Filing Flows › Brunswick (BC) › Takeover & LBO
Is Brunswick (BC) a takeover target?
A leveraged buyout at today's price plus 30% ($100.98 a share) would return about 5% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $62.31 a share (−20% against today's $77.68). Historically 7.0% of companies with its figures were bought within a year (1.38× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $100.98 | today's $77.68 plus 30% |
| × shares | 65.1 million | |
| = Equity value | $6.6B | |
| + Debt refinanced | $2.3B | |
| − Cash | $269M | |
| = Enterprise value | $8.6B | 13.8× EBITDA of $622M |
| Fees | $172M | 2% of the price |
| New debt | $3.4B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $5.4B | 61% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $6.2B | $672M | $262M | $139M | $3.3B |
| Year 2 | $6.6B | $718M | $251M | $181M | $3.1B |
| Year 3 | $7.0B | $757M | $237M | $223M | $2.9B |
| Year 4 | $7.3B | $789M | $220M | $264M | $2.6B |
| Year 5 | $7.5B | $813M | $200M | $304M | $2.3B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 11.4× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $9.3B | |
| − Debt left | $2.3B | |
| = Buyer's equity | $7.0B | |
| Money multiple | 1.30× | on $5.4B put in |
| Buyer's yearly return (IRR) | 5.3% |
Price against return
What the buyer makes at other premiums over today's $77.68; the IRR reaches 20% at $62.31 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $85.45 | 9.9% |
| 20% | $93.22 | 7.5% |
| 30% | $100.98 | 5.3% |
| 40% | $108.75 | 3.4% |
| 50% | $116.52 | 1.7% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $5.7B | |
| EBITDA, last 12 months | $622M | 10.9% of revenue |
| Depreciation and amortization | $297M | |
| Capital spending | $198M | |
| Debt | $2.3B | |
| Cash | $269M | |
| Share price | $77.68 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 12% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Brunswick would cost about $108.75 a share, $7.1B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $89.10 | $5.8B |
| Median | 40% | $108.75 | $7.1B |
| High end (a quarter paid more) | 60.2% | $124.44 | $8.1B |
The odds, from history
Historically 7.0% of companies with its figures were bought within a year (1.38× the average). Its figures put it in decile 9 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Brunswick's latest quarter
Brunswick, Q3 2026: revenue $1.5B (+7% year over year), operating margin 7.2%, net earnings $61.6M, operating cash flow $187M. The chart follows the revenue to costs, profit and cash.
Questions
Is Brunswick being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Brunswick?
A leveraged buyout at today's price plus 30% ($100.98 a share) would return about 5% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $62.31 a share (−20% against today's $77.68).
What would a takeover of Brunswick cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Brunswick would cost about $108.75 a share, $7.1B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.