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Strategic Advisor·RCM

Robert Hayward

Corporate Partner (led legal team advising R1 RCM on its $8.9B acquisition by TowerBrook and CD&R) at Kirkland & Ellis LLP

Chicago, Illinois, United States

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Why they matter

Kirkland's lead corporate partner on R1 RCM's $8.9B take-private by TowerBrook and CD&R — he knows that deal's structure, board process and sponsor counterparties firsthand.

Background

Robert M. Hayward, P.C. ("Bob") is a partner in Kirkland & Ellis's Capital Markets practice in Chicago, where he advises publicly traded corporations and private equity sponsors on securities offerings, public-company M&A, spin-offs, SEC disclosure, corporate governance and stockholder activism. He earned his B.S. (1994) and J.D., cum laude (1997) from Northwestern and now sits on the Northwestern University Board of Trustees. He was named first among the corporate partners on Kirkland's team advising R1 RCM on its $8.9 billion take-private by TowerBrook and CD&R, and his standing public-company roster includes Boeing, Deere & Co., Archer-Daniels-Midland, CRH plc, Whirlpool, Wynn Resorts and Flutter Entertainment.

Notable deals

  • 2024
    Led the Kirkland corporate team advising R1 RCM on its $8.9 billion acquisition by TowerBrook Capital Partners and Clayton, Dubilier & Rice — the largest sponsor-led healthcare technology public-to-private on record.
  • 2022
    Capital markets partner on Kirkland's team representing Kellogg Company on the tax-free spin-off separating its North American cereal business, completed as Kellanova and WK Kellogg Co in October 2023.
  • 2024
    Capital markets lawyer on Boeing's $24.25 billion follow-on equity offering, the largest follow-on offering in history.
  • 2026
    Capital markets partner advising CRH plc on its all-cash acquisition of Arcosa, Inc. at $150 per share, an enterprise value of approximately $8.5 billion.

Call-prep brief

Background

  • Chicago-based capital markets and M&A partner at Kirkland & Ellis. Northwestern undergrad (1994) and law (1997, cum laude); now a Northwestern trustee.
  • Named first among the corporate partners on Kirkland's team advising R1 RCM on its $8.9B take-private by TowerBrook and CD&R (announced August 2024, closed November 2024) — the largest sponsor-led healthcare-tech public-to-private on record.

Current focus

  • Public-company M&A, take-privates, separations and large-scale securities work. Recent: CRH's $8.5B acquisition of Arcosa (June 2026); Boeing's $24.25B follow-on, the largest in history (November 2024); Kellogg's separation into Kellanova and WK Kellogg (completed October 2023).
  • Durable public-company relationships: Boeing, Deere & Co., ADM, Whirlpool, CRH, Wynn Resorts, Flutter, Ryan Specialty.

What he cares about

  • Board process and governance under pressure — named to the 2025 NACD Directorship 100 and *The American Lawyer*'s 2025 "Dealmaker of the Year."
  • Deal certainty, disclosure risk, and conflicts mechanics where large holders sit on both sides of a take-private.

Sensitivities

  • He acted for R1 RCM the company, not for TowerBrook or CD&R. Privilege and confidentiality mean he cannot discuss deal specifics — keep questions structural, not transactional.
  • Kirkland conflicts checks may constrain a first call if you are looking at anything adjacent to R1 or another Kirkland client.
  • He is a public-company generalist, not an RCM sector specialist. Expect process and structuring insight, not market views on revenue cycle economics.

Questions to ask

  1. In healthcare-tech take-privates, where does deal certainty most often break down between signing and close?
  2. How are boards structuring special committees when a large holder is also a strategic customer?
  3. What has shifted in antitrust and financing timing assumptions for sponsor-led healthcare deals since 2024?

Outreach draft

Subject
R1 RCM take-private: 20 minutes?
Bob — I'm on the deal team at [Firm], where we're spending time on revenue cycle management and healthcare-tech take-privates. You led the Kirkland team on R1 RCM's $8.9 billion sale to TowerBrook and CD&R, and more recently on Kellogg's separation and CRH/Arcosa — precisely the structures we're working through. I'm not asking about anything client-specific. I'd value 20 minutes on how boards are handling special committees, deal certainty and conflicted-holder dynamics in sponsor take-privates right now, and where you see process risk concentrating. Happy to work around your calendar, including early mornings Chicago time. Best, [Your Name]

Linked companies

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