LBO and the laws and regulations that govern them.
Explore the history of leveraged credit markets and understand the availability of financing for LBOs at various points of the credit cycle (boom, bust, indifferent).
Understand how to evaluate an LBO deal and determine the right price for the transaction.
Examine the methods credit investors use to analyze an investment opportunity for the various financing instruments in an LBO as well as the LBO’s credit quality.
Understand different types of debt options available and learn how to structure leveraged transactions, including identifying the appropriate amount of debt.
Delve into the investment thesis, financing, and exit of one of the largest LBOs on record, with a focus on how investors on both sides of the balance sheet fared.
Two Live Sessions with Faculty
Real-World Case Studies
Bite-Sized Learning
Dedicated Program Support Team
Peer Learning Feedback
Live Office Hours with Program Leaders
Capstone Project Based on Real-World Case Study
Through real-world case studies and examples from multiple organizations and industries, you'll explore the realities of leveraged buyouts and the factors that can lead to failure or drive success. Examples include:
Imagine that you are a principal in the private equity group at Partners Group (PG), a global private markets investment organization, in 2014. In the Dynacast: Solid, Middle-Market LBO case study, your group is investing in Dynacast, a small global manufacturer of high-quality metal components. Through this case, you’ll gain real-world experience in evaluating the soundness of an LBO deal and compiling a summary report for your team and managing director to present to the bankers for the transaction.
As one of the largest leveraged buyouts on record, the HCA LBO was a home run for all constituents: private equity sponsors, creditors, and management. This case serves as the foundation for the final module of the program and takes a deep dive into its investment thesis, financing, and exit, and it provides an example of what a good LBO for both private equity sponsors and creditors looks like.
Donna Hitscherich
Ellen Carr
Donna Hitscherich
Senior lecturer in Discipline in Business; finance director in the Private Equity Program; and Bernstein Faculty Leader at the Sanford C. Bernstein & Co. Center for Leadership and Ethics
Donna M. Hitscherich currently serves as a senior lecturer in Discipline in Business, finance director in the Private Equity Program, and a Bernstein Faculty Leader at the Sanford C. Bernstein & Co. Center for Leadership and Ethics at Columbia Business School. Hitscherich’s programs include Corporate Finance and the elective programs Business Law, Mergers and Acquisitions, and Advanced Corporate Finance. In 2002, she was nominated for the Dean’s Award for Innovation in the MBA Curriculum for her presentation of the Advanced Corporate Finance program. She also received the Executive MBA Commitment to Excellence Award from the Berkeley-Columbia EMBA program graduating classes in 2010, 2011, 2012, and 2013 and the Commitment to Excellence Award for EMBA-Americas graduating classes in 2014 and 2017. She was also a BRIDGE Fellow for academic year 2014–2015 — Building Relationships with Industry and Defining Graduate Education in Business (BRIDGE) — at Columbia Business School based on an endowed gift which the school allocates each year for faculty members who are working on new initiatives aimed at building relationships with industry practitioners. Hitscherich has also served as a lecturer in law and accounting at Columbia Law School. From 1988–1990, she was an assistant professor of law at St. John’s University School of Law, where she taught Federal Securities Regulation and Legal Ethics. Prior to her present position as a senior lecturer at Columbia, Hitscherich had a career in investment banking, holding positions at CS First Boston, J.P. Morgan & Co. Inc., and Banc of America Securities. At J.P. Morgan, she helped found the takeover defense team and served as a senior member of the advisory review committee, which was responsible for all of the M&A fairness opinions issued by the company. As a managing director in the mergers and acquisitions group of Banc of America Securities, she was secretary of the firm’s fairness-opinion review committee and a major contributor to the firm’s training programs for managing directors and associates. Prior to her investment banking career, Hitscherich was a corporate lawyer at Skadden, Arps, Slate, Meagher & Flom. In addition to an MBA from Columbia Business School, Hitscherich received a BS and JD from St. John’s University and is a NYS certified paramedic.
Ellen Carr
Adjunct Associate Professor, Finance Adjunct Faculty, Heilbrunn Center for Graham and Dodd Investing
Ellen Carr has over two decades of experience as a high yield bond portfolio manager, most recently at Weaver C. Barksdale (WCB), a majority-women-owned, institutional fixed income investment management firm based in Nashville, TN. She specializes in the construction and management of high yield and core plus bond portfolios. Prior to joining WCB, she served as senior vice president and a high yield portfolio manager for institutional separate accounts and mutual funds for The Capital Group Companies/American Funds in Los Angeles, CA. Along with her high yield responsibilities, Carr also managed investment-grade corporate and long-duration credit portfolios. Carr began her career as an investment analyst for the Fixed Income Group at Capital in 1999. Carr has been an adjunct professor of finance at Columbia Business School since 2012, where she teaches programs on the credit markets and cash flow modeling. She is also a writer and an occasional contributor to the Financial Times and Institutional Investor. She has co-authored a book on women in investment management to be published in spring 2021 by Columbia University Press. Carr is a trustee of the National Public Radio (NPR) Foundation, as well as a board member of her local NPR affiliate and the Community Foundation of Western North Carolina. She serves as treasurer of the Wilma Dykeman Legacy and vice-chair of the Department of Management and Accountancy Advisory Board at the University of North Carolina Asheville. She is a member of the Kellogg Financial Network Advisory Board and also manages a family foundation (carrfamilyfoundation.org), which awards college scholarships in rural communities. Carr has an MBA from the Kellogg Graduate School of Management at Northwestern University and received her B.A. from Harvard in 1994, where she graduated magna cum laude and Phi Beta Kappa. Carr splits her time among Asheville, North Carolina, rural Tennessee, and New York. She has one son, two cats, and a pandemic puppy.
Upon completion of the program, participants will receive a certificate of participation from Columbia Business School Executive Education and two days toward a Certificate in Business Excellence.
Download BrochureYour verified digital certificate will be issued in your legal name and emailed to you, at no additional cost, upon completion of the program as per the stipulated requirements. All certificate images are for illustrative purposes only and may be subject to change at the discretion of Columbia Business School Executive Education.
Consistently ranked as one of the top business schools in the world for finance, Columbia Business School has worked exclusively with Emeritus to develop and deliver this six-week Leveraged Buyouts (Online) program. This program leverages Columbia's thought leadership, developed over years of research, teaching, and practice. By partnering with Emeritus, Columbia Business School is able to broaden access beyond our on-campus offerings in a collaborative and engaging format that stays true to the quality of Columbia Business School Executive Education and Columbia as a whole.
After reviewing the information on the program landing page, we recommend you submit the short form above to gain access to the program brochure, which includes more in-depth information. If you still have questions on whether this program is a good fit for you, please email learner.success@emeritus.org, and a dedicated program advisor will follow-up with you very shortly.
Some programs do have prerequisites, particularly the more technical ones. This information will be noted on the program landing page, as well as in the program brochure. If you are uncertain about program prerequisites and your capabilities, please email us at the ID mentioned above.
Note that, unless otherwise stated on the program web page, all programs are taught in English and proficiency in English is required.
More than 50 percent of our participants are from outside the United States. Class profiles vary from one cohort to the next, but, generally, our online certificates draw a highly diverse audience in terms of professional experience, industry, and geography — leading to a very rich peer learning and networking experience.
Check back to this program web page or email us to inquire if future program dates or the timeline for future offerings have been confirmed yet.
Each program includes an estimated learner effort per week. This is referenced at the top of the program landing page under the Duration section, as well as in the program brochure, which you can obtain by submitting the short form at the top of this web page.
We have designed this program to fit into your current working life as efficiently as possible. Time will be spent among a variety of activities including:
The program is designed to be highly interactive while also allowing time for self-reflection and to demonstrate an understanding of the core topics through various active learning exercises. Please email us if you need further clarification on program activities.
More than 300,000 learners across 200 countries have chosen to advance their skills with Emeritus and its educational learning partners. In fact, 90 percent of the respondents of a recent survey across all our programs said that their learning outcomes were met or exceeded.
All the contents of the course would be made available to students at the commencement of the course. However, to ensure the program delivers the desired learning outcomes the students may appoint Emeritus to manage the delivery of the program in a cohort-based manner the cost of which is already included in the overall course fee of the course.
A dedicated program support team is available 24/5 (Monday to Friday) to answer questions about the learning platform, technical issues, or anything else that may affect your learning experience.
Peer learning adds substantially to the overall learning experience and is an important part of the program. You can connect and communicate with other participants through our learning platform.
Each program includes an estimated learner effort per week, so you can gauge what will be required before you enroll. This is referenced at the top of the program landing page under the Duration section, as well as in the program brochure, which you can obtain by submitting the short form at the top of this web page. All programs are designed to fit into your working life.
This program is scored as a pass or no-pass; participants must complete the required activities to pass and obtain the certificate of completion. Some programs include a final project submission or other assignments to obtain passing status. This information will be noted in the program brochure. Please email us if you need further clarification on any specific program requirements.
Upon successful completion of the program, you will receive a smart digital certificate. The smart digital certificate can be shared with friends, family, schools, or potential employers. You can use it on your cover letter, resume, and/or display it on your LinkedIn profile.
The digital certificate will be sent approximately two weeks after the program, once grading is complete.
No, only verified digital certificates will be issued upon successful completion. This allows you to share your credentials on social platforms such as LinkedIn, Facebook, and Twitter.
No, there is no alumni status granted for this program. In some cases, there are credits that count toward a higher level of certification. This information will be clearly noted in the program brochure.
You will have access to the online learning platform and all the videos and program materials for 12 months following the program start date. Access to the learning platform is restricted to registered participants per the terms of agreement.
Participants will need the latest version of their preferred browser to access the learning platform. In addition, Microsoft Office and a PDF viewer are required to access documents, spreadsheets, presentations, PDF files, and transcripts.
Yes, the learning platform is accessed via the internet, and video content is not available for download. However, you can download files of video transcripts, assignment templates, readings, etc. For maximum flexibility, you can access program content from a desktop, laptop, tablet, or mobile device.
Video lectures must be streamed via the internet, and any livestream webinars and office hours will require an internet connection. However, these sessions are always recorded, so you may view them later.
Yes, you can register up until seven days past the published start date of the program without missing any of the core program material or learnings.
The program fee is noted at the top of this program web page and usually referenced in the program brochure as well.
Yes, you can do the bank remittance in the program currency via wire transfer or debit card. Please contact your program advisor, or email us for details.
Yes! Please email us with the details of the program you are interested in, and we will assist you.
Please email us your invoicing requirements and the specific program you’re interested in enrolling in.
Yes, the flexible payment option allows a participant to pay the program fee in installments. This option is made available on the payment page and should be selected before submitting the payment.
Please connect with us via email for assistance.
Emeritus collects all program payments, provides learner enrollment and program support, and manages learning platform services.
Program fees for Emeritus programs with Columbia Business School Executive Education may not be paid for with Title IV financial aid funds. Participants may be able to pay the program fee with funds from the GI Bill, the Post-9/11 Educational Assistance Act of 2008, or similar types of military education funding benefits. Participants must contact the Columbia University’s Office of Military and Veterans Affairs to determine benefit eligibility.
For the program refund and deferral policy, please click the link here.