Filing Flows › Interparfums (IPAR) › Takeover & LBO
Is Interparfums (IPAR) a takeover target?
A leveraged buyout at today's price plus 30% ($151.28 a share) would return about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $86.60 a share (−26% against today's $116.37).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $151.28 | today's $116.37 plus 30% |
| × shares | 32.0 million | |
| = Equity value | $4.8B | |
| + Debt refinanced | $194M | |
| − Cash | $108M | |
| + Other claims | $224M | preferred stock, minority interests |
| = Enterprise value | $5.2B | 17.6× EBITDA of $293M |
| Fees | $103M | 2% of the price |
| New debt | $1.6B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $3.7B | 69% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.5B | $300M | $123M | $131M | $1.5B |
| Year 2 | $1.6B | $308M | $113M | $144M | $1.3B |
| Year 3 | $1.6B | $317M | $102M | $159M | $1.2B |
| Year 4 | $1.7B | $326M | $89.9M | $175M | $1.0B |
| Year 5 | $1.7B | $336M | $76.6M | $192M | $809M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 13.8× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $4.6B | |
| − Debt left | $809M | |
| = Buyer's equity | $3.8B | |
| Money multiple | 1.05× | on $3.7B put in |
| Buyer's yearly return (IRR) | 0.9% |
Price against return
What the buyer makes at other premiums over today's $116.37; the IRR reaches 20% at $86.60 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $128.01 | 5.8% |
| 20% | $139.64 | 3.2% |
| 30% | $151.28 | 0.9% |
| 40% | $162.92 | −1.0% |
| 50% | $174.56 | −2.8% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.5B | |
| EBITDA, last 12 months | $293M | 19.5% of revenue |
| Depreciation and amortization | $24.2M | |
| Capital spending | $5.5M | |
| Debt | $194M | |
| Cash | $108M | |
| Share price | $116.37 | 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 2.6% 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 24% 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, Interparfums would cost about $154.19 a share, $4.9B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $139.64 | $4.5B |
| Median | 32.5% | $154.19 | $4.9B |
| High end (a quarter paid more) | 51.8% | $176.65 | $5.7B |
Interparfums' latest quarter
Interparfums, Q3 2026: revenue $430M (0% year over year), operating margin 27.4%, net earnings $68.2M, operating cash flow $56.7M. The chart follows the revenue to costs, profit and cash.
Questions
Is Interparfums being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Interparfums?
A leveraged buyout at today's price plus 30% ($151.28 a share) would return about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $86.60 a share (−26% against today's $116.37).
What would a takeover of Interparfums 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, Interparfums would cost about $154.19 a share, $4.9B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.