Partnership Economics — Durham Holding Group

Deal inputs

Independent sponsor deal, single acquisition.

Acquisition

EBITDA at close ($K)

Entry multiple (x)

Transaction costs ($K)

Debt % of purchase price

Debt rate (%)

Sponsor fees

Closing fee (% of EV)

Management fee ($K/yr)

Sponsor co-invest (% of equity)

Promote structure

Preferred return (%)

Promote above pref (%)

Step-up hurdle (x MOIC)

Promote above hurdle (%)

Exit

Hold period (years)

EBITDA growth (%/yr)

Exit multiple (x)

Debt repaid over hold (%)

Purchase price—

Equity required—

Exit value—

Equity proceeds—

Sources of equity

Source	Amount	% of equity

Exit waterfall

Tier	To investors	To sponsor

Investors

Sponsor

Returns

Party	Invested	Returned	MOIC	IRR

Sponsor economics over the deal

Stream	Total

Split inputs

Sponsor economics carry over from the waterfall tab.

Holdco ownership (%)

Ben

Ata

Louis

Fee income (closing + management) is split on these percentages.

Carry: base split (%)

Ben

Ata

Louis

Base share of carry (%)

The rest is allocated by deal role below.

Deal role points

Sourced the deal (%)

Executed diligence & close (%)

Operates post-close (%)

Who did what

Sourced

Executed

Operates

Personal guarantee

Who signs

Guarantee fee (%/yr of debt)

Paid off the top, before carry is split.

Sponsor total—

Ben—

Ata—

Louis—

Allocation by stream

Stream	Total	Ben	Ata	Louis

Ben

Ata

Louis

Carry build-up

Component	Pool	Ben	Ata	Louis