Filing Flows › Enpro (NPO) › Takeover & LBO
Is Enpro (NPO) a takeover target?
A leveraged buyout at today's price plus 30% ($352.99 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $188.18 a share (−31% against today's $271.53).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $352.99 | today's $271.53 plus 30% |
| × shares | 21.4 million | |
| = Equity value | $7.6B | |
| + Debt refinanced | $655M | |
| − Cash | $83.4M | |
| = Enterprise value | $8.1B | 26.5× EBITDA of $307M |
| Fees | $163M | 2% of the price |
| New debt | $1.7B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $6.6B | 80% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.4B | $331M | $129M | $118M | $1.6B |
| Year 2 | $1.5B | $354M | $120M | $142M | $1.4B |
| Year 3 | $1.6B | $373M | $109M | $166M | $1.3B |
| Year 4 | $1.6B | $389M | $96.5M | $188M | $1.1B |
| Year 5 | $1.7B | $401M | $82.1M | $210M | $864M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 20.8× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $8.3B | |
| − Debt left | $864M | |
| = Buyer's equity | $7.5B | |
| Money multiple | 1.13× | on $6.6B put in |
| Buyer's yearly return (IRR) | 2.5% |
Price against return
What the buyer makes at other premiums over today's $271.53; the IRR reaches 20% at $188.18 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $298.68 | 6.7% |
| 20% | $325.84 | 4.5% |
| 30% | $352.99 | 2.5% |
| 40% | $380.14 | 0.8% |
| 50% | $407.29 | −0.8% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.3B | |
| EBITDA, last 12 months | $307M | 23.8% of revenue |
| Depreciation and amortization | $109M | |
| Capital spending | $52.1M | |
| Debt | $655M | |
| Cash | $83.4M | |
| Share price | $271.53 | 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 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, Enpro would cost about $359.78 a share, $7.7B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $325.84 | $7.0B |
| Median | 32.5% | $359.78 | $7.7B |
| High end (a quarter paid more) | 51.8% | $412.18 | $8.8B |
Enpro's latest quarter
Enpro, Q3 2026: revenue $351M (+22% year over year), operating margin 18.0%, net earnings $40.3M, operating cash flow $81.9M. The chart follows the revenue to costs, profit and cash.
Questions
Is Enpro being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Enpro?
A leveraged buyout at today's price plus 30% ($352.99 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $188.18 a share (−31% against today's $271.53).
What would a takeover of Enpro 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, Enpro would cost about $359.78 a share, $7.7B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.