Exit · Food & Beverage

Exit Preparation for Food & Beverage Independent Sponsors

When the deal is food and beverage and the question is Exit Preparation, the structure decisions in the first 30 days outlast the next five years. This is where Jason Powell works.

EV range $10M to $120M EV EBITDA $2M to $20M Audience Independent Sponsor
The deal context

Every food and beverage acquisition has its own gravity. Exit Preparation is the workstream where independent sponsor counsel earns the seat.

The typical food and beverage platform sits at $10M to $120M EV with EBITDA in the $2M to $20M range. The thesis runs on CPG roll-up or co-packing platform with regional bolt-ons. Treat trade spend like a working capital item, not a marketing line. The valuation moves accordingly.

The moves

How Exit Preparation actually gets structured.

  1. Clean the cap table 18 months before the planned exit window.

  2. Refresh the IP, employment, and customer contract files for diligence readiness.

  3. Build a quality-of-earnings ready financial package well before bankers come in.

  4. Coordinate sponsor exit economics with the LP waterfall and any rolled-equity holders.

  5. In food and beverage, layer in co-pack capacity agreement re-papered as part of the Exit Preparation workstream.

The common mistake

Starting exit prep when the banker calls. By then, every fix costs price.

Jason's take
"Exit prep is what separates a 6x outcome from an 8x outcome. The work starts before the banker."
Jason Powell · Exit Preparation
Capital after close

The deal is one thing. The capital that opens up after close is another.

Refinancing, recaps, growth rounds, and the right strategic conversation eighteen months early are all downstream of relationships that take years to build and minutes to use.

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

Exit Preparation for Food & Beverage, 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.