Through Maureen’s vision and leadership, in combination with the support of Welsh, Carson, Anderson and Stowe, we are confident that InnovAge will continue to excel in its mission of delivering comprehensive care to seniors in their home...
Chicago, IL (PRWEB) May 17, 2016
Ziegler, a specialty investment bank, is pleased to announce it served as financial advisor to InnovAge in its recent investment agreement with private equity firm Welsh, Carson, Anderson & Stowe (WCAS). The partnership provides InnovAge with the financial resources to expand services in a rapidly growing senior care market. The transaction is a culmination of a long-standing relationship between Ziegler and InnovAge dating back to 2009 when Ziegler helped InnovAge access the debt capital markets through the issuance of two series of bonds in 2010 and 2011.
InnovAge is a leading provider of high-quality senior care programs and services. Its industry-leading programs include the Program of All-Inclusive Care for the Elderly (PACE), in-home care services, healthcare and day programs, care management services, memory loss programs and affordable senior housing.
InnovAge and its current management team will continue to lead strategic direction and the day-to-day management of the organization. The agreement converted all of InnovAge’s not-for-profit organizations to for-profit entities. The net proceeds of the sale of InnovAge assets, which totals $196 million (with a potential $8 million earn out in 2018) will be used to create and fund the newly formed NextFifty Initiative, an independent, Colorado-based not-for-profit organization dedicated to funding mission-driven, senior care related initiatives that improve community services for the elderly population and caregivers.
Chris Hendrickson, Managing Director in Ziegler's Corporate Finance Healthcare practice, stated, “Ms. Hewitt has been one of the strongest advocates for the benefits of the PACE program and has played an intricate role in transforming InnovAge over the past decade into the industry leading PACE operator.” Mr. Hendrickson added “Through Maureen’s vision and leadership, in combination with the support of Welsh, Carson, Anderson and Stowe, we are confident that InnovAge will continue to excel in its mission of delivering comprehensive care to seniors in their home.” InnovAge CEO, Maureen Hewitt said of Ziegler “It was a pleasure working with Ziegler. They have been a committed, long-term partner over the years that has supported our organization throughout multiple endeavors.”
Ziegler's Corporate Finance practice is focused on delivering best-in-class advisory and financing solutions for companies and organizations across the healthcare industry. In our core practice areas of healthcare services, information technology, hospitals and senior living, Ziegler is one of the most active M&A firms offering innovative sell-side, buy-side, recapitalization/restructuring, equity private placement and strategic partnering services.
For more information about Ziegler, please visit us at http://www.Ziegler.com.
The Ziegler Companies, Inc., together with its affiliates (Ziegler), is a privately held, specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion, and education, as well as general municipal and structured finance. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, corporate finance, FHA/HUD, strategic advisory services and research. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
InnovAge empowers seniors and caregivers by creating a personalized roadmap for aging based on an individual’s unique and evolving needs. As a leader in senior care, InnovAge guides and offers tailored solutions for seniors and their families, with the goal of keeping seniors in their homes as long and as safely possible. InnovAge has supported and cared for thousands of seniors since 1991 and currently operates in Colorado, New Mexico and California. InnovAge is a leading provider of the Program of All-inclusive Care for the Elderly (PACE) and also offers in-home care services, healthcare and day programs, care management services, memory loss programs and affordable senior housing. More information about InnovAge is available at http://www.MyInnovAge.org.
Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.
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