Has anyone ever done a deal as an independent sponsor to acquire less than 50% of a target and have the management team stay in place post-deal? I'm curious if there are capital providers that would do such a deal and whether the independent sponsor economics would materially change in a minority transaction vs. a typical buyout. TIA!
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Without controlling stake, there are so many corner cases re: distributions, exit timing, liquidity, even pay-to-play situations where your capital gets held hostage.