A Leveraged Buyout is a fundamental, yet complex acquisition model commonly used in the Private Equity industry. We will look at the fundamental concepts, benefits, and drawbacks of a Leveraged Buyout. We will understand how to effectively analyze a Leveraged Buyout by building a fully consolidated LBO model. We will further analyze the fundamental impact of such a transaction and calculate the expected return to investors. Lastly, we will spend time interpreting the variables and wide array of financing structures to understand how to maximize IRR.