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M17Case noteexit process and investment bankers

Engineering EBITDA Multiple Expansion and the Paramount Role of Investment Bankers in ETA Exits

Leslie Cheek IV, Peter S. Kies, A. J. Wasserstein. (2026)

Yale Case, no number printed, June 26, 2026

Practitioner guide to running a banker-led sale. The 80% multiple-expansion figure and 6.3x to 15.6x multiples it opens with are imported from the value-attribution note above and should be cited there. The authors say plainly: "We do not present any empirical research or data to support our claim that investment bankers are the lynchpin in an exit and essential for EBITDA multiple growth." (p2 to p3). Reader's note: two of the three authors are identified in the endnotes as Baird investment bankers, and the note recommends "fair to generous" banker fees.

Source

Full citation

Leslie Cheek IV, Peter S. Kies, A. J. Wasserstein. (2026). Engineering EBITDA Multiple Expansion and the Paramount Role of Investment Bankers in ETA Exits. Yale Case, no number printed, June 26, 2026.

https://som.yale.edu/sites/default/files/2026-06/Engineering%20EBITDA%20Multiple%20Expansion%20and%20the%20Paramount%20Role%20of%20Investment%20Bankers%20in%20ETA%20Exits.pdf

This page describes a work published elsewhere. The summary, where present, states what the authors claim; it is not the school's position. Read the source before quoting a figure.