A representative $150M-revenue platform carve-out runs a Transition Services Agreement across nine functions. For a PE owner the exit is not an IT chore — it is a value-creation workstream with an EBITDA number on it. The moves below cut the exit from a 16-month drift to a 9-month managed exit, remove $4.4M of mark-up and stranded cost, and lift recurring EBITDA enough to move enterprise value at exit multiple.