Breakout: Second-Bite-at-the-Apple 

An investment bank and a private equity firm team up to model what a realistic estimate of a "second-bite-at-the-apple" sale of rolled-equity would yield for a seller/owner.  Leveraging a financial projection for the seller's company, several add-on acquisitions, synergistic revenue, economies-of-scale savings, financing and transaction costs, etc. are modeled into an estimate of upside potential.  Then the financial mechanics of debt servicing, carried interest, incentive equity, dilution, and exit factors, like transaction multiples, waterfall liquidation of debt, etc. result in a realistic estimate of the net sale proceeds a seller/owner might receive from the sale of their rolled-equity as part of the private equity exit.