Acquisition of a controlling interest in a company financed substantially with debt (typically 50-70% of enterprise value), with the target's cash flows servicing the debt. Three return drivers per the canonical bridge: MoIC_deal = fracEBITDA_exitEBITDA_entry × (Exit Multiple)/(Entry Multiple) × (Entry EV/Entry Equity)/(Exit EV/Exit Equity) — i.e., EBITDA growth × multiple expansion × leverage effect (deleveraging). Doubling equity over 5 years implies ~15% IRR; tripling ~25%; quadrupling ~32%.