Good morning. My name is Debra Taylor and I'm an MD within the Financial Sponsors Group. I'm very pleased to have you join our team and we're really looking forward to working with you.

We've just had a request come in from one of our private equity clients, and I'd like your help with the request. They've asked us for some idea generation for potential LBO targets within the consumer space. They are specifically looking for deals that could generate an IRR in excess of 20% over a three year investment horizon.

Now, I've been doing a bit of research and think that the public company, flowers Foods, Inc. Might be a good opportunity to take private. Please can you build a quick LBO model and run some analysis to check whether my idea might meet their criteria.

Clearly, you'll need to make some assumptions in your analysis, and I've put some suggestions in a memo and added this memo along with an Excel template to our team's shared drive. When you are running your analysis, please use current consensus estimates and latest published financial data in your analysis, so it's as up to date as possible.

It's also worth flagging that the Excel file includes some data from our research department's company model, and you can use these assumptions and forecasts to augment the assumptions that I've suggested in my memo.

I expect this work to take you about an hour, so please drop me an email when it's ready for review. Thanks so much and I'll catch up with you later. Bye.