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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?.

Share price$28.89
Offer at +30%$37.56
Buyer's IRR−1%
Most for 20%$5.52
EV / EBITDA19.0×
Buyout debt5.5× EBITDA

The buyout, step by step

EntryAmountHow
Offer price a share$37.56today's $28.89 plus 30%
× shares24.2 million
= Equity value$907M
+ Debt refinanced$786M
− Cash$22.6M
= Enterprise value$1.7B21.8× EBITDA of $76.7M
Fees$33.4M2% of the price
New debt$422M5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA
Buyer's own money$1.3B75% of the cost

5 years under the buyer

Helen of Troy: buyout debt left, year by yearHelen of Troy: buyout debt left, year by year$422MEntry$410MYear 1$399MYear 2$387MYear 3$374MYear 4$361MYear 5
Free cash flow after interest and tax repays the debt; a shortfall is borrowed.
YearRevenueEBITDAInterestFree cash flowDebt 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

ExitAmount
Exit multiple19.0× EBITDAtoday's trading multiple, before any premium
Enterprise value at exit$1.6B
− Debt left$361M
= Buyer's equity$1.2B
Money multiple0.96×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.

PremiumPrice a shareBuyer's IRR
10%$31.781.5%
20%$34.670.2%
30%$37.56−0.9%
40%$40.45−2.0%
50%$43.34−3.0%

The figures used

FigureAmount
Revenue, last 12 months$1.8B
EBITDA, last 12 months$76.7M4.2% of revenue
Depreciation and amortization$52.7M
Capital spending$32.5M
Debt$786M
Cash$22.6M
Share price$28.89on 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 shareAll shares
Low end (a quarter of deals paid less)20%$34.67$837M
Median32.5%$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

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.

Open the interactive view →

Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.