Florida Gulf-to-Bay Anesthesiology (“FGTB”), one of the premier anesthesiology physician practice groups in Florida, received an equity investment from MTS Health Investors, a premier private equity firm based in New York focused exclusively on the health care industry. The recapitalization will allow FGTB to pursue a broader growth strategy in the anesthesia delivery space. Raymond James served as financial advisor to FGTB.

Empyrean Benefit Solutions, a provider of customized health and welfare plan administration solutions for mid to large employers, completed an equity financing to better capitalize the company for rapid growth. Raymond James health care and business services teams collaborated to serve as financial advisor to Empyrean Benefit Solutions in the capital raise process.

Medical Data Express provides claims integrity solutions to Medicare Advantage and managed Medicaid health plans with software and services that automate and improve encounter processing and claims testing. The Company’s encounter reporting solutions provide technology and services to meet federal and state mandates for claims submissions that require medical encounter data formats for more than 35 Medicaid state organizations and CMS. MDE’s claim testing platform equips health plan customers to more effectively manage business process adjustments, payment system modifications, and regulatory changes. Raymond James advised MDE on the sale to The TriZetto Group.

Renal CarePartners was acquired by Innovative Dialysis Systems, a subsidiary of Ambulatory Services of America, an operator of outpatient dialysis clinics. Renal CarePartners owned interests in and managed 17 dialysis clinics providing care to ~1,100 patients. It also operated two staff-assisted home hemodialysis programs and an acute dialysis program serving nine hospitals. Raymond James served as exclusive advisor to Renal CarePartners.

Halcyon Home Health was formed by experienced home health industry executives and Health Evolution Partners. Halcyon plans to execute buy-and-build strategy create a network of home health and hospice agencies that deliver high quality, cost-effective outcomes generated by clinically-driven, information-based care. In October 2011, Halcyon acquired two hospice operators in Georgia, Altus Healthcare and Hospice and Compassionate Hospice. Raymond James advised Halcyon in securing its capital commitment from HEP and in the subsequent acquisitions.

Carefx Corporation was acquired by Harris Corporation for $155 million. Carefx is a leading provider of interoperability workflow solutions that aggregate patient information across existing systems and deliver it in a single, clear, clinically relevant view to physicians at the point of care. Raymond James served as exclusive financial advisor to Carefx in the transaction.

Regency Healthcare Group was acquired by GTCR, a Chicago-based private equity firm. Regency was a sponsor-backed community-based hospice operator with 19 locations in six southeastern states. Raymond James served as exclusive financial advisor to Regency in the transaction. Terms of the transaction were not disclosed.

PayFlex is being acquired by Aetna for $202 million. PayFlex is one of the nation’s largest independent account-based health plan administrators, with approximately 1 million accounts and approximately 3,000 direct employer customers. Raymond James is serving as exclusive advisor to PayFlex in the transaction.

MES Group is the largest privately-held provider of independent medical examinations (IMEs), physician peer reviews, and bill and utilization reviews to the automotive, disability, liability and workers’ compensation markets. The company was sold to publicly traded peer ExamWorks for $210 million. Raymond James served as exclusive financial advisor to MES in the transaction.

Vantage Oncology completed a majority recapitalization and merger with Physicians Oncology Services, which is owned by Oak Hill Capital Partners. The combination creates one of the nation’s premier networks of outpatient radiation oncology centers of excellence. Terms of the transaction were not publicly disclosed. Raymond James served as exclusive financial advisor to Vantage Oncology and issued a fairness opinion in connection with the transaction.

Medicity was acquired by Aetna for $500 million. Medicity is the largest provider of health information exchange (HIE) software and services that enable health systems, hospitals, physician practices, and communities to securely access and exchange health care information, improve the quality and efficiency of patient care, and reduce unnecessary health care costs. Raymond James served as exclusive financial advisor to Medicity in the transaction.

Renal Advantage agreed to combine with Liberty Dialysis to form the third largest provider of dialysis services in the U.S. with 5,300 employees serving more than 19,000 patients in 260 locations in 32 states. Terms of the transaction were not disclosed. Raymond James & Associates and Moelis & Company served as financial advisors to Renal Advantage in relation to this merger.

Halcyon Home Health has partnered with Health Evolution Partners to deliver the next generation of home health care solutions based upon clinical excellence and coordinated care delivery. Halcyon will focus on acquiring and building a network of home health agencies that deliver high quality, cost effective outcomes generated by clinically driven, information based care. Raymond James served as financial advisor to Halcyon.

American HomePatient, one of the largest home health care providers, offers respiratory services, infusion therapy, parenteral/enteral nutrition, and medical equipment for patients in their home. The Company announced a restructuring agreement with its senior debt holders and largest stockholder, an investment fund managed by Highland Capital Management. The agreement completes a series of transactions that result in a go-private transaction valued at $224 million, followed by a restructuring of the Company’s senior debt. Raymond James served as financial advisor to American HomePatient and issued two fairness opinions to the Special Committee of the Board of Directors.

Axolotl, a leading provider of health information exchange (“HIE”) software and services for statewide HIEs, multi-stakeholder regional HIEs, and private HIE was acquired by Ingenix, Inc., a subsidiary of United Health Group, Inc. (NYSE: UNH). Raymond James served as exclusive financial advisor to Axolotl in the transaction.

Evolution Benefits, a leading provider of benefit card payment services, including auto-substantiation, for TPAs, health plans, Taft-Hartley plans, and self-administered employers, was acquired by Genstar Capital for an undisclosed amount. Raymond James served as exclusive financial advisor to Evolution Benefits in the transaction.

Home Diagnostics is a leading developer, manufacturer, and marketer of diabetes management products. The company offers a portfolio of blood glucose monitoring systems that help people with diabetes better monitor and manage their disease. HDI was acquired for $215 million by Nipro, a public Japanese-based manufacturer of dialysis-related products. Raymond James advised the Home Diagnostics management team and Board and delivered a fairness opinion in connection with the transaction.

National Vascular Care is a provider of vascular services working in partnership with leading vascular surgeons, nephrologists, interventional radiologists and cardiologists to develop, own and manage specialty outpatient surgery centers. Raymond James acted as exclusive financial advisor to National Vascular Care in its sale to U.S. Vascular Access Holdings, LLC, a subsidiary of Fresenius Medical Care, for an undisclosed amount.

AMICAS, a leader in image and information management solutions for the health care industry, was acquired by Merge Healthcare for $248 million. Raymond James served as financial advisor to AMICAS and delivered a fairness opinion in connection with the transaction.

Allion Healthcare recently announced the closing of its $278 million go-private transaction led by H.I.G. Capital. Allion is a national provider of specialty pharmacy and disease management services to HIV/AIDS patients as well as specialized biopharmaceutical medications and services for chronically ill patients. Allion sells HIV/AIDS medications, ancillary drugs and nutritional supplies under the trade name MOMS Pharmacy and intravenous immunoglobulin, Blood Clotting Factor and other therapies through its Biomed America division. Raymond James served as financial advisor to Allion.

MTS Medication Technologies recently announced the closing of its $47.0 million go-private transaction. MTS Medication Technologies is an international provider of medication adherence packaging systems designed to improve medication dispensing and administration. The company manufactures automated packaging machines and related consumables for prescription medications and nutritional supplements. Raymond James served as financial advisor to MTS.

Psychiatric Solutions, Inc. ("PSI") announced the closing of the divestiture of its employee assistance plan business, Horizon Behavioral Services, LLC. Horizon, which provides outsourced and administrative behavioral health benefits to the mid-sized and large employer market, was sold to Aetna Inc. (“Aetna”) for $70.0 million in cash. Horizon is the third-largest domestic provider of EAP services by membership with approximately 1,400 contracted employer clients representing over five million covered employees in all 50 states and several foreign countries. Raymond James served as financial advisor to PSI.

HLTH Corporation recently announced a $1.6 billion merger with its publicly traded WebMD Health subsidiary. The merger will simplify the public equity structure by eliminating both the controlling interest in WebMD held by HLTH and the associated complexity of the WebMD dual-class stock structure. The transaction will provide HLTH shareholders with direct ownership in WebMD, while substantially improving the trading float for WebMD. Raymond James served as financial advisor to the management and Board of Directors of HLTH Corporation in negotiations with the Special Committee of WebMD Health.

Renal Advantage completed its acquisition of National Renal Alliance, an operator of 45 dialysis facilities in ten states. The combined company will operate 136 dialysis centers in 18 states and care for approximately 10,500 patients. The transaction makes RAI the third largest for-profit dialysis provider in the U.S. Raymond James served as financial advisor to Renal Advantage.

HealthEquity provides personal health care financial services and related solutions that are delivered to health care consumers through employers, health plans and insurance brokers within the Consumer Directed Health Care industry. We advised the company on a recent capital raise.

Ambulatory Services of America completed a $75.0 million growth equity investment from Lindsay Goldberg. ASA is a diversified health care services company that owns interests in and operates 38 dialysis programs and 11 radiation oncology centers. The company used the proceeds to fund several identified acquisitions and to further accelerate its growth strategy. Lindsay Goldberg manages more than $5.0 billion of equity capital. Raymond James served as exclusive advisor to ASA in connection with the capital raise.

Amedisys recently announced the acquisition of TLC Health Care Services for $395 million. Amedisys is the nation’s largest Medicare-focused home nursing company with a market capitalization of in excess of $1.2 billion. TLC is a privately-owned provider of home nursing and hospice services with 92 home health and eleven hospice locations located in 22 states and the District of Columbia. Raymond James acted as exclusive financial advisor to Amedisys in the acquisition of TLC, which is majority-owned by Arcapita, an Atlanta-based private equity firm.

Correctional Medical Services (“CMS”), the principal subsidiary of Valitás Health Services was recapitalized by Beecken Petty O’Keefe & Company in a transaction through which Madison Dearborn sold its interest in the Company and Beecken Petty significantly increased its investment. CMS is the nation’s largest provider of contract correctional health care services. Raymond James served as exclusive advisor to Beecken Petty in the transaction and delivered an opinion to the Board of Directors regarding the fairness of the consideration paid by Beecken Petty.

CaraVita was acquired by Assisted Living Concepts. CaraVita operated eight assisted living residences in the Southeast. Raymond James served as exclusive advisor to CaraVita.

Ambulatory Services of America (“ASA”) acquired majority interest in Innovative Dialysis Systems, an operator of 38 dialysis related clinics. ASA operates and manages facilities providing dialysis services, radiation oncology services and other outpatient services. Raymond James served as exclusive advisor to ASA in the acquisition and also advised ASA in raising capital for the acquisition.

Home Quality Management (“HQM”) is a regional owner and operator of skilled nursing facilities primarily located in the southeastern United States. The company was acquired by a private investor in November 2007. Raymond James served as exclusive advisor to HQM.

PolyMedica Corporation was acquired by Medco Health Solutions in a $1.5 billion all-cash transaction in November 2007. PolyMedica provides diabetes services and supplies as well as prescription medications to seniors through its mail-order pharmacy. Raymond James served as an advisor to PolyMedica in the sale transaction.

WorkingRx, a portfolio company of Arcapita, provides Workers’ Compensation prescription claims management services to retail pharmacies, pharmacy benefit managers, payors and other health care providers. We advised WorkingRx in its sale to Fiserv.

PSA Healthcare is a provider of pediatric-focused home nursing services through a network of more than 54 branches in 18 states. We advised the special committee of the company’s board of directors in connection with the company’s go-private transaction with Portfolio Logic, one of the company’s largest investors. Portfolio Logic acquired all non-affiliated PSA Healthcare shares for $16.25 a share. We advised the board’s negotiating committee, assisted in negotiation of the merger agreement and delivered an opinion to the board of directors regarding the fairness of the consideration received by the unaffiliated holders of PSA common stock.

RMS services provides health systems and hospitals with outsourced business solutions for the management of medical records, radiology films and other hospital records. We advised the company in its recently announced sale to Iron Mountain, the nation’s leading provider of comprehensive records management and data protection solutions.

Certus, a Washington and Congress portfolio company, is a provider of reimbursement cycle management and health information management services to U.S. hospitals, clinics and large physician groups. We advised the company in its sale of the Health Information Management (HIM) business to Precyse Solutions.

Subimo provides decision-support tools that allow consumers to easily manage and track their personal health status, select insurance coverage, fund their tax-advantaged accounts, determine costs for medical services, and select hospitals, drugs and physicians. We advised Subimo in its $60.0 million sale to WebMD.

As a second step in refocusing PSA Healthcare on its core pediatric nursing business, we advised PSA management on the sale of the company’s respiratory therapy and equipment and services business to Lincare. We marketed the business to a small group of buyers. The divestiture was the second to monetize a higher-risk future cash flow stream for a business that had begun to experience slowing revenue growth. Proceeds from the sale of both divisions were used to fund execution of the company’s pediatric nursing growth plan.

Amysis Synertech (ASI) provides enterprise software and BPO solutions that address the administrative and strategic demands faced by health care payors and benefits administrators. We advised ASI, a Whitney portfolio company, in its sale to DST Systems. At the close of the transaction, the combined entity serviced more than 200 health plans with approximately 30 million covered lives.

A.D.A.M. provides health content and online decision-support tools. OnlineBenefits is a provider of health and benefits management solutions to small- to mid-sized employers. We advised A.D.A.M. in its $30.0 million acquisition of OnlineBenefits.

We advised the owners of Ultralink in the sale of the company to Secova eServices. Ultralink provides employee health care benefits management and related business process outsourcing solutions to mid-sized and large-sized employers. The company helps its clients procure health benefits at more competitive premium levels and processes more than 50 million eligibility records and premiums across 450 carriers.

We advised the owners of Southern Assisted Living (SALI) in the $82.9 million sale of the Company to Brookdale, a leading national operator of senior living facilities. At the time of the sale, SALI leased and operated 41 assisted living and dementia care facilities comprising a total of 2,887 beds. We had previously advised SALI in 1999 in connection with an equity capitalization of 27 senior living facilities from Hunt Assisted Living.

In addition to the above referenced sale of the company’s Health Information business, we advised Certus in the sale of its ARM division to Mirrus Systems.

We advised the owners of Laurel Health Care in the company’s $199.3 million sale to Formation Capital and Longwing Real Estate Ventures. At the time of the sale, Laurel Health Care was a regional provider of long-term care, sub-acute care, rehabilitation therapy, assisted living care, institutional pharmacy and other specialty medical services. The company operated 29 long-term care facilities comprising a total of 2,856 beds in five states.

Park City Solutions, a GTCR portfolio company, is an information technology and services provider that improves enterprise-wide access to data and communication for commercial and governmental health care providers. We advised the Company in the divestiture of its Commercial Services division and emPOWERnet technology integration platform to Medicity, a provider of web-based clinical solutions.

Following a strategic review of its business in early 2005, PSA management made the decision to re-focus the company on its core expertise in pediatric nursing. At the time, the company had three operating divisions, pediatric nursing, respiratory therapy and equipment services, and specialty pharmacy. We advised the company on the divestiture of its specialty pharmacy division, which consisted of four traditional infusion operators and five specialty pharmacies. While marketing the division quietly, we secured an attractive, preemptive bid from Accredo Health, which purchased the division for $72.5 million.

Renal Advantage was founded to acquire a portfolio of dialysis clinics that were divested by DaVita as part of the merger with Gambro. At closing, Renal Advantage was comprised of 73 clinics making it the third-largest outpatient dialysis provider in the country. We served as the financial advisor to Renal Advantage in the $327 million acquisition of the 73 dialysis clinics. RAI's management team signed a term sheet with Welsh Carson as their equity partner and submitted an acquisition proposal less than four weeks after engaging Raymond James.

CCS Medical is a nationwide direct-to-home provider of diabetic supplies, medical supplies and prescription medications. In 2004, KRG Capital Partners retained us to explore a sale of the company. We managed a comprehensive process of marketing and due diligence through to final negotiations. In September 2005, Warburg Pincus acquired CCS Medical for $360 million. Through the acquisition and combination of MP TotalCare and CCS Medical, Warburg Pincus created the largest privately-held company in the mail-order diabetic supply market.

Accredo Health provides specialized contract pharmacy and related services for the treatment of patients with costly, chronic diseases. The company offers a variety of services including contract pharmacy, clinical support, reimbursement expertise, overnight drug delivery and data tracking. We were retained by Accredo to act as exclusive financial advisor in a strategic sale. We had a long-standing relationship with management, serving as advisor in the 1995 sale to Welsh Carson, underwriter for the company’s 1999 IPO, and co-lead managing underwriter for the 2000 follow-on offering. We assisted in structuring and negotiating the terms of the merger and provided a fairness opinion to the Accredo board as part of the $2.7 billion transaction.

MBI was a payment services company targeting employee benefit and consumer-directed health care accounts such as Flexible Spending Accounts, Health Reimbursement Arrangements, Health Savings Accounts, Dependent Care Accounts and transit/parking accounts. We advised MBI in its $145.0 million sale to Metavante.

We advised the owners of EmeraldCare, a North Carolina-based Medicare home nursing provider, in the sale of the company to AccuMed Home Health. We were hired to represent the company due to our strong relationships with both strategic buyers and the health care-focused financial sponsor community. The owners retained the real estate in the transaction and received a valuation one-and-a-half turns of EBITDA higher than the unsolicited preliminary offers they had received.

IntelliClaim offered payors sophisticated and effective cost containment solutions, such as claims administration support, data transformation and informatics, that optimize claim processing performance and produce immediate medical and administrative savings. We advised IntelliClaim in its sale to McKesson.

Same Day Surgery operated five multi-specialty outpatient surgery centers in Chicago as joint ventures with physicians. We were engaged after previously representing a strategic buyer for Same Day in 2002-03. The company was sold to United Surgical Partners International (USPI).

Bradley Pharmaceuticals is a specialty pharmaceutical company that operates primarily in the dermatologic and gastrointestinal markets. After the completion of a $103.1 million follow-on offering in December 2003, we began to work with Bradley to evaluate potential acquisition targets. On June 9, 2004, Bradley announced it had entered into a definitive agreement to acquire the assets of Bioglan Pharmaceuticals, a dermatology-focused specialty pharmaceutical company. The total consideration for the transaction was $188.3 million. As part of the engagement, we also delivered a fairness opinion to the Bradley’s board.

Youth and Family Centered Services (YFCS) is one of the nation’s largest providers of behavioral health services focused on health, education, and long-term support for abused and neglected youth. In August 2003, we were retained to advise the owners in a strategic sale of the company. We secured 18 formal indications of interest from 15 financial buyers and three strategic buyers in an efficient process.

CHD Meridian is a leading provider of integrated workplace medical, pharmacy, wellness and disease management for employees, dependents and retirees of its clients. The company delivers these services at or near the client’s worksite by opening, staffing and managing health centers and pharmacies for its clients and their eligible populations. We advised the company in its merger with I-trax. The merger created the only company in the United States offering a single vendor for on-site primary care, pharmacy and occupational health.

WebMD provides services that help physicians, consumers, providers and health plans navigate the complexity of the health care system. We approached WebMD with a strategic opportunity to grow its transaction processing business via an acquisition of Medifax EDI, a leading provider of real-time eligibility transaction services and other claims management solutions. Once formally engaged, we leveraged the company's relationships with Medifax EDI and their equity sponsors to initiate discussions with the target on a preemptive basis and provide WebMD with an exclusive opportunity to pursue the transaction. The total purchase price was approximately $280 million.

Amedisys is one of the leading providers of home nursing and hospice services. The company focuses on Medicare patients due to favorable reimbursement economics and its growing patient base. We served as a co-placement agent for the company’s $22.8 million PIPE.

MediSphere owned and operated six ambulatory surgery centers and specialty hospitals. We were initially retained to advise in the placement of growth equity and negotiated terms of a $40 million recapitalization and growth equity transaction with a syndicate of financial investors. We also contemplated a simultaneous sale of the company to a strategic buyer and ultimately we advised MediSphere on its sale to Symbion. Immediately after the close of the deal, Symbion refiled for an IPO that priced in February 2004 and closed 24.2% higher on the first day of trading.