Case Studies
Private Equity Advisory
A diligence answer that changed the price and the plan.
A mid-market sponsor was in exclusivity on a multi-site healthcare services platform with a growth story built on new site openings.
- Service
- Private Equity Advisory
- Sector
- Healthcare Services
- Engagement
- 5 weeks diligence, 3-year hold
The Problem
What stood in the way.
- The growth case assumed new-site economics matching the mature estate.
- Payor mix had shifted materially in the two years before the process.
- Management's pipeline had no observable conversion history.
Our Approach
How we worked.
- 01
Built a cohort model of every site by vintage, isolating true ramp curves.
- 02
Reconstructed payor mix and reimbursement trajectory from primary sources.
- 03
Converted the findings into a revised value creation plan, not just a price view.
Outcomes
What the work produced.
- -14%
- entry price renegotiated
- 2.9x
- gross MOIC at exit
- 22
- sites added on revised economics
The sponsor transacted at a materially lower entry price and ran the hold period against a plan grounded in real cohort economics rather than the vendor's case.
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Operational Excellence