Avondale Partners is pleased to announce it recently served as financial advisor to Net Health Systems, Inc. (“Net Health” or “the Company”) for the divestiture of its home health and hospice software solutions, and associated RCM services, to Careficient Inc. (“Careficient”). The Company’s home health and hospice software solutions, formerly HealthWyse and Hospicesoft, serve customers in over 35 States.

Headquartered in Pittsburgh, PA., Net Health is a leading provider of electronic health records (“EHR”) software and analytics solutions in over 23,000 facilities across the continuum of care.

Careficient is a premier provider of EHR solutions to home health & hospice providers across the country. Careficient is committed to the highest standards of quality in the industry and is currently the only EHR to be awarded CHAP and ACHC certification.

The acquisition is a strong strategic fit for the Careficient team, as they continue to expand their geographic footprint across the continental US. With the transaction, Careficient receives a talented team of nearly 50 employees and a broad customer base to support their growth initiatives. The divestiture allows Net Health to re-establish focus on its core markets with the knowledge that its employees and home health and hospice customer base have found an excellent home at Careficient.

About Avondale Partners

Avondale Partners is a leading healthcare-focused boutique investment banking firm headquartered in Nashville. We deliver bespoke solutions and superior outcomes to our clients by leveraging our domain expertise, broad transaction experience and extensive network of relationships.

For questions about the transaction or Avondale Partners’ healthcare investment banking services, please please contact Jonathan Morphett (615-467-3533; jmorphett@avondalepartnersllc.com) or Allison Brown (312-952-2078; abrown@avondalepartnersllc.com).

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Avondale Partners is pleased to announce it recently served as financial advisor to American Health Partners (the “Company”) for its sale to the Mitchell Family Office (“MFO”).

Headquartered in Franklin, TN, American Health Partners provides a continuum of health care services for adults and seniors, including long-term support for daily living, home health and hospice, and short-term care focused on recovery and rehabilitation. Operations in Tennessee, Alabama and Mississippi include:
• 29 senior living, skilled nursing and rehabilitation centers;
• five psychiatric hospitals;
• home health and hospice offices serving 34 counties; and
• a long term care pharmacy that serves more than 60 locations.

Its American Health Plan division operates Medicare Advantage provider-owned Institutional Special Needs Plans (I-SNPs) in nursing homes in Georgia, Kansas, Mississippi, Missouri, Oklahoma, Utah, Texas and Tennessee. The company’s TruHealth division provides plan members with an innovative model of concierge, bedside care to improve overall health and wellness.

MFO, based in Birmingham, Michigan, has holdings in a variety of businesses and was founded by managing partner Mark Mitchell, an experienced entrepreneur with a proven track record of building and growing successful health care companies.

About Avondale Partners

Avondale Partners is a leading healthcare-focused boutique investment banking firm headquartered in Nashville. We deliver bespoke solutions and superior outcomes to our clients by leveraging our domain expertise, broad transaction expertise and extensive network of relationships. Avondale was founded in 2001 on the belief that high quality, value-added advice from trusted professionals is always in style.

For questions about the transaction or Avondale Partners’ healthcare investment banking services, please contact Phil Krebs (615-467-3482; pkrebs@avondalepartnersllc.com), or Jonathan Morphett (615-467-3533; jmorphett@avondalepartnersllc.com).

Avondale Partners, LLC | 40 Burton Hills Blvd, Suite 450, Nashville, TN 37215 | avondalepartnersllc.com

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Avondale Partners is pleased to announce that it recently served as the exclusive financial advisor to U.S. MRI (the “Company”) regarding its sale to Center for Diagnostic Imaging, Inc. (“CDI”).    U.S. MRI is an operator of freestanding outpatient diagnostic imaging centers in the state of Utah, with 5 locations offering MRI, CT, X-Ray, and Ultrasound imaging services. The Company is the preferred medical provider for U.S. Ski and Snowboard and U.S. Speedskating, among other national and local sports organizations, and has established itself as a leading provider for diagnostic imaging in Utah. Headquartered in Minneapolis, CDI is one of the nation’s leading providers of high-quality diagnostic imaging and interventional radiology services through its network of imaging centers, ambulatory surgery centers, and mobile imaging solutions. The combination with U.S. MRI enables CDI to further capitalize on the significant growth opportunities in Utah and realize continued benefit from industry tailwinds, including the shift from hospital-based imaging to value-driven outpatient imaging. About Avondale Partners Avondale Partners is a leading healthcare-focused boutique investment banking firm headquartered in Nashville. We deliver bespoke solutions and superior outcomes to our clients by leveraging our domain expertise, broad transaction expertise and extensive network of relationships. Avondale was founded in 2001 on the belief that high quality, value-added advice from trusted professionals is always in style.   For questions about the transaction or Avondale Partners’ healthcare investment banking services, please contact Phil Krebs (615-467-3482; pkrebs@avondalepartnersllc.com), Allison Brown (312-952-2078; abrown@avondalepartnersllc.com), or Neil Herndon (615-467-3529; nherndon@avondalepartnersllc.com).

Avondale Partners, LLC | 40 Burton Hills Blvd, Suite 450, Nashville, TN 37215 | avondalepartnersllc.com

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Avondale Partners is pleased to announce that it recently served as the exclusive financial advisor to Owl Insights Inc. (“Owl Insights” or “the Company”) regarding a growth equity financing from a syndicate of investors led by Ascension Ventures and co-led by Blue Venture Fund.  Other participants included First Trust Capital Partners and existing investors, including The Entrepreneurs’ Fund and Portland Seed Fund.

Owl Insights (http://www.owlinsights.com)  is the leading provider of precision-guided care management technology for behavioral health.  Owl’s SaaS platform enables its customers to integrate measurement-based care and clinical analytics into behavioral health treatment workflows.  Its solutions support health systems and behavioral health organizations nationwide to expand access to and improve quality of care, better manage costs, and support the transition to value based care.

The financing will enable Owl Insights to accelerate its strategic growth plans and expand its platform of innovative solutions in behavioral health care.

About Avondale Partners

Avondale Partners is a leading healthcare-focused boutique investment banking firm headquartered in Nashville. We deliver bespoke solutions and superior outcomes to our clients by leveraging our domain expertise, broad transaction expertise and extensive network of relationships. Avondale was founded in 2001 on the belief that high quality, value-added advice from trusted professionals is always in style.

For questions about the transaction or Avondale Partners’ healthcare investment banking services, please contact Jonathan Morphett (615-467-3533; jmorphett@avondalepartnersllc.com), Allison Brown (312-952-2078; abrown@avondalepartnersllc.com), Phil Krebs (615-467-3482; pkrebs@avondalepartnersllc.com) or Pat Shepherd (615-467-3515; pshepherd@avondalepartnersllc.com).

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Avondale Partners is pleased to announce that it recently served as the exclusive financial advisor to Generations Behavioral Health, LLC (“Generations” or “the Company”) regarding their debt recapitalization.

Founded in 2016 by long time business partners Edward Stack, an experienced Nashville-based healthcare executive, and Dr. Zyama Goldman, a practicing geriatric psychiatrist, Generations provides inpatient and outpatient psychiatric services to the adult and geriatric population in northeast Ohio. The Company currently operates two hospitals with a total of 94 beds and an outpatient clinic.

The recapitalization achieved the shareholders’ objectives of monetizing a third party’s investment in the Company, including both the redemption of a minority equity stake and repayment of debt, and ensuring that the Company has the financial flexibility for future growth.

Financing for the transaction was provided by FirstBank as the senior lender and Capital Alignment Partners as the subordinated debt lender. FirstBank is a leading Tennessee community bank with more than $6 billion in total assets. It was founded in 1906 and completed a successful IPO in 2016. Capital Alignment Partners focuses on the lower-middle market and typically invests through subordinated debt securities. It is currently investing out if its third fund. Both firms are headquartered in Nashville.

Contact Information:

For questions about the transaction or Avondale Partners’ healthcare investment banking services, please contact Pat Shepherd (615-467-3515; pshepherd@avondalepartnersllc.com), Jonathan Morphett (615-467-3533; jmorphett@avondalepartnersllc.com), or Neil Herndon (615-467-3529; nherndon@avondalepartnersllc.com).

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Avondale Partners is pleased to announce that it recently served as the exclusive financial advisor to Home Health Care of East Tennessee, Continue Care and affiliates (“Home Health Care of East Tennessee” or “the Company”) regarding their sale to Adoration Home Health & Hospice, a subsidiary of BrightSpring Health Services.

Headquartered in Chattanooga, Tennessee, Home Health Care of East Tennessee was founded in 1983. Since then, the Company has provided skilled home care, hospice and private duty services to patients in East Tennessee, West Tennessee and Mississippi. The sale achieved the shareholders’ objectives of realizing liquidity and ensuring that the Company’s patients continue to receive high quality care.

In addition, the acquisition is a good strategic fit for Adoration Health as it capitalizes on the two companies’ collective footprint throughout Tennessee and Mississippi. Adoration Health serves approximately 1,200 individuals in 24 counties across Middle Tennessee. Home Health Care of East Tennessee serves patients in 17 counties in southeastern Tennessee, 4 counties in West Tennessee and 14 counties in western Mississippi. Adoration Health is a part of the BrightSpring Health Services family of brands.

Contact Information:

For questions about the transaction or Avondale Partners’ healthcare investment banking services, please contact Jonathan Morphett (615-467-3533; jmorphett@avondalepartnersllc.com) or Neil Herndon (615-467-3529; nherndon@avondalepartnersllc.com).

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