Capital raise · Education & Training

Capital Partner LPA Counsel for Education & Training Acquisitions

Securities and M&A counsel for independent sponsors drafting education and training transactions, from LOI to close to the capital markets that open up afterward.

EV range $8M to $90M EV EBITDA $2M to $15M Audience Independent Sponsor
The deal context

Every education and training acquisition has its own gravity. Capital Partner LPA is the workstream where independent sponsor counsel earns the seat.

The typical education and training platform sits at $8M to $90M EV with EBITDA in the $2M to $15M range. The thesis runs on private school, training academy, or B2B training platform consolidation. Accreditation continuity is the only thing that matters in the first 30 days post-close.

The moves

How Capital Partner LPA actually gets structured.

  1. Anchor on a 20 percent carry above an 8 percent preferred return, 50/50 catch-up.

  2. Build a one-vote, one-LP majority for any waterfall change.

  3. Define key-person and removal-for-cause provisions narrowly.

  4. Make distributions quarterly, with an annual true-up against the waterfall.

  5. In education and training, layer in accreditor pre-notification calendar set as part of the Capital Partner LPA workstream.

The common mistake

Reusing a fund LPA template for a deal-by-deal structure. The economics, governance, and waterfall need to be different.

Jason's take
"The LPA outlives the deal. Draft it like the next ten deals will be governed by the same paper."
Jason Powell · Capital Partner LPA
Capital after close

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.

MONTH 18
Senior refi
MONTH 24
Dividend recap
MONTH 36
Growth equity
YEAR 4–5
Strategic exit
ENGAGE THE PRACTICE

Capital Partner LPA for Education & Training, on independent sponsor terms.

Independent sponsor counsel that already speaks fluent deal-by-deal economics, structures clean LPAs, and travels with capital markets relationships for what comes after close.