Independent Sponsor Lease Assignments in B2B Services
When the deal is B2B services and the question is Lease Assignments, the structure decisions in the first 30 days outlast the next five years. This is where Jason Powell works.
B2B Services deals in the lower middle market run a specific playbook. Lease Assignments is where the structure either holds or starts to leak.
The typical B2B services platform sits at $8M to $90M EV with EBITDA in the $2M to $18M range. The thesis runs on recurring revenue service platform with bolt-on operators. Most B2B services deals look better in the CIM than in the data room. Skip the CIM, ask for the contracts.
How Lease Assignments actually gets structured.
Pull every lease, estoppel, and SNDA in the data room.
Identify landlord consent requirements and prepare consent packages.
Address landlord recapture rights that can be triggered at change of control.
Sequence consent collection to avoid a last-minute single-landlord veto.
In B2B services, layer in MSA assignability mapped customer-by-customer as part of the Lease Assignments workstream.
Waiting until two weeks before close to request landlord consents. Landlords use the timeline against the buyer.
"Lease consents are the deal-killer that never makes the highlight reel. Start early, finish early."Jason Powell · Lease Assignments
The deal is one thing. The capital that opens up after close is another.
The capital that opens up post-close, from refinancing to growth equity to strategic exit, runs through a small set of Wall Street relationships. That network is built in.
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An LOI on the desk, a B2B services target, and a Lease Assignments question worth a real conversation.
Twenty minutes of practitioner-grade input from a securities attorney whose first move is to read the deal, not the engagement letter.