Year: 2020
Select Rehabilitation (“Select”) and Kindred Healthcare, LLC (“Kindred”) today announced they have signed a definitive agreement whereby Select will acquire Kindred’s RehabCare business line. Transaction terms were not disclosed.
Post-closing, Select will have 17,000 rehabilitation therapists serving more than 2,300 post-acute skilled nursing facilities, CCRCs, assisted and independent living facilities, schools and home health locations in 43 states. RehabCare’s experienced leadership team will join Select, ensuring a smooth transition for clients and supporting Select’s continued growth.
“Select’s acquisition of RehabCare presents exciting growth opportunities based on the companies’ shared cultural foundation of clinical excellence, quality care provision and outstanding customer service,” said Anna Gardina Wolfe, Select’s CEO and co-founder. “The addition of RehabCare’s management and therapy teams will solidify Select’s best-in-class reputation, while the expanded operations will position us to leverage our technology solutions beyond the contract therapy healthcare sector.”
“Select shares many of our core values and is led by a senior management team whose number-one priority is doing what is best for the patients entrusted to their care,” commented Benjamin A. Breier, Kindred’s president and CEO. “Select is poised to enhance the quality and breadth of their services to customers and to bring new professional and growth opportunities for RehabCare team members.”
“When we founded Select 22 years ago with a single facility in Illinois, our vision simply was to provide a better solution for post-acute care rehabilitation,” reflected Neal Deutsch, Select’s chairman and co-founder. “Our ability to acquire RehabCare enhances Select’s position as a leading industry provider of contract rehabilitation services and is a true testament to the strength of our amazing leadership team, dedicated therapists and extremely loyal customer base.”
The transaction is expected to close in 2020. It is subject to customary conditions to closing, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Truist Securities is serving as financial advisor to Select and fully committed financing for the transaction has been provided by Truist, BBVA Securities and Fifth Third Bank. Katten Muchin Rosenman LLP is serving as Select’s legal advisor.
Flexpoint Ford, a private equity investment firm specializing in the financial services and healthcare industries, announced today the appointments of Blake Heyde, Philip Purcell and Mike Manno to Vice President, complementing the firm’s talent development and growing their ability to originate and execute new investment opportunities.
“As Flexpoint continues to grow, we remain focused on attracting and retaining experienced talent to help further strengthen our investment capabilities,” said Don Edwards, CEO and Founder of Flexpoint Ford. “Expanding these individuals’ responsibilities will allow us to further our reach in identifying, evaluating and executing investment opportunities in the financial services and healthcare industries. We welcome Mike to the team and look forward to the continued contributions of Phil and Blake in their expanded roles.”
In his role as Vice President, Blake Heyde will continue to focus on investment opportunities and portfolio companies in the healthcare sector. Prior to joining Flexpoint Ford’s Chicago office in 2017 as a Private Equity Associate, Mr. Heyde was an Investment Banking Analyst in the Services and Industrials Group at William Blair, where he focused on mergers and acquisitions advisory assignments. His experience also includes stints at Wind Point Partners and GCM Grosvenor. Mr. Heyde received a B.A. in Mathematical Methods in the Social Sciences as well as Economics from Northwestern University.
Phil Purcell will continue to concentrate on private equity investments as a Vice President on Flexpoint Ford’s financial services team. Prior to joining Flexpoint Ford’s New York office in 2017 as a Private Equity Associate, Mr. Purcell was an Investment Banking Analyst in the Financial Institutions Group at UBS Investment Bank in New York, where he focused on mergers and acquisitions and capital raising advisory assignments. He received his B.B.A. in Finance with a specialization in Alternative Asset Management from the Cox School of Business at Southern Methodist University.
Mike Manno joins Flexpoint Ford as a Vice President in the Chicago office. Mike will join the healthcare team where he will enhance the team’s investment capabilities. Mike has held roles as a Private Equity Associate at Genstar Capital and as an Investment Banking Analyst at Robert W. Baird & Co. in the industrials group. Mike received his BS, Electrical Engineering at the University of Notre Dame and received his MBA from Harvard Business School.
MobilityWorks announced today that Bryan Everett has been appointed as the company’s Chief Executive Officer, succeeding Bill Koeblitz who has served as CEO of the company since he founded the business in 1997.
Mr. Koeblitz will assume a new position as Chairman of the company’s board, providing counsel and guidance to MobilityWorks’ leadership and supporting the ongoing successful execution of MobilityWorks’ long-term strategic plan. MobilityWorks is the largest provider of wheelchair accessible vehicles (“WAVs”) in the United States and its manufacturing division, Driverge, is a leading manufacturer of commercial accessibility vehicles.
Bryan Everett brings over 20 years of executive leadership experience at some of the nation’s largest companies. Most recently, Mr. Everett served as the Chief Operating Officer of Rite Aid Corporation (NYSE: RAD), a $22 billion healthcare industry retailer with over 2,400 locations where he led an extensive transformation driving improvements in store operations, customer satisfaction, team culture and vendor partnerships.
“I am excited to join the MobilityWorks organization and honored to work alongside the team to deliver on our mission to improve the quality of life for our clients,” said Everett. “I look forward to building on MobilityWorks’ strong market position as the largest provider of WAVs in the country, expanding our solution offering for our clients and providing the best career experiences for our team members.”
Bill Koeblitz founded MobilityWorks in 1997 and built the company with his late partner, Taylor Clark, over the next twenty years into an industry leading business. Flexpoint Ford, a Chicago-based healthcare and financial services focused private equity firm, invested in the business in 2018. The company has continued to grow following Flexpoint’s investment, increasing the number of MobilityWorks locations from 73 to 93 through new store openings and acquisitions over the past two years.
“When Flexpoint invested in our company, I knew they were the right partner to help support MobilityWorks’ strategic growth plan while working collaboratively with me to recruit the next leader for the business,” added Koeblitz. “Their focus on partnership with company founders made it possible to accomplish both goals simultaneously, and I couldn’t be more excited about the next chapter of growth under Bryan’s leadership. I look forward to continuing to support MobilityWorks and furthering the company’s mission in my new role as Chairman.”
Propel Insurance (“Propel”), a leading retail insurance agency and a portfolio company of Flexpoint Ford, announced today the acquisition of HealthCare Services (“HCS”), a boutique risk management and insurance consulting firm based in Knoxville, TN that specializes in serving senior care organizations.
The combined agency will generate in excess of $120 million of annual revenue in 2020 and will have 7 offices across the U.S. Together, Propel and HCS will continue to focus on providing tailored insurance solutions to its clients and offer exciting growth opportunities for its insurance carrier partners.
Propel’s acquisition of HCS will expand Propel’s existing senior living practice and confirm Propel as one of the leading healthcare specialists in the insurance industry. Propel and HCS will consolidate their expertise as they help clients manage risk across the country.
Mike Ferreira, Executive Director of Growth and Distribution for Propel, commented, “We have long admired HCS as a leader and provider of top-tier service to its clients in the senior living industry. We are thrilled to announce this partnership which reinforces our commitment to our growth strategy as we bolster our industry expertise through strategic acquisitions. The addition of Ed and his team will add a wealth of industry knowledge and solidify Propel as a national leader in the senior living industry.”
Ed Sims and Taylor Preston, Senior Partners at HCS, noted, “We are excited to partner with Propel and Richard Todd, who we’ve competed with for more than twenty years. Collaborating as a team going forward will offer many new opportunities for our senior living vertical. We share similar values and take pride in providing creative, tailored insurance solutions for our clients. High quality client service is the ultimate driver of organic growth. We are confident that our alignment with Propel will provide us with strategic resources to accelerate our existing momentum.”
The acquisition of HCS will deliver Propel’s goal of continuing to expand its geographic footprint with top industry talent. Knoxville and Charlotte will serve as Propel hubs in the southeast as we expand our national platform.
Richard Todd, Regional Director of Propel, added, “This acquisition allows us to expand our east coast presence with a group of highly respected risk management and insurance veterans. HCS will complement Propel’s new office in Charlotte, NC and will become the foundation for strong growth in the southeast. The combined agency will continue to provide unparalleled access to insurance markets and risk management resources to our clients and will provide a compelling opportunity for insurance advisors who are looking to join a national leader.”
Kirkland & Ellis LLP acted as legal counsel to Propel and Flexpoint Ford in connection with the transaction. Reagan Consulting acted as financial advisor to HCS and Morris Manning & Martin, LLP acted as legal counsel in connection with the transaction.
iA Financial Corporation Inc. (TSX: IAG), the holding company of iA Financial Group, announces that it has concluded the acquisition of the American company IAS Parent Holdings, Inc. and its subsidiaries (collectively “IAS”) for a purchase price of US$720 million. The agreement to acquire IAS was announced December 4, 2019.
Based in Austin, Texas, IAS is one of the largest independent providers of solutions in the U.S. vehicle warranty market with over 35 years of history. IAS provides a comprehensive portfolio of vehicle warranties and related software and services sold through one of the industry’s broadest and most diverse distribution networks consisting of over 4,300 dealers in all fifty states.
“We are pleased to announce the completion of the acquisition of IAS and to welcome its high-quality management team within iA Financial Group,” said Denis Ricard, President and Chief Executive Officer of iA Financial Group. “By combining the complementary strengths of IAS and of our existing warranty business in the U.S., we will be well positioned for the growth opportunities that may arise in this highly fragmented market.”
“I am proud of our entire team and their hard work and growth over the last few years,” added Patrick Brown, President and Chief Executive Officer of IAS. “With the strength and resources of iA, we look forward to continuing to grow and providing the best products and services in the industry to our long-standing partners and customers. We’re excited for the opportunities that lie ahead as a part of the iA family and can’t wait to get to work.”
Great Ajax Corp. (NYSE: AJX) (the “Company”) announced today that the Company has closed a private placement of $30 million of the Company’s preferred stock and warrants to affiliates of each of Flexpoint Ford LLC, Magnetar Capital LLC and Wellington Management Company LLP pursuant to a securities purchase agreement dated May 7, 2020. The Company issued 1,112,400 shares of the Company’s 7.25% Series A Fixed-to-Floating Rate Preferred Stock, liquidation preference $25.00 per share, and 87,600 shares of the Company’s 5.00% Series B Fixed-to-Floating Rate Preferred Stock, liquidation preference $25.00 per share, each at a purchase price per share of $25.00, and two series of five-year warrants to purchase an aggregate of 1,500,000 shares of the Company’s common stock, par value $0.01 per share, at an exercise price of $10.00 per share. Each series of warrants includes a put option that allows the holder to sell the warrants to the Company at a specified put price on or after August 7, 2023. The Company expects to use the net proceeds from the private placement to acquire mortgage loans and mortgage-related assets consistent with the Company’s investment strategy. Piper Sandler & Co. served as the Company’s financial adviser in connection with the private placement.
The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws, and accordingly may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. In connection with the private placement, the Company has agreed to file a registration statement with the United States Securities and Exchange Commission registering the resale of the preferred stock and the shares of common stock underlying the warrants.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
sticky.io, a leading ecommerce platform provider for order management and recurring billing, announced today that it has received a minority equity investment from Flexpoint Ford, a private equity investment firm that has raised over $4.3 billion in capital and specializes in investments in the financial services and healthcare industries. sticky.io will continue to be led by its long-time CEO Brian Bogosianand the existing management team, who maintain a large ownership stake in the business.
This is the first major institutional investment for sticky.io, which rebranded from LimeLight CRM last month and processed more than $4 billion in client gross merchandise volume in the last 12 months. Proceeds from the financing are being used to invest in sticky.io’s ecommerce platform and expand the leadership, sales and marketing teams to support planned growth.
“Over the past three years, we have invested significantly in building a unique and industry-leading ecommerce and billing platform that enables merchants and partners to support the growing online consumer demand. With ease of deployment and use, flexibility in billing and sophisticated real-time data and analytics, we allow our clients to optimize revenues and profitability,” said Brian Bogosian, sticky.io’s president and CEO, and well-known leader and entrepreneur who has scaled multiple businesses to successful exits.
“Supporting our clients’ success has allowed us to grow revenue 5x over the last four years. Our growth and profitability presented a multitude of attractive options, ultimately, we decided to continue our current path and bring on a like-minded financial partner to support our future vision. We will continue to innovate and lead the market to support direct-to-consumer brands — both incumbent brands as well as disruptive, digitally-native, vertical brands — that require a broad and sophisticated platform to execute their online commerce aspirations and business goals.”
Steve Begleiter, Managing Director at Flexpoint Ford, commented, “We invest in capable people with a record of success and businesses with a significant market opportunity – and with sticky.io we’ve found both. Brian and the rest of the sticky.io team have developed a powerful and scalable software platform that serves an exciting part of the direct-to-consumer ecommerce industry. We look forward to partnering with the company to assist as they accelerate growth and build a leading global brand.”
sticky.io also announced that Mark Hipp will join its board of directors. Hipp brings many years of software executive experience to sticky.io, including senior roles at Hewlett- Packard Company. He currently serves on the board of directors of Carter’s, Digital Rooms LLC, Purchasing Power and CSS Corporation, and previously served on the board of Radial, the largest ecommerce outsourcing company in North America.
sticky.io was founded as LimeLight in 2008 and is headquartered in San Francisco with substantial operations in Tampa, Florida. Its ecommerce order management and recurring billing platform is built for speed, scale, and lasting connections between brands and people to reduce acquisition costs, increase retention, activate upsell/crosssell opportunities and maximize customer lifetime value.
First Analysis Securities Corporation served as financial advisor and PremierCounsel and McDermott Will & Emery served as legal advisors to sticky.io in connection with the transaction. Kirkland & Ellis served as legal advisor to Flexpoint in connection with the transaction. Comvest Credit Partners provided a senior term loan and made an equity co-investment alongside Flexpoint in connection with the transaction.
Flexpoint Ford, LLC, a Chicago-headquartered private equity investment firm specializing in the financial services and healthcare industries, announced today that Arjun Thimmaya has joined the financial services team as a Managing Director in the firm’s New York office. Mr. Thimmaya will focus on identifying, evaluating and executing investment opportunities in the financial services sector.
Mr. Thimmaya brings deep financial services principal investing experience to his new position at Flexpoint Ford. Most recently, he spent 12 years at Warburg Pincus where he was a Managing Director focused on the firm’s investments in financial services. During his tenure at Warburg Pincus, Mr. Thimmaya was involved in several investments including Triton Container, Primerica, Webster Financial, Solar Mosaic, Scotsman Industries, Ascentium Capital, DBRS, Newfi Lending and Mariner Finance. Prior to joining Warburg Pincus, Mr. Thimmaya worked at Trimaran Capital, a New York-based private equity fund.
“Arjun’s skills and experience are highly complementary to Flexpoint Ford as we continue to build our team of talented investment professionals,” commented Don Edwards, CEO of Flexpoint Ford. “As Flexpoint grows in size and scope, continuing to build our world class team of experienced investors is important to the long-term success of the firm. Arjun possesses a truly unique background of financial services investment experience, and we are excited he is joining our Flexpoint team.”
“Flexpoint Ford is one of the country’s premier investors in financial services and healthcare, with an investment strategy that has proven to be well suited to generating value through economic cycles. The firm combines creative and flexible capital solutions with deep sector expertise.” said Thimmaya. “I am excited to be joining a team with an investment track record that I have admired and a shared vision for the direction of the financial services industry, and I look forward to helping the firm build on its exceptional performance in the years to come.”
TigerRisk Partners LLC, a leading risk, capital and strategic advisor to the global insurance and reinsurance industry, today announced a partnership with Flexpoint Ford LLC, a private equity investment firm specializing in the financial services and healthcare industries. This transaction will enhance TigerRisk’s ability to assist clients and provide additional capital and expertise in this unprecedented market environment.
TigerRisk’s management team, including CEO and Co-Founder Rod Fox, and President Rob Bredahl, will remain in their current roles. Current employees will remain significant shareholders in the company.
“Our partnership with Flexpoint Ford will provide us with the added resources to help our clients navigate this difficult period, capitalize on a dynamic competitive landscape and continue our strong growth trajectory,” said Rod Fox. “As an independent firm with significant employee ownership, TigerRisk will remain committed to providing the same level of high-quality client service, innovation and execution which has served as the foundation of our success over the past 12 years.”
Rob Bredahl, President of TigerRisk, added, “This milestone demonstrates the value of the TigerRisk platform and is a testament to our employees’ hard work, dedication and commitment to building a business focused on providing excellent advice and service to our customers. Flexpoint’s deep experience in the insurance sector and shared vision for TigerRisk’s growth will position us to extend our reach through further talent acquisition and the expansion of new products and geographies.”
Chris Ackerman, Managing Director of Flexpoint Ford said, “We have known the TigerRisk team for many years and are thrilled to partner with such a talented group of executives and employees as they continue to build on the market-leading platform the team has established.”
Dominic Hood, Principal of Flexpoint Ford, added, “TigerRisk has a well-established reputation for providing best-in-class innovative solutions across the capital spectrum and we are excited to have the company at the epicenter of our insurance portfolio as we partner with TigerRisk on their next phase of growth.”
TigerRisk, founded in 2008, is a privately held company which provides a differentiated and holistic approach to reinsurance, capital markets and technology & analytics. Headquartered in Stamford, CT, the company has some 200 employees with 10 offices in the U.S., Bermuda and the U.K. TigerRisk has grown to become the fourth largest reinsurance broker in the world.
Flexpoint Ford is a private equity investment firm that has raised over $4.3 billion in capital and specializes in privately negotiated investments in the financial services and healthcare industries. Since the firm’s formation in 2005, Flexpoint Ford has completed numerous investments in the insurance industry across property and casualty carriers, insurance distribution, and claims adjusting.
The transaction is subject to customary regulatory approvals and closing conditions. Financial details of the transaction were not disclosed.
TigerRisk Capital Markets & Advisory is acting as exclusive financial advisor and Willkie Farr & Gallagher LLP is acting as legal advisor to TigerRisk Partners. Kirkland & Ellis LLP is acting as legal advisor to Flexpoint Ford.
MGA Homecare, an established provider of home healthcare, home therapy, as well as other Home and Community-Based Services (HCBS) to pediatric patients throughout Arizona, Colorado and Texas, today announced a partnership with Chicago-based Flexpoint Ford, LLC. W. Bradley “Brad” Bennett was also named as Chief Executive Officer.
Flexpoint Ford, through its affiliated funds, acquired MGA Homecare as a wholly owned subsidiary of MHH Holdings, LLC. Post-acquisition, Flexpoint Ford will continue to support the expansion of MGA Homecare’s compliance program and its Quality Assurance and Performance Improvement Program, as well as the continued growth of MGA Homecare’s services in current and new geographic markets alike.
“Our firm is excited to partner with Brad and MGA Homecare’s experienced leadership team as they continue to expand MGA’s investment in quality, compliance, patient and caregiver experience, and ultimately market reach,” said Perry Ballard, Managing Director at Flexpoint Ford.
Bringing with him a nearly thirty-year track record of building and growing innovative patient and caregiver-centered healthcare services businesses, Bennett will continue MGA’s commitment to patient safety, quality care and compliance. He will also look to expand MGA Homecare’s service offerings and payment models to meet the ever-evolving needs of patients, families, payers and regulators across the home healthcare spectrum.
“I feel truly honored to be joining the MGA Homecare team,” said Bennett. “Our team members’ unwavering commitment to patient safety, measurable quality of care improvements, and regulatory compliance will serve as MGA’s foundation for future growth.”
Most recently, in 2017, Bennett co-founded Upward Health in Providence, R.I., a home-based medical group specializing in primary medical and behavioral care for individuals with complex needs. Upward Health serves patients throughout their communities, diagnosing, treating and prescribing anywhere their patients call home. Bennett will continue to serve on the Board of Directors for Upward Health.
Prior to Upward, Bennett served as the CEO of Maxim Healthcare Services, Inc., headquartered in Columbia, Md., from 2009 to 2016 where his team drove measurable improvements in clinical quality and patient, family and caregiver experience across 41 states and hundreds of HCBS payers/programs. During Bennett’s six-and-a-half-year tenure at Maxim, the company was also recognized on multiple occasions for excellence in compliance and ethics programming by the Health Ethics Trust.
MobilityWorks®, the nation’s largest retailer of wheelchair accessible vans, is adding seven new locations with the acquisition of IMED® Mobility. The acquisition adds to MobilityWorks’ presence in the state of Wisconsin and introduces new MobilityWorks locations in the states of Arkansas, Iowa, Nebraska, Minnesota and South Dakota. Following the acquisition, MobilityWorks now operates 92 total locations in 31 states.
Since the founding of both businesses, IMED Mobility and MobilityWorks have shared a passion and mission to provide affordable, reliable wheelchair accessible vehicles to everyone. The main objective of both organizations is to find the best mobility solution for each individual to ensure they can connect with who and what matters most.
“We are excited to become part of the MobilityWorks nationwide network,” said Bob Lundin, Co-Owner of IMED Mobility. “We’ll continue providing the service our customers love, and now we’ll have the ability to provide even more solutions for transportation and home accessibility.”
Mark Koloseike, Co-Owner of IMED Mobility added, “To partner with such an outstanding professional organization is an honor. It’s a dream come true for Bob and me. The future is unlimited for our team and wonderful customers.”
“Adding IMED Mobility to our organization offers an exciting opportunity to strengthen and expand our service offering into five new states,” said Eric Mansfield, Chief Operating Officer/President of MobilityWorks. “We look forward to the addition of the talented team members with more than 16 years of experience in serving the community.”
In addition to selling new and pre-owned modified vans for wheelchair accessibility, MobilityWorks and IMED Mobility will provide rental vans and adaptive equipment such as hand controls, turning seats and scooter lifts, as well as home accessibility equipment and fixtures. MobilityWorks also manufactures and sells a variety of commercial vehicles to business clients throughout the United States.