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 THE RESULT: Caymus Partners served as the exclusive financial advisor to the Board of Directors of Professional Healthcare at Home, Inc. (“PHH” or the “Company”) in a recapitalization of the Company by Mainsail Partners (“Mainsail”), including the successful placement of preferred equity and mezzanine debt. The recapitalization allowed PHH to fund shareholder proceeds, repay certain of its debts, and accelerate the growth of the Company. By combining with Mainsail, PHH will optimize its internal growth initiatives and seek to expand its current operations.
“Caymus Partners exceeded my expectations and generated the deal of a lifetime for me. They approached over 100 strategic and financial investors in a regimented, timely manner which provided a multitude of liquidity and recapitalization options. I was able to choose among multiple term sheets the most attractive transaction structure at a valuation that was significantly greater than a sale of 100% of the Company, while still enabling me to keep partial ownership. I would hire Caymus Partners again and would highly recommend them to anyone selling a business or seeking shareholder liquidity.”
Sherri Burke , Chief Executive Officer
Professional Healthcare at Home, Inc.
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Company Description
PHH is a leading provider of home healthcare, extended care and private duty nursing services to over 3,000 patients. Based in San Francisco, CA with four locations in Northern California, the Company has over 200 employees. Specific services include skilled nursing, rehabilitation services (physical, occupational, speech therapy) and paraprofessional services to adult and elder patients. The Company makes over 50,000 visits per year and provides services to over 200 patients per day.
Client Objective
PHH hired Caymus Partners as its exclusive financial advisor to explore strategic alternatives. The Company sought shareholder liquidity and new growth capital to achieve internal and external growth initiatives, including potential acquisitions.
Challenges Overcome
Caymus Partners overcame a number of key challenges in making this transaction successful:
- Challenging Industry. Caymus Partners was able to navigate past recent less favorable valuations inherent in the home healthcare industry and position the Company in an attractive manner to numerous strategic and equity partners at an above-market valuation;
- Generating Rapid Interest. Caymus Partners contacted over 100 strategic and financial investors in a two-week period;
- Efficient Process. Caymus Partners constructed an offering memorandum and investor presentation, built a detailed pro forma financial model, and properly positioned the Company to select from multiple financing proposals in a timely manner.
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