Mergers & Acquisitions

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Theoria Medical in its sale to Amulet Capital Partners.

Theoria Medical retained Cain Brothers based on its experience in primary and post-acute care, expertise in value-based payments, and relationships with the relevant buyer universe. Cain Brothers, along with the Company’s founders, designed and executed a targeted process to find the ideal partner to help facilitate the next phase of growth. This transaction continues Cain Brothers’ strong track record of representing founder-led businesses in partnering with private equity firms.

Theoria Medical is a high-growth, tech-enabled, value-based primary care provider serving senior living communities throughout the United States. Founded in 2019, Theoria leverages proprietary technology and a fully integrated care model to deliver exceptional clinical outcomes while lowering costs. Operating across 300+ facilities in 22 states, the Company ensures 24/7 access to high-quality care through a team of more than 600 providers.

Amulet Capital Partners is a middle-market private equity firm exclusively focused on the healthcare sector. With deep industry expertise, Amulet is committed to using its capital and resources to improve quality, outcomes, and access throughout the healthcare system. Amulet is currently investing from its third fund.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to AdventHealth in its pending acquisition of ShorePoint Health Port Charlotte and certain assets of ShorePoint Health Punta Gorda from affiliates of Community Health Systems, Inc. (NYSE: CYH).

AdventHealth signed a definitive agreement to purchase 254-bed ShorePoint Health — Port Charlotte and certain assets of ShorePoint Health — Punta Gorda from affiliates of Community Health Systems, Inc. for $265 million. Based north of Fort Myers, Florida, ShorePoint Health also includes related businesses, such as physician clinic operations and outpatient services. The transaction is expected to close in the first quarter of 2025, subject to regulatory approvals and closing conditions.

AdventHealth is a connected system of care for every stage of life and health. A shared vision, common values, focus on whole-person health, and commitment to making communities healthier unify the system's hospital campuses in diverse regions throughout nine states. AdventHealth owns or manages 50 hospitals in nine states with reported consolidated revenues of $18.9 billion for the past 12 months ending September 30, 2024.

Community Health Systems, Inc. owns or leases 69 affiliated hospitals in 15 states, with more than 11,000 beds, and operates more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers, and ambulatory surgery centers. CHS reported consolidated revenues of $12.6 billion for the past twelve months ending September 30, 2024.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to EmblemHealth in the sale of its subsidiary, WellSpark, to Vitality.

Cain Brothers was engaged by EmblemHealth to sell its wholly owned subsidiary, WellSpark, because of its long-standing relationship and employer health expertise. On November 19, Vitality announced the acquisition of WellSpark and its intention to integrate WellSpark’s coaching solutions, offering Vitality’s employer and health plan clients access to a range of new services and additional tools to support their health and well-being. 

WellSpark is a health coaching company and digital platform that provides wellness solutions to employers as part of their benefits offerings. Since its beginning in 2013, the company has helped its members live healthier and more fulfilling lives by providing human-to-human support, intervening early for chronic condition management, and breaking biopsychosocial barriers that prevent its members from making lasting change.

EmblemHealth is one of the nation’s largest nonprofit health insurers, with more than 3 million members and an 80-year legacy of serving New York’s communities. The company offers a range of commercial and government-sponsored health plans to employers, individuals, and families, as well as convenient community resources. As a market leader in value-based care, EmblemHealth partners with top providers and hospitals to deliver quality, affordable care.

Guided by a core purpose of making people healthier, Vitality is the leader in improving health to unlock outcomes that matter. By blending industry-leading smart tech, data, AI, incentives, and behavioral science, Vitality inspires healthy changes in individuals and organizations. As one of the largest health and well-being companies in the world, Vitality brings a dynamic and diverse perspective through successful partnerships with the most forward-thinking insurers and employers.

More than 35 million people in 41 markets globally engage in the Vitality program.

Cain Brothers, a division of KeyBanc Capital Markets, served as the exclusive financial advisor to ProductLife Group on its acquisition of Halloran Consulting Group. 

Cain Brothers was engaged to serve as PLG’s exclusive financial advisor based on its deep experience across the regulatory and compliance consulting space and the broader pharma services continuum. Halloran represents PLG’s second acquisition in North America, a primary focus for the company, as it expands beyond Europe.

ProductLife Group’s mission is to support patient access to safe and effective healthcare solutions by delivering worldwide consulting and outsourcing services through the entire product life. Combining local expertise with global reach spanning more than 150 countries, PLG is the Life Sciences Industry reference strategic partner for the development, market introduction, and life cycle management of product portfolios, and the related business and digital transformation. With a goal of continuously improving the value delivered to teams and clients, PLG is committed to long-term partnership, innovation, flexibility, and cost efficiency.

Founded in 1998 by Laurie Halloran, Halloran is known as one of the largest specialty regulatory agencies of its kind, which allows for a differentiated proposition with an end-to-end solution that is strategic and tactical, all while retaining flexibility that meets every client’s needs. The team of 100 consultants supports sponsors from their first regulatory filing through commercialization.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive sell-side advisor to Health Monitor Network and its majority shareholder, WestView Capital Partners, in its sale to Gridiron Capital.

Cain Brothers was engaged based on its deep experience across pharmaceutical services and long-standing relationships with relevant investors. Gridiron will support the Company in accelerating growth in both current and untapped channels across existing and new products. Gridiron is investing alongside management, with reinvestment from WestView. 

Founded in 1983, Health Monitor is one of the leading direct-to-patient marketing companies in the U.S. With the largest proprietary physician office network, Health Monitor provides high-quality patient education through digital, print, and mobile platforms to tens of millions of condition sufferers through 200,000+ medical offices and more than 400,000 healthcare professionals.

Founded in 2004, WestView is focused on growth-oriented companies with a successful track record of partnering with exceptional entrepreneurs in control-agnostic transactions. WestView has deep experience in several key sectors, including business services, IT services, software, healthcare IT & outsourcing, growth industrial, and consumer. WestView currently manages $2.7 billion in capital and has invested in more than 50 companies.

Founded in 2005, Gridiron is an investment firm focused on partnering with founders, entrepreneurs, and management teams to create value by building industry leaders in the consumer products & services, industrial growth, and business services segments. Gridiron helps transform growing companies by winning together through hard work, partnerships grounded in shared values, and a unique culture that comes from hands-on experience building and running businesses.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Lakeview Health in its sale to Bradford Health Services, a portfolio company of Lee Equity Partners.

Cain Brothers was engaged to serve as Lakeview’s exclusive financial advisor based on its deep sector knowledge in substance use disorder treatment and the broader behavioral health sector. The transaction expands Bradford’s network of treatment centers to Florida and furthers its commitment to providing individuals with substance use disorders access to affordable, high-quality care.

Founded in 2001, Lakeview is a nationally recognized provider of addiction treatment and behavioral health services, offering a range of specialized programs across its campuses. With programs such as The Rose and The Star, which provide gender-specific treatment, Koru Spring, which provides care for patients with eating disorders, and Stepping Stone Center for Recovery, Lakeview is dedicated to delivering patient-centered care that addresses the unique needs of each individual. The organization is committed to helping patients achieve long-term recovery through evidence-based practices and a comprehensive continuum of care.

Founded in 1977 and based in Birmingham, Alabama, Bradford is a leading provider of substance use treatment and recovery services with a nationwide reach. Operating through a coordinated network of 40 facilities, Bradford offers affordable, evidence-based treatment throughout the entire spectrum of care, including early intervention, crisis response, intensive outpatient programs, partial hospitalization, residential care, inpatient detox, and transitional living and life skills programs.

Lee Equity Partners is a middle market private equity firm that partners with businesses in the financial and healthcare services sectors. Over nearly two decades, the firm has used its thematic-based investment strategy and deep sector knowledge to identify and partner with businesses in the financial and healthcare services sectors. Over nearly two decades, the firm has utilized its thematic-based investment strategy and deep sector knowledge to identify and partner with talented management teams to accelerate growth and build market-leading businesses. Additional information is available at www.leeequity.com.

Cain Brothers, a division of KeyBanc Capital Markets (KBCM), served as exclusive Buy-Side Advisor to Amulet Capital Partners on its acquisition of Genetics & IVF Institute (GIVF), Inc. KBCM arranged financing for the acquisition, led by the KeyBank Beach Point Direct Lending Program.

On September 6, 2024, Amulet announced it had acquired GIVF, a leading provider of reproductive tissue banking and related reproductive technology services. The transaction includes significant co-investment from a consortium of Amulet Limited Partners. Financial terms of the transaction were not disclosed. 

Amulet is a middle market private equity investment firm based in Greenwich, Connecticut, and Walnut Creek, California, focused exclusively on the healthcare sector. Amulet seeks to achieve long-term capital appreciation through privately negotiated investments in healthcare companies. Amulet focuses on segments it believes have the most attractive long-term fundamentals, with a target investment size between $50 million and $150 million.

Founded in 1984, GIVF has grown into one of the world’s largest providers of frozen donor sperm and frozen donor eggs and a leading provider of cryostorage for embryos, sperm, and eggs in the United States. The Company currently operates leading multinational brands including Fairfax Cryobank and Fairfax Eggbank. GIVF will continue to be led by Co-CEOs Nadeem Malik and Sean Swindell.

On August 1, 2024, KeyBanc Capital Markets (KBCM) successfully advised GenServe, LLC (GenServe or the Company), a portfolio company of GenNx360 Capital Partners (GenNx360), on its sale to Aurora Capital Partners (Aurora). KBCM was chosen to serve as GenServe’s Sell-Side Advisor based on its industry-leading Industrial & Business Services practice, longstanding relationship with the Company, and proven M&A execution capabilities.

Founded in 1990, GenServe is a leading provider of mission-critical backup power solutions to high cost-of-failure end markets and applications. The Company operates from 16 strategically located branches, leveraging a network of 150+ field technicians to provide original equipment manufacturer-agnostic preventive maintenance, and repair services to more than 10,000 customers throughout the U.S.

Founded in 2006, GenNx360 is a middle market private equity firm headquartered in New York City. The firm has ~$2 billion in assets under management and has completed 25+ platform investments since its inception.

Aurora is a leading private equity firm headquartered in Los Angeles. Founded in 1991, The firm has ~$5 billion in assets under management and has completed 175+ transactions across various differentiated strategies.

On July 31, 2024, KeyBanc Capital Markets (KBCM) successfully advised GrowthCurve Capital, LP (GrowthCurve) on its acquisition of PureFacts Financial Solutions Inc. (PureFacts or the Company). KBCM was retained as Exclusive Buy-Side Advisor due to its industry-leading fintech and WealthTech sector expertise, strong relationship with PureFacts, and strong M&A capabilities.

PureFacts is an award-winning software as a service (SaaS) provider of end-to-end revenue management solutions for the investment industry. PureFacts helps some of the largest and most recognizable wealth management, asset management, and asset servicing firms manage and grow their revenues. The Company enables its customers to calculate, collect, distribute, incentivize, and optimize their revenues through PureFacts’ AI-enriched fees engine, incentive compensation application, and compelling revenue business intelligence powered by a single system of record for revenue management. PureFacts is headquartered in Toronto, Canada.

Founded in 2020 and headquartered in New York, GrowthCurve is a leading private equity firm focused on data-rich, control-oriented investments primarily across the technology and information services, healthcare, and financial services sectors. With more than $1.4 billion in assets under management, GrowthCurve is focused on building businesses by leveraging data, analytics, and machine learning, combined with a comprehensive approach to human capital, to accelerate growth and drive long-term value.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to ConnectiCare, a subsidiary of EmblemHealth, in its pending sale to Molina Healthcare (NYSE: MOH).

On July 23, 2024, Molina announced that it entered into a definitive agreement to acquire ConnectiCare, a wholly owned subsidiary of EmblemHealth. The transaction brings an established government business in a new state, recognized brand, and a statewide provider network to Molina’s current service offering.

The transaction is expected to close in the first half of 2025 following applicable federal and state regulatory approvals.

ConnectiCare is a leading health plan in Connecticut and has been dedicated to making the state a healthier place to live and work since the company was founded in 1981. ConnectiCare has a full range of products and services for businesses, municipalities, individuals, and those who are Medicare eligible, and leads the individual market in the state.

EmblemHealth is one of the nation’s largest nonprofit health insurers, with more than 3 million members and an 80-year legacy of serving New York’s communities. The company offers a full range of commercial and government-sponsored health plans to employers, individuals, and families, as well as convenient community resources. As a market leader in value-based care, EmblemHealth partners with top providers and hospitals to deliver quality, affordable care.

Molina Healthcare, a FORTUNE 500 company, provides managed healthcare services under the Medicaid and Medicare programs and through the state insurance marketplaces.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Get Well in its sale to SAIGroup.

Cain Brothers was engaged to serve as Get Well’s exclusive financial advisor based on its long-standing relationship and extensive knowledge of the healthtech and patient engagement spaces. As a SAIGroup company, Get Well will integrate SAIGroup’s award-winning, advanced Eureka AI platform into its patient experience.

Get Well is redefining digital patient engagement by putting patients in control of their health care, inside and outside the hospital. Get Well combines advanced navigation with high-touch care experiences to improve patient activation, loyalty, and outcomes and reduce the cost of care. Get Well serves more than 10 million patients annually at more than 1,000 hospitals and clinical partner sites, using longitudinal data analytics to better serve patients and clinicians. Get Well’s award-winning solutions were recognized again in 2024 by KLAS Research and AVIA Marketplace.

SAIGroup is a private firm investing in businesses with the potential to become leaders in enterprise AI. SAIGroup companies ConcertAI, SymphonyAI, and RhythmX AI deliver AI solutions that transform industries and bring value to companies, workers, healthcare professionals, and patients. The companies collectively represent a workforce of more than 4,000 talented engineers, data scientists, and industry/healthcare experts. SAIGroup is backed by a $1 billion commitment from founder and CEO Dr. Romesh Wadhwani, a noted entrepreneur and philanthropist.

KeyBanc Capital Markets, Inc. (KBCM) served as exclusive sell-side advisor to Renewable Properties, LLC (Renewable Properties or the Company) on the sale of its 28 MWDC solar distributed generation portfolio (the Portfolio) to EDPR NA Distributed Generation LLC (EDPR). The transaction closed in June 2024.

Transaction Overview
KBCM was engaged by Renewable Properties to serve as sell-side advisor on the divestiture of 100% of its membership interests in the Portfolio, composed of four pre-construction community solar projects in Illinois. KBCM conducted a targeted outreach process, identifying several highly credible investors that ultimately resulted in multiple actionable indicative offers. Using its market knowledge, KBCM was then able to maximize competitive tension between these bidders, preserving seller leverage and optimizing deal terms. EDPR emerged as the optimal buyer of the Portfolio.

EDP Renewable North America Overview
EDP Renewables North America LLC (EDPR NA), its affiliates, and its subsidiaries develop, construct, own, and operate wind farms, solar parks, and energy storage systems throughout North America. Headquartered in Houston, Texas, with 61 wind farms, 15 solar parks, and eight regional offices across North America, EDPR NA has developed more than 10,600 megawatts (MW) and operates more than 9,600 MW of onshore utility-scale renewable energy projects.

Renewable Properties Overview
Founded in 2017, Renewable Properties specializes in developing and investing in small-scale utility, community solar, energy storage, and electric vehicle (EV) infrastructure projects throughout the U.S. Led by experienced renewable energy professionals with development and investment experience, Renewable Properties is active in 15 states and has more than 1 gigawatt of solar, energy storage, and EV infrastructure under development with over 155 MW under construction or in operation. Renewable Properties works closely with communities, developers, landowners, utilities, and financial institutions looking to invest in solar energy systems.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to ArchCare, the Continuing Care Community of the Archdiocese of New York in connection with the transfer of ArchCare’s Managed Long-Term Care members and related key assets to VillageCare.

Cain Brothers was engaged to serve as exclusive financial advisor to ArchCare based on its deep expertise and experience in the managed care sector, especially within the not-for-profit space and New York market. The Cain Brothers team executed a targeted and highly competitive process to identify the optimal partner for ArchCare.

ArchCare is the Continuing Care Community of the Archdiocese of New York and one of the nation’s largest and most dynamic Catholic healthcare systems. ArchCare provides quality care to thousands of people of all faiths through its home and community-based and residential care programs, including health plans and nursing home alternatives, adult day care, long term skilled nursing care, short term rehabilitation, home care, assisted living, hospice, an acute care specialty hospital, and services for people with Huntington’s disease, HIV/AIDS, developmental disabilities, and other specialized care needs.

VillageCare is a community-based, not-for-profit organization serving people with chronic care needs, as well as seniors and individuals in need of continuing care and managed care services. VillageCare offers a comprehensive array of community and residential programs, as well as managed care. VillageCare has delivered quality health care services to individuals residing within New York City for over 45 years.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Physicians Health Plan of Northern Indiana. 

The planned acquisition of PHPNI expands Priority Health’s presence into Northern Indiana and Ohio. Financial proceeds of the transaction will advance the mission of the PHP Foundation and enhance its ability to support the health and wellness needs of unserved and in-need populations in Northern Indiana communities. 

The transaction is expected to close by the end of 2024 after required approvals are completed. 

Physicians Health Plan of Northern Indiana, Inc., headquartered in Fort Wayne, Indiana, is a leading commercial health plan offering employer-sponsored benefits to more than 52,000 members across Indiana and the Midwest. PHPNI is a community-based leader in providing cost-efficient and innovative health care solutions by acting with integrity and providing exceptional customer service. 

With over 30 years in business in Michigan, Priority Health offers an extensive portfolio of health benefit options for employer groups and individuals, including Medicare and Medicaid plans. Leveraging its broad network of primary care physicians in Michigan, Priority Health continues to be recognized as a leader in quality, customer service, transparency, and product innovation for more than 1.3 million members. 

Mike Elizondo
 

Overlake Medical Center & Clinics and MultiCare Health System announced an affiliation agreement, emphasizing its long-term commitment to delivering the highest quality, most advanced health care to communities across Washington. This transaction is subject to regulatory approval and customary closing conditions, with an anticipated closing date later in 2024.

Cain Brothers was retained by MultiCare as its advisor to assist through the affiliation process and negotiations with Overlake. Cain Brothers brought deep domain expertise in the hospital and health system sector and a strong understanding of the Washington health care market. Through this agreement, Overlake and its network of clinics will comprise the new North Sound region of MultiCare’s statewide network and will be the North Sound region’s flagship health system. The agreement includes continued local governance and management, ongoing community commitment and significant capital investment in the region.

MultiCare Health System is a not-for-profit healthcare organization that’s been caring for communities in Washington state since the founding of Tacoma’s first hospital in 1882. With more than 23,000 team members, including employees, providers, and volunteers, MultiCare has grown into one of the largest community-based, locally governed health systems in the state of Washington. MultiCare serves patients throughout the Pacific Northwest and includes a dozen award-winning hospitals as well as numerous primary care, virtual care, urgent care, pediatric care, and specialty services, including MultiCare Behavioral Health Network; MultiCare Indigo Urgent Care; Mary Bridge Children’s Hospital & Health Network; Pulse Heart Institute; MultiCare Connected Care, an accountable care organization; and MultiCare Rockwood Clinic.

Overlake Medical Center & Clinics is a not-for-profit regional health care system in Bellevue, Washington, serving the community since 1960. The health system includes a 349-bed hospital and a growing network of primary, urgent, and specialty care clinics throughout the region. Overlake is recognized locally and nationally for quality and safety, including recurring Leapfrog A ratings, Healthgrades’ Patient Safety Excellence Award, and recognition as a Best Regional Hospital by U.S. News & World Report in its Best Hospitals 2023–24 rankings. Overlake offers comprehensive advanced services, including a dedicated Cancer Center, Level lll Trauma Center, Childbirth Center, and Level lll NICU, cardiac, neurosciences, orthopedic, and mental health services. Employing more than 3,500 people, Overlake is dedicated to compassionate care for every life it touches.

On April 10, 2024, KeyBanc Capital Markets (KBCM) successfully advised HG Holding Company, LLC (Handgards, or the Company), a portfolio company of Wind Point Partners (WPP), on its sale to Wynnchurch Capital (Wynnchurch).

KBCM was selected to serve as Exclusive Sell-Side Advisor based on its industry-leading specialty distribution investment banking practice, deep industry expertise, extensive financial buyer relationships, relevant transaction experience, and track record of successful M&A execution. This transaction is the third successful sell-side transaction in which KBCM has advised WPP in the past three years.

Based in Texas, Handgards is a leading North American manufacturer and supplier of disposable food safety and hygiene-oriented products for the foodservice industry. The Company sells its product portfolio to an extensive base of broadline distributors, group purchasing organizations, and national foodservice accounts.

Founded in 1984, Wind Point Partners is a leading private equity firm focused on partnering with top-caliber executives to acquire well-positioned middle market businesses to drive maximum value creation. With approximately $7 billion in assets under management, and more than 100 platform companies and 300 add-on acquisitions completed since inception, WPP has a proven expertise within industrial products, business services, and consumer products.

Based in Chicago, Wynnchurch Capital is a leading private equity firm founded in 1999, focused on partnering with middle market businesses to achieve their next stage of growth. With $9.2 billion in regulatory assets under management, Wynnchurch seeks to make equity investments from $50 million to $750 million in companies across the aerospace and defense, building products, consumer, manufacturing, business services, and specialty distribution sectors.

Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Lucent Health Solutions, a portfolio company of NaviMed Capital, on its sale to Gauge Capital.

Lucent Health has established itself as a partner of choice for self-insured employers given its proven ability to reduce healthcare costs while simultaneously improving the member experience and health outcomes.

Cain Brothers was engaged to serve as Lucent Health’s advisor based on our deep knowledge of the employer health sector and proven M&A advisory expertise. Gauge Capital will support Lucent Health’s next phase of growth, which will include investments in product innovation as well as strategic acquisitions. In connection with the transaction, the Company’s founders and management team invested alongside Gauge Capital.

Nashville-based Lucent Health is a premier employer health company that leverages an integrated suite of cost containment, care management and navigation solutions to create superior savings and positive member experiences. Lucent Health generates attractive customer ROI based on the application of analytics that predict trends, simulate employer options, and custom engineer health plans for employers. Founded in 2014, Lucent Health supports more than 200,000 members in 41 states and has approximately 300 employees.

NaviMed Capital is a Washington, D.C.-based private investment firm focused exclusively on the healthcare industry that helps companies scale, through expansion and acquisition, while also facilitating liquidity for founders who are ready to transition their companies to the next phase of growth. NaviMed’s principals have a long track record of investing in some of the most innovative and well-respected healthcare growth companies.

Gauge Capital is a leading middle market private equity firm based in Southlake, Texas, which invests in rapidly growing services and technology-enabled companies in business services, food and consumer, government and industrial services, healthcare, and technology. Lucent Health will be the first investment in Gauge Capital Fund IV, with total commitments of $1.4 billion.

On March 28, 2024, KeyBanc Capital Markets (KBCM) successfully advised MITER Brands^™ (MITER) on its acquisition of PGT Innovations, Inc. (NYSE: PGTI) (PGTI) for $3.1 billion, representing a premium of 60% over PGTI’s unaffected closing share price on October 9, 2023, the last trading day prior to the public disclosure of a proposal for the acquisition of PGTI. The transaction has been financed in part by an equity investment from Koch Equity Development LLC, the principal investment and acquisition arm of Koch Industries, Inc., and a current investor in MITER.

KBCM was chosen to serve as MITER’s Lead Buy-Side Advisor based on its preeminent industrial building products practice, long-standing relationship with MITER Brands and proven M&A execution capabilities. “Throughout our 20-year partnership, KeyBanc has played an important role in supporting MITER Brands along our journey of continued growth. In addition to being our trusted advisor for several transformative acquisitions, KeyBanc’s financing support has been instrumental in allowing us to opportunistically pursue many growth initiatives which have benefited the MITER Brands team, our customers, our suppliers and the communities where we operate,” said Matt DeSoto, president and CEO of MITER Brands.

Founded in 1947, MITER Brands is a residential window and door manufacturer that produces a portfolio of window and door brands for the new construction and replacement segments with an owner-operated, family-first approach. MITER Brands is the combination of two fast-growing regional product brands: MI Windows and Doors and Milgard Windows and Doors, and is a nationwide supplier of precision-built and energy-efficient products, with more than 10 manufacturing facilities throughout the United States. MITER Brands instills confidence and drives quality customer experiences through optimized manufacturing, valued relationships, and dedicated team members coast to coast.

PGT Innovations manufactures and supplies premium windows, doors, and garage doors. Its highly engineered and technically advanced products can withstand some of the toughest weather conditions and are revolutionizing the way people live by unifying indoor and outdoor living spaces. PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves, and a drive to develop category-defining products. The PGT Innovations family of brands include CGI^®, PGT^® Custom Windows and Doors, WinDoor^®, Western Window Systems, Anlin Windows & Doors, Eze-Breeze^®, Eco Window Systems, NewSouth Window Solutions, and Martin Door. The company’s brands, in their respective markets, are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. Their high-quality products are available in custom and standard sizes with massive dimensions that allow for unlimited design possibilities in residential, multifamily, and commercial projects.

Cain Brothers, a division of KeyBanc Capital Markets (KBCM), served as financial advisor to Waud Capital Partners on the acquisition of Senior Helpers.

Cain Brothers was engaged to serve as financial advisor to Waud Capital Partners based on its deep expertise and experience in the post-acute sector and healthcare franchising industry, as well as its long-standing relationship with both Waud Capital Partners and Senior Helpers.

Based in Chicago, Waud Capital Partners is a growth-oriented private equity firm with more than 30 years of investing experience. Waud Capital Partners seeks to partner with experienced management teams to build market-leading companies within two industries: healthcare and software & technology. Since its founding in 1993, Waud Capital Partners has successfully completed more than 460 investments, including platform companies and follow-on opportunities.

Headquartered in Towson, Maryland, Senior Helpers is one of the largest franchisors of in-home senior care services focused on providing comprehensive non-medical, private duty home care services ranging from specialized care for those living with chronic diseases to companion care for seniors seeking assistance with daily living activities. Senior Helpers serves clients through its franchise network of over 210 independently-owned franchisees operating in ~340 territories nationwide and its five corporate-owned locations composed of 13 territories.

Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor to Linden Capital Partners on the acquisition of Alcresta Therapeutics, Inc.

Cain Brothers was engaged to serve as financial advisor to Linden based on its deep expertise and experience in the medical device sector as well as its long-standing relationship with Linden.

Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is the country’s largest dedicated healthcare private equity firm by total buyout capital raised. Linden’s strategy is based on three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in more than 40 healthcare companies encompassing over 325 total transactions. The firm has approximately $8 billion in regulatory assets under management.

Alcresta Therapeutics, Inc. is dedicated to developing and commercializing novel, enzyme-based products designed to address challenges faced by patients living with gastrointestinal disorders and rare diseases. Alcresta currently markets RELiZORB for enterally fed patients (those whose food is delivered directly to the gastrointestinal tract) with pancreatic insufficiency, which occurs in cystic fibrosis, pancreatic cancer, and pancreatitis, and is developing platform applications for patients with short bowel syndrome and prematurely born infants treated in the NICU.

In March 2024, KeyBanc Capital Markets (KBCM) successfully advised Codefresh, Inc. (Codefresh), a provider of next-generation software for automating software deployments, on its sale to Octopus Deploy, Pty. Ltd. (Octopus Deploy), a portfolio company of Insight Partners. KBCM served as Exclusive Financial Advisor on the transaction.

Codefresh provides a next-generation software as a service (SaaS) platform to help developers build and release code more frequently. The Company’s continuous integration/continuous deployment (CI/CD) platform is built for modern applications and gives developers the control, stability, and confidence they need to build and release software more frequently. Codefresh is trusted by more than 125 forward-thinking companies and is based in Mountain View, California, and Israel.

Octopus Deploy provides universal deployment automation solutions that enable software teams to easily handle complex deployments. Octopus efficiently orchestrates software delivery across multi-cloud, Kubernetes, data centers, and hybrid environments, whether containerized modern apps or heritage applications. Octopus Deploy was founded in South Brisbane, Australia, and is trusted by over 4,000 organizations and 350,000 users worldwide, with backing from Insight Partners, a leading software investment firm.

On March 1, 2024, Healthpeak Properties, Inc. (NYSE: PEAK) (Healthpeak) announced that it closed its previously announced merger (the Transaction) with Physicians Realty Trust (NYSE: DOC) (Physicians Realty Trust). The all-stock merger of equals is valued at approximately $21 billion. At close, each Physicians Realty Trust common share was converted into 0.674 of a newly issued Healthpeak common share. The combined company operates under the name “Healthpeak Properties, Inc.” and began trading under the ticker symbol “DOC” at the open of trading on The New York Stock Exchange on March 4, 2024.

The combined company is the leading real estate platform dedicated to healthcare discovery and delivery with a 52-million-square-foot portfolio, including 40 million square feet of outpatient medical properties concentrated in high-growth markets such as Dallas, Houston, Nashville, Phoenix, and Denver. The Transaction is expected to generate merger-related synergies of $40 million during 2024 with potential for $20 million or more of additional synergies by year-end 2025. In connection with the completion of the merger, the Healthpeak Board of Directors expanded to 13 directors with the addition of five new directors that previously served on the board of trustees of Physicians Realty Trust.

Physicians Realty Trust is a self-managed health care real estate company organized to acquire, selectively develop, own, and manage health care properties leased to physicians, hospitals, and health care delivery systems. As of December 31, 2023, DOC’s consolidated portfolio consisted of 278 health care properties in 32 states with approximately 15.6 million net leasable square feet, which were approximately 94% leased with a weighted average remaining lease term of approximately 5.1 years.

Disclosure

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

On February 2, 2024, KeyBanc Capital Markets (KBCM) successfully advised SurfacePrep (the Company), a portfolio company of CenterOak Partners (CenterOak), on its sale to Nautic Partners (Nautic). KBCM was chosen to serve as SurfacePrep’s Exclusive Sell-Side Advisor based on its industry-leading Specialty Distribution practice, proven M&A execution capabilities and creative approach to managing sale processes. These strengths were demonstrated to CenterOak during the sale of a prior portfolio company, Vivify Specialty Ingredients in 2021.

SurfacePrep, headquartered in Grand Rapids, MI, is a leading global distributor of abrasives, specialty ceramics, and surface enhancement equipment used by a broad base of customers. The Company's comprehensive product offering includes blasting media, tumbling media, coated abrasives, specialty ceramic materials, chemicals, metallurgical additives, abrasive equipment, and repair replacement parts. The SurfacePrep network includes over 35 distribution branches and more than 10 process development labs and production finishing centers to provide surface enhancement solutions to its more than 15,000 customers. For additional information, please visit www.surfaceprep.com.

CenterOak Partners LLC is a Dallas, Texas based private equity firm with a focus on making control-oriented investments in middle market companies. The Firm invests in Consumer Services, Business Services and Industrial Growth companies. CenterOak has a history of creating significant value through operational improvements. CenterOak and its Partners have managed $2.5 billion of equity capital commitments and have completed more than 150 transactions, representing over $8 billion in value. For additional information, please visit www.centeroakpartners.com.

Founded in 1986, Nautic is a middle-market private equity firm based in Providence, Rhode Island. Since inception, Nautic Partners has completed more than 200 transactions and partnered with a wide array of talented management teams. Nautic focuses primarily on the healthcare, services and industrials sectors.

On January 31, 2024, Eagle Creek Renewable Energy completed an acquisition of Lightstar Renewables (Lightstar). KeyBanc Capital Markets (KBCM) acted as exclusive financial advisor to Lightstar.

Transaction History
In 2019, Lightstar received a strategic investment from Magnetar Capital, paving the way for the company to scale to a 1.8+ GW development pipeline and 35+ person team. With 100+ megawatts (MW) expected to reach notice to proceed (NTP) over the next 12 months, KBCM was engaged by Lightstar to identify a long-term strategic partner looking to invest in the community solar space and support its growth as an independent power producer.

KBCM conducted a broad, high-touch process, marketing Lightstar as a compelling investment opportunity in one of the few pure-play greenfield community solar development platforms of its kind. The process highlighted the company’s leadership of known industry veterans as well as Lightstar’s end-to-end, high-efficiency development vehicle.

Lightstar Renewables
Lightstar Renewables is a greenfield community solar developer based in Boston, Massachusetts, with asset development across the nation. It is active in 10+ community solar markets, combining project origination with strong policy capabilities in both existing and emerging markets. Lightstar’s value chain spans the full development process, from origination to operations, and is streamlined by the Company’s proprietary project management software, Vault.

Eagle Creek Renewable Energy
Founded in 2010, Eagle Creek is a privately held, wholly owned subsidiary of Ontario Power Generation with a historical focus on owning and operating hydroelectric facilities. Eagle Creek’s portfolio includes 85 hydroelectric assets representing 691 MW of capacity across the U.S., in addition to equity interests in 14 other hydro assets and a solar facility in New England. The transaction presents an opportunity for Eagle Creek to expand into solar with immediate capital deployment and pipeline realization.

On January 31, 2024, KeyBanc Capital Markets (KBCM) successfully advised Ward Manufacturing, LLC (Ward or the Company), a wholly owned subsidiary of Proterial, Ltd. (Proterial), on its sale to ASC Engineered Solutions, LLC (ASC), a portfolio company of Tailwind Capital (Tailwind). KBCM was chosen to serve as Exclusive Sell-Side Advisor based on its industry-leading Building Products and Diversified Industrials practices, proven M&A execution capabilities, and relevant carveout transaction experience.

Headquartered in Blossburg, Pennsylvania,, Ward is a leading manufacturer of piping components and systems used in project-critical industrial PVF, gas piping, and plumbing applications in commercial, residential, and utility markets. The company maintains a comprehensive portfolio of high-quality, “Made in America,” malleable and cast iron pipe fittings and pipe nipples in addition to its name brand WARDFlex® corrugated stainless steel tubing system. Selling primarily to blue-chip wholesalers, Ward boasts a coast-to-coast distribution network in North America, with four cutting-edge manufacturing facilities, six strategically located distribution centers, and more than 20 manufacturer representatives.

Proterial, Ltd. (f/k/a Hitachi Metals), based in Tokyo, Japan, is a manufacturer of advanced metal products, materials, and components primarily serving the automotive, energy, electrical, and aerospace sectors. Proterial was acquired in October 2022 by a consortium led by Bain Capital, LP.

Headquartered in Oak Brook, Illinois, ASC (f/k/a Anvil & Smith-Cooper International) is a complete solutions provider offering precision-engineered piping components for pipe joining systems, fire protection and fabrication, flow control, performance products, and support systems as well as ancillary field and design services.

Founded in 2003, Tailwind Capital is a private equity firm based in New York, New York City and focused on control investments in high-quality, middle market companies in large and growing end markets, including infrastructure services, supply chain, and IT services.