Cases in corporate finance – prof R. Aernoudt – 22/8/2025
Student: Name:….. …………………… First name………………. Student n° ……………..
Case: Lifestyle Ltd (book page 114 – 115 and solution p. 413 – 414)
1. Context
The owners of Lifestyle Ltd, family Robinson, active in the building sector, want
to sale their company; still 100% - owned by the family. The next generation –
the three daughters of Peter Robinson - is namely not interested in the business.
Already today, the company is managed by Justina Zvoboda, an external manager
with a master’s degree in financial management. Justina would like to take over
the company but at her age (35) she doesn’t have the financial means to do so;
but she knows, from her course cases in corporate finance, how to structure a
deal, in particular an LBO.
Justina knows that another company active in the same sector, Crusoe Ltd would
like to take over Lifestyle Ltd for an EBITDA multiple of 5,5, which is slightly
above the sector average. At the same time, she knows that the Robinson family,
and especially the oldest daughter Caroline, prefers by far that Justina would do
the take-over.
In her view – and that Crusoe LtD surely doesn’t know - the company could
easily increase its turnover to 3,5 million euro, keeping the same margins and
with the same staff. She considers it important that the actual shareholders
continue to support her, at least in the first three years after the take-over.
2. Request (you’re the advisor of Justina Zvoboda)
1. Try to guess the offer of Crusoe Ltd
2. Make a realistic offer for the take-over
3. Suppose your offer is accepted: what type of deal is this? Structure the
deal (where does the money comes from, who pays, who owns shares and
hpw much?) - Explain with the use of a logigram the money flow at the
stage of the take-over
4. Describe possible payback and exit scenarios.
Student: Name:….. …………………… First name………………. Student n° ……………..
Case: Lifestyle Ltd (book page 114 – 115 and solution p. 413 – 414)
1. Context
The owners of Lifestyle Ltd, family Robinson, active in the building sector, want
to sale their company; still 100% - owned by the family. The next generation –
the three daughters of Peter Robinson - is namely not interested in the business.
Already today, the company is managed by Justina Zvoboda, an external manager
with a master’s degree in financial management. Justina would like to take over
the company but at her age (35) she doesn’t have the financial means to do so;
but she knows, from her course cases in corporate finance, how to structure a
deal, in particular an LBO.
Justina knows that another company active in the same sector, Crusoe Ltd would
like to take over Lifestyle Ltd for an EBITDA multiple of 5,5, which is slightly
above the sector average. At the same time, she knows that the Robinson family,
and especially the oldest daughter Caroline, prefers by far that Justina would do
the take-over.
In her view – and that Crusoe LtD surely doesn’t know - the company could
easily increase its turnover to 3,5 million euro, keeping the same margins and
with the same staff. She considers it important that the actual shareholders
continue to support her, at least in the first three years after the take-over.
2. Request (you’re the advisor of Justina Zvoboda)
1. Try to guess the offer of Crusoe Ltd
2. Make a realistic offer for the take-over
3. Suppose your offer is accepted: what type of deal is this? Structure the
deal (where does the money comes from, who pays, who owns shares and
hpw much?) - Explain with the use of a logigram the money flow at the
stage of the take-over
4. Describe possible payback and exit scenarios.
