Post-Close Governance Counsel for Multi-Unit Restaurants Acquisitions
Independent sponsor counsel for multi-unit restaurants, focused on Post-Close Governance and the deal mechanics that protect sponsor economics and LP alignment.
The economics on a multi-unit restaurants platform deal usually hinge on a handful of structural decisions. Post-Close Governance is one of them.
The typical multi-unit restaurants platform sits at $8M to $80M EV with EBITDA in the $2M to $14M range. The thesis runs on franchisee roll-up or regional concept acquisition. The franchisor consent letter is the deal. Get it lined up before you spend money on diligence.
How Post-Close Governance actually gets structured.
Build a board with sponsor majority, one LP-elected seat, and one independent.
Define LP protective provisions narrowly, focused on dilution, exit, and related-party transactions.
Set information rights at monthly financial and quarterly board-level updates.
Plan the annual budget approval cadence so the sponsor can run the business.
In multi-unit restaurants, layer in franchisor LOI letter requested before market as part of the Post-Close Governance workstream.
Negotiating governance like a fund LPA. independent sponsor governance has to be lighter and faster.
"Governance design decides whether the operator runs the company or files reports."Jason Powell · Post-Close Governance
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.
Related deal pages.
Transaction Fee Structuring for Multi-Unit Restaurants
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Working Capital Adjustments for Multi-Unit Restaurants
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Representation & Warranty Insurance for Multi-Unit Restaurants
A buyer-side insurance product covering breach of seller representations, reducing seller escrow and indemnit…
Indemnification for Multi-Unit Restaurants
The seller's contractual promise to compensate the buyer for breaches of representations, covenants, and spec…
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Bring the multi-unit restaurants deal. Get Post-Close Governance done right.
Direct counsel from a securities and M&A attorney with billions in structured transactions, the independent-sponsor-native playbook, and the capital markets network that opens up post-close.