News

Generations Transaction Announcement

on October 16, 2019

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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HHCET Transaction Announcement

on October 16, 2019

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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History

on July 19, 2019

For more than two decades, investment banks have been consolidating or becoming part of large, often global financial institutions. While this may be good for partners and shareholders, we believe the best interests and objectives of clients have often been left out of the equation.

In this environment, senior professionals from Nashville’s investment banking community formed Avondale Partners in June 2001, opening our offices on September 4th, just one week before 9/11. Since our founding, the firm has focused on guiding and serving the changing needs of our clients in a variety of market situations. 

As a testament to our founding philosophy, Avondale has advised clients on over 200 transactions, totaling almost $40 billion. We have had the great fortune to assist companies throughout the US, Europe and Australia, all with one principle in mind – “the client comes first.”

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Investment Banking

on January 1, 2016

The approach that many investment banking firms take is often driven by their compensation structure, proprietary solutions their firm wants to sell, or the limited perspective or preferences of a senior banker working on a particular client’s challenges or strategic occasion.

We do none of the above.

At Avondale our job is to help our healthcare clients capture new opportunities or address challenges  facing them. Period. No matter how long that takes, and regardless of how many of the brightest minds in the business we need to bring to the table to make it happen.

Avondale uses a “team approach” to achieve truly individualized and custom solutions for our clients investment banking needs and challenges. Instead of working with just one or two lead advisors, Avondale assembles a team of our senior partners who are the most qualified, experienced and fluent in the specific dynamics of the assignment and its objectives. Whether that strategic event is a merger or joint venture, purchase, sale, spin-off, capital raise or a fairness opinion.

We explore alternative scenarios and options, examine the full downstream impact of each, and help shepherd the process of executing the right solution throughout the transaction.

We listen intently. We challenge politely. And we think strategically.

As a result, each healthcare client’s solution is unique and not a boilerplate formula or copy of a master plan designed to meet a theoretical objective. The firm provides truly tailored advisory services to achieve success in a climate marked by increasing variety, complexity and flexibility. This environment makes our brand of independent and unbiased advice more productive – and more enjoyable for all parties involved – than ever before.

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Additional Services

on January 1, 2016

Institutional Execution Services

We offer a full range of execution services for Institutional clients.

Our team provides clients with the ability to execute a variety of order types, including single stock trades along with basket and program trades with access to all US exchanges, dark liquidity pools, and industry algorithms. Our primary focus includes US equities and convertible securities, with additional fixed income capabilities in corporates, governments, and agencies. Our wide range of industry connections allows us to obtain best execution for our clients.

In addition, we understand the importance of quality executions while minimizing market impact while providing the highest level of anonymity. And because we trade exclusively on an agency basis, we have no proprietary interest. Our clients’ best interest and exceptional client service are always our top priority. As a small team, we focus on customizing executions and order handling to each individual client, all at competitive rates.

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