CHICAGO, June 28,
2024 /PRNewswire-PRWeb/ -- Ziegler, a specialty
investment bank, is pleased to announce its role as Strategic
Advisor to Presbyterian Homes of Tennessee (PHOT) on two (2) significant and
concurrent transactions.
Nick
Glaisner, Managing Director at Ziegler, commented, "Both
engagements are indicative of Ziegler's commitment to providing
tailored solutions to its clients in the senior living and care
sector and honoring each organization's unique legacy of service to
their communities."
PHOT operates two life plan communities, Shannondale of
Knoxville located in Knoxville, Tennessee, and Shannondale of
Maryville located in Maryville, Tennessee. With a focus on
compassion, integrity, and excellence, PHOT offers a continuum of
care that includes independent living, assisted living, and skilled
nursing services.
Ziegler performed an extensive process on behalf of PHOT in the
search for an affiliation partner, meticulously evaluating
potential candidates to ensure alignment with the organization's
mission, values, and strategic objectives.
Suzy Booker, Board Chair of PHOT,
stated, "Ziegler provided sound guidance to our board through the
affiliation process, helping to attract and evaluate prospective
partners, so that we could ultimately identify the organization
that would provide our residents and staff with the quality of care
and long-term security they deserve."
A crucial aspect of the search process was Ziegler's
collaboration with Healthcare Management Partners (HMP), a leading
management and consulting firm that was engaged by PHOT in 2023.
This partnership was instrumental in achieving the best outcome for
PHOT, as HMP provided valuable insights and expertise in financial
management and operational optimization.
Among them was the strategic decision to sell the skilled
nursing and short-term rehab facilities on the Knoxville campus in a transaction separate
from the affiliation due to a myriad of factors. Ziegler was
seamlessly able to loop in its professionals with expertise in that
space and ran an accelerated concurrent affiliation and sales
process.
PHOT received proposals from many of the nation's top
not-for-profit senior living organizations, reflecting the high
level of interest in the opportunity. Covenant Living Communities
& Services (Covenant Living) was selected as the affiliation
partner of choice. It is one of the nation's largest not-for-profit
senior living providers, ranking at #8 on the 2023 version of the
LeadingAge-Ziegler 200, with a total of 5,649 units and beds across
its platform. Covenant Living currently operates in 10 states, and
the affiliation marks its first foray into the Tennessee market, a targeted regional area of
growth for Covenant Living. The affiliation with Covenant
Living will enable PHOT to leverage the resources, expertise, and
best practices of a nationally recognized senior living
organization while maintaining its local identity and commitment to
excellence in care and service delivery.
Following HMP's recommendation, the PHOT Board approved the
divestiture of its two healthcare centers located on the
Knoxville campus, totaling 175
operating beds. Skilled nursing beds at the Maryville community will be available to
residents of both campuses.
American Health Partners (AHP) was identified as the ideal
partner for the skilled nursing assets given its operating history
in the state. The sale to AHP strengthens the balance sheet and
improves cash flow of the go-forward entity while providing
residents at the Knoxville campus
the option of access to a continuum of care with a respected
long-term care provider that is in close proximity.
AHP is a family of six divisions, offering a range of skilled
nursing and ancillary services. Its skilled nursing division,
American Health Communities, operates 28 skilled nursing and
rehabilitation facilities throughout Tennessee. The sale was valued around
$80,000 per operating bed.
Nick Glaisner, Managing Director at
Ziegler, commented, "Both engagements are indicative of Ziegler's
commitment to providing tailored solutions to its clients in the
senior living and care sector and honoring each organization's
unique legacy of service to their communities."
The Ziegler team members involved in execution of the
transactions included Stephen
Johnson, Nick Glaisner,
Marie Carlson and Ryan Anders.
For more information about Ziegler, please visit us at
http://www.ziegler.com.
About Ziegler:
Ziegler is a privately held, national boutique investment bank,
capital markets and proprietary investments firm. It has a unique
focus on healthcare, senior living and education sectors, as well
as general municipal and structured finance. Headquartered in
Chicago with regional and
branch offices throughout the U.S., Ziegler provides its clients
with capital raising, strategic advisory services, fixed income
sales, underwriting and trading as well as Ziegler Credit,
Surveillance and Analytics. To learn more, visit
http://www.ziegler.com.
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.
Media Contact
Christine McCarty, Ziegler,
3125961617, cmccarty@ziegler.com, www.ziegler.com
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SOURCE Ziegler