In 2005, Raymond James Financial Sponsors Group was engaged by the founders of renal Advantage to assist in securing equity and debt financing needed to acquire dialysis clinics that were divested by DaVita as part of its merger with Gambro. Although DaVita had not disclosed information about the clinics to be divested, Raymond James organized a very aggressive time schedule for identifying the best equity partner for RAI.

Over the three weeks following its engagement by RAI, Raymond James arranged meetings with eight private equity investors and two lenders, which culminated in a signed term sheet with Welsh, Carson, Anderson & Stowe as well as submission of a purchase proposal only 24 days into the process.

In mid-2008, Raymond James was engaged as financial advisor by RAI to help evaluate an acquisition of National Renal Alliance, an operator of 45 dialysis clinics in 10 states. Raymond James assisted Management with the transaction structure, preparation of detailed projection models, combined financial analyses and additional supporting materials during the due diligence period.

The acquisition of NRA closed in December 2008. RAI now operates 136 dialysis clinics serving approximately 10,500 patients in 18 states and is the third-largest for-profit dialysis provider in the United States.