Non-Public Company Merger Model

Hi All - I am wondering how to create a merger model for non-publicly traded companies (i.e., a privately held company acquiring another privately held company). Looking to model different capital structures based on target's size, covenants, returns analysis, etc... this exercise is not a private equity add-on, so no exit factored in within the next 3 - 7 years.

I've been searching online, but I've only been coming across videos positioning the acquirer as a publicly traded company. Can someone provide any feedback or guidance on how to build this out? Thank you!!

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