Equity Co-Invest: Healthcare Platform Acquisition (Texas)

My husband (board-certified physician, 20+ years leading multi-site care systems) and I are acquiring a majority stake in a 25 year old, multi-location outpatient primary care platform in a top-5 Texas metro. LOI is executed, diligence is underway, and we're targeting a close within 60 days. THE BUSINESS: - $8M+ revenue, $3M+ adjusted EBITDA, 33%+ margins - Multiple clinics with a large, established patient base - Self-funded since founding, no outside capital, no institutional history - Diversified payer mix across commercial insurance, cash-pay, and Medicare - The cash-pay segment is what makes this one different. Roughly a third of revenue comes from services that require specialized physician certifications (think credentialed regulatory exams, not elective wellness). Average cash-pay reimbursement runs about 5-6x a typical insured visit, and competitors can't offer these services without going through the same certification process. That's the moat. THE DEAL: - $18M enterprise value at 6.0x TTM EBITDA - 80/20 structure: we acquire 80%, founder rolls 20% with a multi-year commitment - Senior + subordinated debt in process with lenders - Founder stays on to ensure continuity; my husband steps in as Chief Medical Officer, I lead operations and growth full-time from Day 1 as Chief Administrative Officer WHY WE LIKE IT: - Large and growing metro with primary care supply lagging population growth - Existing clinics have unused capacity to absorb incremental volume without major capex - Clear expansion path to double the clinic count along a high-growth corridor ($300K per new location, breakeven in 6-12 months) - DSCR holds above covenant at flat revenue with zero growth assumed - Our backgrounds: Mayo Clinic (provider ops), Cigna (payor strategy), VA health system (multi-site clinical leadership) WHAT WE'RE LOOKING FOR: We're building out a small equity co-investor group alongside our own capital. Looking for investors who understand healthcare services, appreciate a cash-flowing base with real expansion upside, and are comfortable with a self-funded ETA structure. Happy to share more details and connect over a call if this fits what you're looking for. Please DM me if you are interested. Radhika