Our Client Experience

A few examples of our client experience include:

  • Governance Review of Multi-Partner HIT JV. An innovative healthcare technology joint venture was constrained from pursuing profitable new growth opportunities by its multiple, misaligned shareholders. Water Street led a process of engaging the shareholders and aligning them around a revised governance and operating model that empowered the JV to seize strategic and lucrative market opportunities and to rapidly evolve into a leading national HIT player. 
  • Restructuring an Existing Payer-Provider JV. An existing payer-provider JV was plagued by a variety of issues, including: asymmetric economic flows that overwhelmingly benefitted only one of the shareholders; a complex and unmanageable corporate structure; and fundamental misalignment between the for-profit and not-for-profit partners on what constituted value creation. Water Street played a neutral advisory role between the shareholders and led a review process that evaluated the existing venture structure, developed a set of alternative deal constructs, and recommended a preferred restructuring approach that best balanced each shareholder’s priorities.

  • Enhancing the Governance for a Multi-Owner Payer-Provider JV. The management team of a recently launched payer-provider JV was struggling to advance the JV business whilst managing multiple invasive shareholders with little to no prior JV experience. Water Street partnered with the management team to build a governance framework and calendar – including key roles, charters, and agendas for the Board and Committees – that reined in intrusive owners while still fulfilling their assurance needs as shareholders. 
  • Transaction Support for a Pharmacy JV. Facing the prospect of being a minority partner in a multi-billion dollar joint venture, a pharmacy company was concerned about preserving its rights and protections across the lifespan of the partnership. Water Street counseled the company on how to develop and negotiate for a set of key terms to strengthen and protect its position as a minority shareholder, including supermajority voting rights, dispute resolution, exit, interim governance, and JV management appointment rights. Additionally, we helped the client architect internal and joint governance structures to ensure effective oversight of the partnership and maintain alignment at the senior-most levels of the partner organizations. 
  • Governance Training for Healthcare Insurance Company. In response to the U.S. healthcare reform, a leading not-for-profit insurance company had invested in a number of joint ventures in relatively quick succession, but lacked a coherent or deliberate approach to managing and optimizing its venture portfolio in subsequent years. Water Street advised the corporate development team on a number of tactics to enhance governance, including developing Board training and onboarding materials, and also led annual trainings modules to help the company’s Board Directors and JV managers augment their JV governance capabilities.