Filing Flows › Ichor Holdings (ICHR) › Takeover & LBO
Is Ichor Holdings (ICHR) a takeover target?
A leveraged buyout at today's price plus 30% ($50.57 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 6.7% of companies with its figures were bought within a year (1.34× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $50.57 | today's $38.90 plus 30% |
| × shares | 38.2 million | |
| = Equity value | $1.9B | |
| + Debt refinanced | $119M | |
| − Cash | $214M | |
| = Enterprise value | $1.8B | 36.2× EBITDA of $50.7M |
| Fees | $36.7M | 2% of the price |
| New debt | $279M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $1.6B | 85% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.2B | $54.7M | $21.3M | −$6.5M | $285M |
| Year 2 | $1.3B | $58.4M | $21.8M | −$4.6M | $290M |
| Year 3 | $1.3B | $61.6M | $22.2M | −$2.6M | $292M |
| Year 4 | $1.4B | $64.2M | $22.4M | −$580K | $293M |
| Year 5 | $1.4B | $66.2M | $22.4M | $1.5M | $291M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 27.4× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $1.8B | |
| − Debt left | $291M | |
| = Buyer's equity | $1.5B | |
| Money multiple | 0.96× | on $1.6B put in |
| Buyer's yearly return (IRR) | −0.9% |
Price against return
What the buyer makes at other premiums over today's $38.90.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $42.79 | 3.4% |
| 20% | $46.68 | 1.1% |
| 30% | $50.57 | −0.9% |
| 40% | $54.46 | −2.7% |
| 50% | $58.35 | −4.3% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.1B | |
| EBITDA, last 12 months | $50.7M | 4.6% of revenue |
| Depreciation and amortization | $32.4M | |
| Capital spending | $28.8M | |
| Debt | $119M | |
| Cash | $214M | |
| Share price | $38.90 | 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 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 30% 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 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Ichor Holdings would cost about $50.57 a share, $1.9B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $43.57 | $1.7B |
| Median | 30% | $50.57 | $1.9B |
| High end (a quarter paid more) | 31% | $50.96 | $1.9B |
The odds, from history
Historically 6.7% of companies with its figures were bought within a year (1.34× 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.
Ichor Holdings' latest quarter
Ichor Holdings, Q3 2026: revenue $329M (+37% year over year), operating margin 6.9%, net earnings $20.9M, operating cash flow −$28.8M. The chart follows the revenue to costs, profit and cash.
Questions
Is Ichor Holdings being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Ichor Holdings?
A leveraged buyout at today's price plus 30% ($50.57 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Ichor Holdings cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Ichor Holdings would cost about $50.57 a share, $1.9B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.