I ran into a few problems trying to match their results.
1) In Structure 2, why do the principals not own more than 30% of common stock if they paid off the entire portion of redeemable preferred equity (RPE)? If RPE was 35% of equity, and is now zero, then the principals should own 30%/(100% - 35%) = 46% of common stock at the time of the sale. What am I missing?
2) What are the interest rates and terms of the loans you used? With Senior Debt @ 4% over 7y and Seller Debt @ 6% over 7y, I get a negative FCF in year 1.

Happy to dive through and discuss the numbers on a call.