Post-close · Healthcare Services

Post-Close Governance Counsel for Healthcare Services Acquisitions

When the deal is healthcare services and the question is Post-Close Governance, the structure decisions in the first 30 days outlast the next five years. This is where Jason Powell works.

EV range $15M to $120M EV EBITDA $3M to $20M Audience Independent Sponsor
The deal context

An independent sponsor closing healthcare services transactions in the $15M to $120M EV range has a defined set of moves at the Post-Close Governance stage. Most of them are not in a generic M&A textbook.

The typical healthcare services platform sits at $15M to $120M EV with EBITDA in the $3M to $20M range. The thesis runs on roll-up of physician practices and ancillary service lines. Most off-market healthcare deals come through advisors who have seen the structure before. Have one in your call list.

The moves

How Post-Close Governance actually gets structured.

  1. Build a board with sponsor majority, one LP-elected seat, and one independent.

  2. Define LP protective provisions narrowly, focused on dilution, exit, and related-party transactions.

  3. Set information rights at monthly financial and quarterly board-level updates.

  4. Plan the annual budget approval cadence so the sponsor can run the business.

  5. In healthcare services, layer in PC/MSO structuring as part of the Post-Close Governance workstream.

The common mistake

Negotiating governance like a fund LPA. independent sponsor governance has to be lighter and faster.

Jason's take
"Governance design decides whether the operator runs the company or files reports."
Jason Powell · Post-Close Governance
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

Post-Close Governance for Healthcare Services, 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.