The three key drivers of returns in a typical leverage buyout are leverage, operational improvements, and multiple expansion. Which statement is false?

a) All statements are true.

b) All else equal, higher revenue growth always increases the IRR and the NPV of the leverage buyout.

c) All else equal, lower exit multiple always decreases the IRR of the buyout.

d) All else equal, higher leverage always increases the NPV of the buyout.