If an LBO Target Does Not Repay Any Debt During

If an LBO target does not repay any debt during the investment horizon, how can the sponsor still realize a return?

A) If the target reinvests its cash into the business, the sponsor can realize a return by selling the target at a higher enterprise value
B) The sponsor cannot realize a return, as the enterprise value did not increase
C) The sponsor cannot realize a return, as the value of the sponsor's equity could not increase
D) It depends on the sponsor's internal rate of return