Transaction Management

Ponder & Co. has extensive experience in structuring and implementing the transaction process to maximize successful outcomes for our clients. We advise on sell-side and buy-side transactions, asset sales for cash and non-cash mergers, and joint ventures. Our experience and independence led to engagements for two of the largest and most complex sales of not-for-profit healthcare systems to for-profit buyers – the sale of Hillcrest Healthcare to Ardent Health in 2004 and the sale of Health Midwest to HCA in 2003. While these large transactions are noteworthy, our more typical transaction involves a single hospital with revenues of $60 - $150 million. We have advised on more than 100 completed transactions in recent years, across varied segments of the not-for-profit healthcare industry.

Once you've decided on a strategic initiative, Ponder & Co. can:

• Structure the most effective process to assure a successful transaction
• Use our extensive knowledge of the market and its participants to work for you
• Negotiate terms and conditions to achieve your objectives

We focus on providing experienced advice and counsel on M&A transactions. Our professionals begin by listening, asking the important questions, and exploring strategic alternatives before making recommendations on transactions.

The ability to understand our clients and to represent them effectively and confidentially is essential to successful outcomes. As a specialist firm with a unique ownership and governance structure, Ponder & Co. is free of external conflicts and is able to provide clients with independent, experienced and collaborative thinking.

Our experience shows that not-for-profit healthcare providers increasingly need to be concerned about liability, criticism by the media, and intervention by state attorneys general seeking more open processes. As a result, transactions by not-for-profit facilities are now being conducted in a more competitive environment, and controlled auction processes are becoming the industry norm. The increased acceptance and importance of these processes reinforces the need for skilled and experienced M&A professionals.

Examples of our work:

• Hillcrest HealthCare System
• Health Midwest
• Victory Health Services
• Montgomery General Hospital

For more information contact David Atchison at 312-377-2171 or .