UNDER WHAT CIRCUMSTANCE WOULD YOU USE DEBT TO FINANCE YOUR ACQUISITION?

The Harvard and Stanford search models typically reference a hybrid financing approach - equity + debt + seller note. As I speak to more folks, I am learning that many acquisitions are also done entirely using various types of debt (asset financing, invoice discounting, etc) and seller earn outs.
Has anybody raised the acquisition capital to buy without equity, (i.e. using entirely debt)? What have you found to be the pros and cons of this approach, and what ratios/metrics would you need to look at to assess whether the deal would make sense in the long term? Also, how would you deal with the lack of obvious candidates for a company board to give advice if you carry no investors?
Sorry for the numerous questions!



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