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Bain style · M&A · Medium

Wrenfield Capital eyes a budget gym chain

Steps
9
Maths
4
Exhibits
3
Minutes
~23

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The interviewer
Our client, Wrenfield Capital, is a mid-market private equity fund. It has been offered Strata Gyms, a chain of 120 budget gyms, for $600m, and the seller's plan shows EBITDA more than doubling in five years. Wrenfield wants to know whether to buy Strata and, if so, what it should pay. How would you approach this?

What you are scored on

  • Problem understanding1 step
  • Structure & MECE1 step
  • Quantitative accuracy4 steps
  • Exhibit interpretation1 step
  • Business judgement1 step
  • Synthesis & recommendation1 step

How it runs

  1. 1One question at a timeClarify, structure, run the numbers from the exhibits, then recommend, as the interviewer would take you through it.
  2. 2Feedback on every answerEach step is marked straight away, with coaching and the interviewer's next words, so you never lose the thread.
  3. 3A scored debriefYour result across seven skills, the drill that fixes the weakest one, and the full answer key.

Read before you start

Wrenfield Capital eyes a budget gym chain: guided m&a case · PartnerRound