DETROIT, Sept. 12, 2019 /PRNewswire/ -- Stout announced today that it served as exclusive financial advisor to Premier Health Care Management, Inc. ("Premier") on the sale of its one assisted living and five skilled nursing facilities in the Detroit metropolitan area. Previously operating as a joint venture, these six facilities manage 1,062 beds, employ over 2,000 people, and are highly rated for their superior quality care. Five of the six entities were acquired by Optalis Healthcare, Inc., a leading skilled nursing and senior living company based in Novi, MI. Premier CEO and Co-Founder Tim Spiro will now independently own and operate the West Bloomfield Health and Rehabilitation Center. The deal closed September 1, 2019.
The six locations in the Michigan counties of Oakland and Macomb include:
- Evergreen Health & Rehabilitation Center
- Shelby Health & Rehabilitation Center
- ShorePointe Health & Rehabilitation Center
- ShorePointe Village-Senior Residence
- Woodward Hills Health & Rehabilitation Center
- West Bloomfield Health & Rehabilitation Center
Optalis CEO Raj Patel said, "This was strategically a perfect fit to the Optalis growth plan in the Southeast Michigan market to enhance its presence in Oakland and Macomb Counties. Our philosophy is to provide every enhancement reasonably possible from technology, physical improvements and, most importantly, great staff to deliver the overall best patient care experience and outcomes the industry has to offer. Continuous collaboration with our partners in care allows us to provide this in the most effective way."
"Stout succeeded in navigating us through a highly complex transaction with a very successful outcome," said Tim Spiro, CEO and Co-Founder of Premier. "Optalis has a strong reputation for quality care, desire to work cooperatively with our hospitals and affiliates, and commitment to retain 95% of our workforce to help them grow their organization," added Spiro.
Jack Bell, Co-Founder of Premier, stated, "We are very proud of what our team has accomplished and of the outstanding reputation for quality care we have provided over so many years. We are very confident that Optalis will continue to build on the foundation we built and that the communities we have served will greatly benefit as a result."
Stout's John Calcagnini, Head of Healthcare Investment Banking, ran the sale process and advised the joint venture in the sale to Optalis. "The Premier team, including Co-Founders Tim Spiro and Jack Bell, have been a pleasure to work with," stated Calcagnini. "They built a tremendous family-like culture and spirit of cooperation at the company that translated into a win-win of quality patient care and a successful growing business."
Barris, Sott, Denn and Driker, led by Steve Glazek, served as legal advisor representing Premier Health Care Management, Inc. Stout's Jeff Shippy and Tyler Skarstein also assisted on the transaction.
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