buyer-list

Buyer List

Workflow

Step 1: Understand the Target

• Company description, sector, and business model (CrowTech targets typically: multi-site physician groups, ASCs, home health/hospice, behavioral health, dental/vet/med-spa platforms, or healthcare AI/automation businesses such as RCM, ambient scribe, or clinical decision support)
• Revenue, EBITDA, and growth profile (CrowTech deal anchor: $25M–$250M EV, $10M–$150M revenue, $2M–$25M EBITDA)
• Key assets and capabilities (IP, customer/payor relationships, clinician workforce, geographic footprint, team)
• Expected valuation range
• Seller preferences (strategic vs. financial, management continuity, timeline)
• For healthcare services targets, also capture reimbursement mix (Medicare / Medicaid / commercial / self-pay) and value-based care exposure (MSSP, ACO REACH, MA capitation) — these drive buyer fit

Step 2: Strategic Buyers

Identify strategic acquirers across categories:

Direct Competitors

• Companies in the same space that would gain market share (e.g., larger PPMs, national home health operators, ASC platforms)
• Rationale: Revenue synergies, eliminate competitor, scale

Adjacent Players

• Companies in adjacent markets that could expand into the target's space (e.g., primary-care platform adding behavioral health; EHR vendor adding RCM AI)
• Rationale: Product extension, cross-sell, new market entry

Vertical Integrators

• Customers or suppliers that could integrate vertically (e.g., payors acquiring provider platforms; hospital systems acquiring ASCs)
• Rationale: Supply chain control, margin capture, strategic lock-in

Platform Builders

• Large companies building a platform in the space through M&A
• Rationale: Tuck-in acquisition, fill capability gap

For each strategic buyer, assess:

Buyer	Sector	Revenue	Strategic Fit	Financial Capacity	M&A Track Record	Likelihood	Priority
			High/Med/Low		Active/Moderate/None		A/B/C

Step 3: Financial Sponsors

Identify PE/financial buyers:

Platform Investors

• Sponsors looking for a new platform in this sector (healthcare services or healthcare-AI)
• Criteria: Fund size, sector focus, deal size range (match CrowTech's lower-middle-market band)

Add-on Buyers

• Sponsors with existing portfolio companies that could acquire the target as a bolt-on
• Identify the specific portfolio company and synergy rationale

Growth Equity

• For earlier-stage or high-growth targets (e.g., ARR-based healthcare AI)
• Minority vs. majority preference

For each sponsor:

Sponsor	Fund Size	Sector Focus	Portfolio Overlap	Recent Activity	Priority
					A/B/C

Step 4: Prioritization

Tier the buyer list:

• Tier 1 (5-10): Highest strategic fit, proven acquirers, clear rationale — contact first
• Tier 2 (10-15): Good fit but less obvious — contact in second wave
• Tier 3 (10-20): Possible but lower probability — contact if process needs broadening

Step 5: Contact Mapping

For each Tier 1 buyer:

• Key decision maker (CEO, Corp Dev head, Partner)
• Relationship status (existing relationship, cold outreach, need introduction)
• Known preferences or constraints (size, geography, structure)
• Best approach channel

Step 6: Output

• Excel workbook with:
  • Strategic buyers tab (sorted by tier)
  • Financial sponsors tab (sorted by tier)
  • Contact mapping for Tier 1
  • Summary statistics (total buyers by tier, by type)
• One-page buyer universe summary for the engagement letter or pitch

Important Notes

• Quality over quantity — a focused list of 30-40 well-researched buyers beats a list of 200 names
• Research recent M&A activity — buyers who just did a deal in the space are either hungry for more or tapped out
• Check for antitrust concerns with direct competitors — flag any that might face regulatory issues (plus healthcare-specific concerns: state CON laws, corporate-practice-of-medicine restrictions, Stark/AKS)
• Financial sponsors: check fund vintage and deployment pace — a fund nearing end of investment period may be more motivated
• Always ask the seller if there are buyers they want included or excluded
• Update the list as the process progresses — move buyers between tiers based on feedback