Filing Flows › Helen of Troy (HELE) › Takeover & LBO
Is Helen of Troy (HELE) a takeover target?
A leveraged buyout at today's price plus 30% ($37.56 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $5.52 a share (−81% against today's $28.89). It already carries 9.9× EBITDA in net debt (the model flags anything over 6×), so a buyer could add little debt of its own. Historically 6.8% of companies with its figures were bought within a year (1.35× the average). Latest signal (2026-11-04): Why Are Helen of Troy (NASDAQ:HELE) Shares Up 22.73% Following a Takeover Approach?.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $37.56 | today's $28.89 plus 30% |
| × shares | 24.2 million | |
| = Equity value | $907M | |
| + Debt refinanced | $786M | |
| − Cash | $22.6M | |
| = Enterprise value | $1.7B | 21.8× EBITDA of $76.7M |
| Fees | $33.4M | 2% of the price |
| New debt | $422M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $1.3B | 75% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.8B | $76.9M | $32.3M | $11.5M | $410M |
| Year 2 | $1.8B | $77.7M | $31.4M | $11.6M | $399M |
| Year 3 | $1.9B | $79.0M | $30.5M | $11.9M | $387M |
| Year 4 | $1.9B | $80.8M | $29.6M | $12.6M | $374M |
| Year 5 | $2.0B | $83.3M | $28.6M | $13.6M | $361M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 19.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $1.6B | |
| − Debt left | $361M | |
| = Buyer's equity | $1.2B | |
| Money multiple | 0.96× | on $1.3B put in |
| Buyer's yearly return (IRR) | −0.9% |
Price against return
What the buyer makes at other premiums over today's $28.89; the IRR reaches 20% at $5.52 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $31.78 | 1.5% |
| 20% | $34.67 | 0.2% |
| 30% | $37.56 | −0.9% |
| 40% | $40.45 | −2.0% |
| 50% | $43.34 | −3.0% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.8B | |
| EBITDA, last 12 months | $76.7M | 4.2% of revenue |
| Depreciation and amortization | $52.7M | |
| Capital spending | $32.5M | |
| Debt | $786M | |
| Cash | $22.6M | |
| Share price | $28.89 | on Oct 30, 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 0.3% 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 21% 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 on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Helen of Troy would cost about $38.28 a share, $925M for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $34.67 | $837M |
| Median | 32.5% | $38.28 | $925M |
| High end (a quarter paid more) | 51.8% | $43.86 | $1.1B |
The odds, from history
Historically 6.8% of companies with its figures were bought within a year (1.35× 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.
Rumors and deal signals
- 2026-11-04 · news · Why Are Helen of Troy (NASDAQ:HELE) Shares Up 22.73% Following a Takeover Approach?
- 2026-11-04 · news · Empower Brands Proposes Non-Binding Offer to Acquire Helen of Troy
- 2026-11-04 · news · Helen Of Troy Rejects Non-Binding Proposal From Empower Brands
- 2026-11-04 · news · Helen of Troy Confirms Rejection of Unsolicited, Non-Binding...
- 2026-11-04 · 8-K deal · Helen of Troy is successfully executing this plan and is encouraged by the continued progress it has made. The Company achieved strong Q2 FY27 results, raised guidance, and is reinvesting $66.5 to $70.5 million of tariff refunds back into t
Helen of Troy's latest quarter
Helen of Troy, Q2 FY27: revenue $441M (+2% year over year), operating margin 5.2%, net earnings $4.6M, operating cash flow $57.1M. The chart follows the revenue to costs, profit and cash.
Questions
Is Helen of Troy being acquired?
The latest signal on file is from 2026-11-04: Why Are Helen of Troy (NASDAQ:HELE) Shares Up 22.73% Following a Takeover Approach?. A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy Helen of Troy?
A leveraged buyout at today's price plus 30% ($37.56 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $5.52 a share (−81% against today's $28.89). It already carries 9.9× EBITDA in net debt (the model flags anything over 6×), so a buyer could add little debt of its own.
What would a takeover of Helen of Troy cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Helen of Troy would cost about $38.28 a share, $925M for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.